Home Equity Loan Calculator
Calculate monthly payment and total cost for a fixed-rate home equity loan (second mortgage). Funds are received as a lump sum.
Inputs
Monthly payment
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Total interest
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Total paid
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Interest as % of principal
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About Home Equity Loan Calculator
Home equity loan vs HELOC
Home equity loan: lump sum, fixed rate, fixed payments — like a second mortgage. HELOC: revolving credit, variable rate, interest-only available during draw period. Loan is more predictable.
How much can I borrow?
Most lenders allow combined loan-to-value (CLTV) up to 80-85%. So home worth $500k with $300k owed: 85% × $500k - $300k = $125k max equity loan.
Tax deductibility
Interest on a home equity loan is deductible (if you itemize) only when proceeds are used to buy, build, or substantially improve the home. Consult a tax pro.