Calculator
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.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
- Runs in your browser
- No sign-up
- Free
Enter your numbers and press Calculate. Nothing you type leaves your browser.
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)
- P = amount borrowed against your equity
- r = monthly rate = annual rate / 12 / 100
- n = number of monthly payments
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.
How to use this calculator
Enter your numbers
Everything runs in your browser. Nothing you type is sent to us.
Read the result
The result shows the headline figure and the numbers behind it, so you can see where the cost comes from.
Check the rules before you apply
State caps and licensing decide what a lender may offer you. The state reference lists both with their sources.
Before you apply, run the numbers
The calculators are free and run in your browser. When you are ready to look at real offers, the link below goes to our referral partner.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.