Home Equity Loan Calculator
Calculate payments for a fixed-rate second mortgage.
Home Equity Loan Details
Monthly Payment
Home Equity Loan Amortization Schedule
Track every payment of your home equity loan.
| Month | Payment | Principal | Interest | Extra | Balance |
|---|
Home Equity Loan Calculator FAQ
Home Equity Loan Calculator — fixed borrowing against your home
A home equity loan lets you borrow a lump sum against your ownership stake, repaid in fixed installments at a fixed rate. This calculator shows the monthly payment, total interest and amortization for your home-equity borrowing.
Home equity loan basics
Equity = home value − outstanding mortgage. Lenders cap combined loan-to-value (mortgage + HEL) at 80–85%.
In India, equivalent 'top-up home loans' let you borrow on repaid principal at 8.5–10.5% — tax-deductible if used for construction/renovation.
Funds are typically used for debt consolidation, renovation or educational expenses — but never fund consumption on your home.
HEL vs HELOC
Home equity loan: one lump sum, fixed rate, fixed payment — predictable, like a mortgage.
HELOC: revolving credit line, variable rate, interest-only option — flexible, for ongoing costs.
Fixed-rate HELs suit known expenses; HELOCs suit staggered spending but carry rate risk.
How to use this calculator
- Enter the loan amount you want to borrow.
- Input the fixed interest rate.
- Choose the repayment term (5–15 years common).
- Read your monthly payment, total interest and payoff schedule.
Pro tips
- Borrow only for value-creating purposes — the home is your security.
- Compare with a personal loan: HELs are 5–9% vs personal loans 11–24%.
- If rates fall, a refinance can reduce your fixed HEL rate later.