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Home Equity Loan Calculator

A home equity loan calculator estimates the monthly payment and total interest on a fixed-rate second mortgage. Enter the amount, rate, and term to see the cost of borrowing against your equity.

By the Loansloth Editorial Team · Last updated 2026-09-16

Enter your numbers and press Calculate. Nothing you type leaves your browser.

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How this calculator works

A home equity loan is a fixed-rate installment loan secured by your house. It is repaid in equal monthly payments over a set term.

M = P * r * (1 + r)^n / ((1 + r)^n - 1)

Total interest is M * n - P. Because the loan is secured by your home, the rate may be lower than an unsecured personal loan, but the house is collateral.

Terms and rates vary by lender, credit profile, and loan-to-value. Enter your own assumption rather than a quoted figure.

Frequently asked questions

Is a home equity loan different from a HELOC?
A home equity loan gives you a lump sum with a fixed rate and fixed payments. A HELOC is a revolving line of credit with a variable rate and a draw period.
What term should I enter?
Use the term from your offer or the term you are considering. Terms vary, so enter the one that applies to your situation.
Why are home equity rates often lower?
The loan is secured by your home, which lowers the lender's risk compared with an unsecured loan. The trade-off is that the home is collateral.
Can I deduct the interest?
Tax treatment depends on how the funds are used and on current tax rules. Ask a tax professional about your situation; this calculator does not model taxes.

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