Home Equity Loan Calculator
Fixed-rate home equity loan payment calculator with amortization schedule and optional closing costs
Loan Details
Home Equity Loan Cost Breakdown
58%
Principal
Loan Summary
Home Equity Loan Amortization Chart
Monthly Payment
$1,433.48
Home Equity Loan Overview
Fixed Payment Loan
This fixed-rate second mortgage calculator is designed for borrowers who want stable monthly payments.
Lump-Sum Borrowing
A home equity loan gives you one upfront disbursement, which suits planned renovation or debt payoff costs.
Second Mortgage
Home equity loans are commonly used as second mortgages secured by your property.
Closing Cost Planning
Use the optional closing-cost settings to compare paying fees upfront vs rolling them into the loan.
How to Use This Home Equity Loan Payment Calculator
Estimate your monthly payment, total interest, and payoff timeline in under a minute. It is built for common use cases like checking a fixed-rate second mortgage payment, comparing terms, or estimating closing costs before you apply.
Enter the home equity loan amount
Start with the amount you want to borrow. The calculator is intentionally simple, so you can estimate a home equity loan payment without extra qualification fields.
Add the fixed interest rate
Enter the annual rate offered by your lender. Because this is a fixed-rate home equity loan calculator, the monthly payment stays consistent across the full repayment term.
Choose the repayment term
Set the loan term in years to compare shorter vs longer repayment options. This helps users estimate monthly payment on a home equity loan before applying.
Optionally include closing costs
If you want a home equity loan calculator with closing costs, toggle that option on and choose whether fees are paid upfront or rolled into the loan balance.
Review the amortization schedule
Use the charts, annual table, and monthly table to see principal, interest, and payoff timing. This makes the tool useful as a home equity loan amortization calculator too.
What This Fixed-Rate Home Equity Loan Calculator Shows
This calculator focuses on the core numbers most borrowers compare: loan amount, fixed interest rate, loan term, monthly payment, total interest, and optional closing costs.
Monthly Payment Estimate
Your payment is based on the amount borrowed, the fixed annual rate, and the number of monthly payments. This is the number most borrowers want to estimate first.
Closing Costs
Some lenders charge appraisal, title, filing, or origination fees. This page includes a home equity loan calculator with closing costs so users can compare upfront fees vs financed fees.
Fixed-Rate Structure
Home equity loans usually have a fixed rate, so the required monthly principal-and-interest payment stays level for the full term.
Amortization Schedule
The amortization view shows how each payment is split between principal and interest, so you can see how the balance falls over time.
Home Equity Loan Payment Formula
Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]- P = Loan amount (equity you're borrowing)
- r = Monthly interest rate (Annual Rate ÷ 12)
- n = Total number of payments (Term × 12)
Example: $80,000 loan at 8.5% for 15 years means r = 0.085/12 and n = 180, so the payment is about $788 per month. That is the type of estimate many users search for with phrases like monthly payment on an $80,000 home equity loan.
Home Equity Loan vs HELOC for Fixed Monthly Payments
This section targets comparison intent. People looking for predictable payments often search for home equity loan vs HELOC fixed payment or second mortgage vs HELOC differences.
| Feature | Home Equity Loan | HELOC |
|---|---|---|
| Interest Rate | Fixed rate — never changes | Variable rate — tied to prime rate |
| Disbursement | Lump sum at closing | Draw as needed during draw period |
| Monthly Payment | Fixed, predictable payments | Varies with balance and rate |
| Best For | Large, one-time expenses (renovation, debt consolidation) | Ongoing or uncertain expenses |
| Closing Costs | Typically 2–5% of loan | Often lower or waived |
| Tax Deductibility | Interest may be deductible for home improvements | Same rules as HEL |
Home Equity Loan Payment FAQ
Short answers to lower-competition questions around monthly payment calculations, closing costs, second mortgages, and amortization.
Related Mortgage and Loan Calculators
These internal links support nearby search intent such as amortization schedules, HELOC comparisons, refinance savings, and mortgage payment planning.
Mortgage Calculator
Calculate your primary mortgage payments including taxes, insurance, PMI, and extra payments.
HELOC Calculator
Estimate interest-only and repayment-period payments for a Home Equity Line of Credit.
Mortgage Refinance Calculator
Compare your current mortgage with a new rate to find monthly savings and break-even point.
Mortgage Affordability Calculator
Find out how much home you can afford based on income, debts, and down payment.
Amortization Schedule Calculator
Generate a full payment-by-payment amortization table for any loan with extra payments.
Loan Comparison Calculator
Compare up to three loan scenarios side by side to find the best deal.