What this page sets up
The calculator opens on a home equity loan instead of a HELOC: 50,000 borrowed at a fixed 8.25% over 15 years, on a 400,000 home with 220,000 owed. The 8.25% is an example; type the rate and term from your own quote. The big figure is the most a lender would let you borrow at the combined loan-to-value limit you pick, and the payment card shows the fixed monthly payment, which never changes.
Choosing the term
A longer term lowers the payment and raises the total interest. On 50,000 at 8.25%, going from 10 to 20 years cuts the payment by a lot but adds thousands in interest; the table under the copy shows the trade-off for common rates and terms. If you can afford the higher payment, the shorter term costs less overall, and an extra monthly payment in the calculator shows how much a little more each month saves.
Compare before you sign
Scroll to the comparison under the results. It lines up the home equity loan with a HELOC and a cash-out refinance for the same cash, including your current mortgage, so the monthly and total figures are like for like. If your mortgage rate is low, keeping it and adding a home equity loan usually costs less than refinancing everything.
Monthly payment per $10,000 borrowed
Multiply by your loan in tens of thousands: 50,000 is five times the figure shown. Worked out with the calculator's own formula, P × i ÷ (1 − (1 + i)^−n).
| Rate | 5 years | 10 years | 15 years | 20 years | 30 years |
|---|---|---|---|---|---|
| 6% | $193.33 | $111.02 | $84.39 | $71.64 | $59.96 |
| 7% | $198.01 | $116.11 | $89.88 | $77.53 | $66.53 |
| 8% | $202.76 | $121.33 | $95.57 | $83.64 | $73.38 |
| 9% | $207.58 | $126.68 | $101.43 | $89.97 | $80.46 |
| 10% | $212.47 | $132.15 | $107.46 | $96.50 | $87.76 |
| 11% | $217.42 | $137.75 | $113.66 | $103.22 | $95.23 |
| 12% | $222.44 | $143.47 | $120.02 | $110.11 | $102.86 |
Term vs total interest on $50,000 at 8.25%
| Term | Monthly payment | Total interest |
|---|---|---|
| 5 years | $1,019.81 | $11,188.75 |
| 10 years | $613.26 | $23,591.58 |
| 15 years | $485.07 | $37,312.63 |
| 20 years | $426.03 | $52,247.88 |
| 30 years | $375.63 | $85,227.99 |
For planning, not financial advice. Rates here are examples, not offers.