Home Equity Loan Calculator
Calculate payments and interest for a home equity loan or second mortgage.
Home Equity Loan Calculator
Calculate payments and interest for a home equity loan or second mortgage.
Mortgage Payment Formula
ℹ️ Does not include property taxes, homeowner's insurance, or PMI
Disclaimer
Results provided by this calculator are for informational and educational purposes only. They are based on the values you enter and standard formulas, and should not be considered financial, medical, legal, or professional advice. Always consult a qualified professional before making important decisions based on these results. Roughtools makes no warranties regarding the accuracy or completeness of these calculations for your specific situation.
Frequently Asked Questions
Pro Tips
Even a 0.5% lower interest rate saves thousands over the life of a loan. Shop at least 3 lenders and get pre-approval before committing — lenders compete on rate when they know you have options.
Making one extra payment per year directly toward principal can shorten a 30-year mortgage by 4–6 years and save over $30,000 in interest on a typical home loan.
Your Annual Percentage Rate (APR) includes fees the interest rate does not — always compare APR, not just rate, when evaluating lender offers.
Bi-weekly payments (half the monthly amount every 2 weeks) result in 26 half-payments per year — equivalent to 13 full monthly payments instead of 12, accelerating payoff.
When to Use This Calculator
Estimate your monthly payment before house hunting to set a realistic budget and avoid over-extending.
Compare your current payment to a refinanced rate to calculate the break-even point and total interest savings.
15-year vs 30-year mortgage: see the payment difference and total interest cost side-by-side to make an informed choice.
Work backwards from your maximum monthly payment to find the home price and loan amount you can comfortably afford.
Calculate the mortgage cost for an investment property to determine if rental income will cover the payment.
About the Home Equity Loan Calculator
This home equity loan calculator determines your fixed monthly payment for a lump-sum home equity loan using your available equity as collateral. Enter the loan amount, interest rate, and repayment term to see your monthly payment and total interest cost. Designed for homeowners considering debt consolidation, home improvements, or major expenses funded by home equity.
How to Use the Home Equity Loan Calculator
- 1
Enter the amount you want to borrow against your home equity.
- 2
Enter the fixed interest rate offered by your lender.
- 3
Select the loan term (5, 10, 15, or 20 years are common).
- 4
Your monthly payment and total interest appear instantly.
- 5
Compare multiple loan amounts to find your comfortable payment level.
Related Calculators
View all →HELOC Calculator
Calculate monthly payments during draw and repayment periods for a HELOC.
Mortgage Calculator
Calculate monthly mortgage payments, total interest, and full amortization schedule.
Refinance Calculator
Calculate refinance savings, break-even point, and new monthly payment.
Debt Consolidation Calculator
Compare monthly payments and total interest before and after debt consolidation.
Amortization Calculator
Generate a full loan amortization schedule showing each payment breakdown.
Your input is processed locally in your browser and is never stored, transmitted, or shared with any server. See our Privacy Policy.