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Home Equity Loan Calculator

Use this home equity loan calculator to compare payment, payoff, or borrowing scenarios for home equity loan.

Primary answer
Monthly payment
Inputs to verify
Home value, Current mortgage balance, and New loan amount
Use type
Use as an estimate that depends on assumptions.
Keyword intent
home equity loan calculator

Calculator

Home Equity Loan Calculator

Calculates monthly payment from home value, current mortgage balance, new loan amount. Defaults are filled in so you can review a working example before changing inputs.

USD

Estimated current home value. This calculator does not provide an appraisal.

USD

Existing mortgage or lien balance before the new home equity loan.

USD

Proposed fixed home equity loan amount.

%

Use 8 for 8%. The calculator divides this by 12 for the monthly periodic rate.

More inputs3 additional assumptions
years

Whole number of years for the fixed repayment term.

USD

Optional user-entered closing costs added to total cost, not financed by default.

%

User-selected combined loan-to-value reference. This is not an approval rule.

Result

Result reflects the current submitted inputs.

  • Risk B
  • Reviewed 2026-05-26
  • 3 sources
Monthly payment477.83 USD
Total interest36,008.69 USD
Total payment86,008.69 USD
Total cost with closing costs87,508.69 USD
Available equity before new loan180,000 USD
Max by selected CLTV120,000 USD
Combined LTV after new loan67.5%
Excess over selected CLTV limit0 USD
Within selected CLTV limitYes

Breakdown

Term months
180
Selected CLTV reference
85%
Within selected CLTV reference
Yes
  • The new home equity loan is fixed-rate and fully amortizing.
  • Payments are due at the end of each monthly period.
  • Home value, current balance, loan amount, rate, term, closing costs, and CLTV reference are user-entered.
  • No current market data, lender underwriting rules, appraisal rules, taxes, insurance, or variable-rate terms are included.
  • CLTV comparison is against the user's selected reference only and is not an approval decision.
  • Home equity loans are secured by the home; missed payments can have serious consequences. This is not financial advice.

Accuracy notes

Risk level
B
Reviewed
2026-05-26
Sources
3
Primary result
Monthly payment

Formula logic is kept in a pure calculator module with fixtures, source notes, and page-visible assumptions.

Categories

What the result means

Monthly payment is the number to carry forward from this home equity loan calculation. Fixed monthly principal-and-interest payment for the new home equity loan. Read the payment or payoff number first, then compare interest, balance, and timing outputs before changing a loan decision. Use total interest, total payment, and total cost with closing costs to explain why monthly payment moved when an input changed. Run at least one conservative and one optimistic scenario before comparing with a real quote or statement.

Monthly paymentFixed monthly principal-and-interest payment for the new home equity loan.
Total interestTotal loan payments minus the new loan amount.
Total paymentMonthly payment multiplied by term months.
Total cost with closing costsTotal payment plus user-entered closing costs.

Use the result this way

  1. Start with Monthly payment, then use supporting outputs only to explain the primary answer.
  2. Verify home value, current mortgage balance, and new loan amount before copying the result.
  3. Keep units consistent with the labels shown in the form, stay within the documented minimum and maximum ranges, and enter percentages as whole percents, such as 6.5 for 6.5%, unless a field says otherwise.
  4. Run at least one conservative and one optimistic scenario before comparing with a real quote or statement.

User job

How to use this calculator

Use Home Equity Loan Calculator when you need monthly payment, then use total interest and total payment to check the context for planning conversations, quote comparisons, payment checks, and scenario review.

Best for

  • Comparing one financial scenario with another
  • Preparing questions for a lender, advisor, or statement review
  • Reviewing a default example before entering your own home value and current mortgage balance.

Check before relying

  • Verify rates, fees, timing, taxes, and local rules against official documents before acting.
  • The new home equity loan is fixed-rate and fully amortizing.
  • Payments are due at the end of each monthly period.
  • Source context: Consumer Financial Protection Bureau, reviewed 2026-05-26.

Next useful step

  • Refinance CalculatorUse next when the borrowing task needs new monthly payment instead of monthly payment.
  • UK Mortgage CalculatorUse next when the borrowing task needs estimated total monthly payment instead of monthly payment.
  • Mortgage Amortization CalculatorUse next when the borrowing comparison needs mortgage amortization inputs such as loan amount and annual interest rate.

Formula

Calculates a fixed amortizing payment for the new loan and compares combined loan-to-value against a user-entered CLTV reference. Key assumptions: The new home equity loan is fixed-rate and fully amortizing. Payments are due at the end of each monthly period. Home value, current balance, loan amount, rate, term, closing costs, and CLTV reference are user-entered.

  • Calculates a fixed amortizing payment for the new loan and compares combined loan-to-value against a user-entered CLTV reference.
  • The new home equity loan is fixed-rate and fully amortizing.
  • Payments are due at the end of each monthly period.
  • Primary source context: Consumer Financial Protection Bureau.

Inputs

Enter home value, current mortgage balance, new loan amount, and annual rate for planning conversations, scenario checks, and lender or statement comparison. Before calculating, keep units consistent with the labels shown in the form, stay within the documented minimum and maximum ranges, and enter percentages as whole percents, such as 6.5 for 6.5%, unless a field says otherwise. Home value: Estimated current home value. This calculator does not provide an appraisal. Current mortgage balance: Existing mortgage or lien balance before the new home equity loan. New loan amount: Proposed fixed home equity loan amount. Annual rate: Use 8 for 8%.

Home valueEstimated current home value. This calculator does not provide an appraisal.
Current mortgage balanceExisting mortgage or lien balance before the new home equity loan.
New loan amountProposed fixed home equity loan amount.
Annual rateUse 8 for 8%. The calculator divides this by 12 for the monthly periodic rate.
Loan termWhole number of years for the fixed repayment term.
Closing costsOptional user-entered closing costs added to total cost, not financed by default.
Selected CLTV referenceUser-selected combined loan-to-value reference. This is not an approval rule.

Example

Using the default inputs, Home Equity Loan Calculator returns monthly payment of 477.83 USD. Adjust home value, current mortgage balance, new loan amount, and annual rate to match your own scenario.

FAQ

How is monthly payment calculated here?

Calculates a fixed amortizing payment for the new loan and compares combined loan-to-value against a user-entered CLTV reference. The first assumption to check is: The new home equity loan is fixed-rate and fully amortizing.

What does Monthly payment mean for home equity loan?

Read the payment or payoff number first, then compare interest, balance, and timing outputs before changing a loan decision. Secondary values such as total interest, total payment, and total cost with closing costs are there to explain the primary answer, not to replace it.

What should I enter for Home value?

Estimated current home value. This calculator does not provide an appraisal. Use USD for this field. Keep units consistent with the labels shown in the form, stay within the documented minimum and maximum ranges, and enter percentages as whole percents, such as 6.5 for 6.5%, unless a field says otherwise.

How does Current mortgage balance change monthly payment?

Existing mortgage or lien balance before the new home equity loan. Changing it can alter monthly payment because the formula uses the submitted inputs together. Also compare APR period, compounding, fees, payment timing, taxes, insurance, and extra-payment assumptions.

Why does the home equity loan example show 477.83 USD for monthly payment?

The default inputs produce 477.83 USD for monthly payment. Treat that as a format and scale check, then replace every default value with your own inputs.

What should I compare before using the home equity loan payment result?

Compare the rate period, payment timing, fees, taxes, escrow items, payoff assumptions, and the actual quote or statement that governs the decision.

Sources

Last reviewed: 2026-05-26

  • Reviewed 2026-05-26
    What is a home equity loan?Consumer Financial Protection Bureau. Product definition, secured-loan disclaimer, and non-advice framing.
    Scope
    Consumer guidance defining a home equity loan and warning that it is secured by the home.
    Supports
    Product definition, secured-loan disclaimer, and non-advice framing.
  • Reviewed 2026-05-26
    Home Equity Loans and Home Equity Lines of CreditFederal Trade Commission. Secured-home risk framing and conservative disclosure language.
    Scope
    Consumer advice on home equity loans and HELOCs.
    Supports
    Secured-home risk framing and conservative disclosure language.
  • Reviewed 2026-05-26
    Paying Off Your Loans: Loan AmortizationMississippi State University Extension Service. Fixed payment formula and periodic-rate interpretation.
    Scope
    Educational finance reference for fixed-payment amortized loans.
    Supports
    Fixed payment formula and periodic-rate interpretation.

Disclaimer

This borrowing calculator is for educational payment and payoff estimates only. It is not a lender quote, credit approval, legal disclosure, tax advice, or a substitute for reviewing contracts, fees, escrow items, and local rules.