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Home equity loan calculator
Two answers in one: how much equity a lender will let you tap, and what a fixed-rate home equity loan for that amount costs each month.
Example: a $400,000 home with $220,000 owed and an 85% combined-LTV limit leaves about $120,000 of borrowable equity. Borrowing $50,000 at 8.5% for 15 years costs about $492 a month and $38,627 in interest.
$492.37
monthly payment
- Amount financed
- $50,000
- Total interest
- $38,627
- Total of payments
- $88,627
Same loan, different terms
| Term | Payment | Total interest |
|---|---|---|
| 60 months | $1,025.83 | $11,550 |
| 10 years | $619.93 | $24,391 |
| 15 years | $492.37 | $38,627 |
| 20 years | $433.91 | $54,139 |
| 30 years | $384.46 | $88,404 |
Already have this loan? See what extra payments save in the payoff calculator.
Amortization schedule
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $4,184 | $1,725 | $0 | $48,275 |
| 2 | $4,031 | $1,877 | $0 | $46,398 |
| 3 | $3,865 | $2,043 | $0 | $44,355 |
| 4 | $3,685 | $2,224 | $0 | $42,132 |
| 5 | $3,488 | $2,420 | $0 | $39,712 |
| 6 | $3,274 | $2,634 | $0 | $37,078 |
| 7 | $3,042 | $2,867 | $0 | $34,211 |
| 8 | $2,788 | $3,120 | $0 | $31,091 |
| 9 | $2,512 | $3,396 | $0 | $27,695 |
| 10 | $2,212 | $3,696 | $0 | $23,999 |
| 11 | $1,886 | $4,023 | $0 | $19,976 |
| 12 | $1,530 | $4,378 | $0 | $15,597 |
| 13 | $1,143 | $4,765 | $0 | $10,832 |
| 14 | $722 | $5,187 | $0 | $5,645 |
| 15 | $263 | $5,645 | $0 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
How much equity can you borrow?
Lenders cap your combined loan-to-value (CLTV), meaning everything you owe on the home divided by its value. Many stop at 80–85%, and some go to 90% for strong credit. Maximum loan = home value × CLTV limit − current mortgage balance. The appraised value, not your estimate, sets the final number.
Home equity loan vs HELOC
A home equity loan pays a lump sum at a fixed rate with a fixed payment, which is what this calculator models. A HELOC is a credit line with a variable rate and often an interest-only draw period. If you already have one, the HELOC payoff calculator shows how extra payments shorten it.
Interest is tax-deductible only if the money buys, builds or substantially improves the home that secures the loan, and only if you itemize (IRS Publication 936).
Questions people ask
How much can I borrow with a home equity loan?
Typically up to 80–85% of your home's value minus what you still owe. On a $400,000 home with $220,000 owed, an 85% limit allows about $120,000.
What is the monthly payment on a $50,000 home equity loan?
At 8.5% it is about $620 over 10 years or $492 over 15 years. Set your own rate and term above.
Is home equity loan interest tax deductible?
Only when the funds are used to buy, build or substantially improve the home securing the loan, and you itemize deductions, per IRS Publication 936.
Are there closing costs on a home equity loan?
Often 2–5% of the loan, though some lenders waive them. Ask for the Loan Estimate and compare APRs, not just rates.
Sources
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