What is a home equity loan?

A home equity loan is a second mortgage that lets you borrow a lump sum against the equity in your home, typically at a fixed interest rate with a fixed repayment term.

What is the difference between a home equity loan and a HELOC?

A home equity loan gives you a one-time lump sum at a fixed rate. A HELOC is a revolving line of credit with a variable rate that you can draw from as needed.

Home Equity Loan Calculator

Calculate payments for a fixed-rate second mortgage.

Home Equity Loan Details

Loan Amount ($)

Interest Rate (% per annum)

Repayment Term (years)

yrs

Compound

Extra Monthly Payment ($)

Monthly Payment

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Loan Amount

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Total Payment

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Total Interest

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Home Equity Loan Amortization Schedule

Track every payment of your home equity loan.

Month	Payment	Principal	Interest	Extra	Balance

Home Equity Loan Calculator FAQ

How much home equity can I borrow?▶

Lenders typically allow you to borrow up to 80% of your home's value, minus your existing mortgage balance. Your remaining equity backs the loan, which is why rates are usually lower than personal loans.

What happens if I can't repay my home equity loan?▶

Your home is the collateral, so failure to repay can lead to foreclosure. Only borrow what you can comfortably afford, and use the extra payment feature here to plan a faster payoff.