HomeHome equity loan
Home equity loan
Home Equity Loan Calculator
A home equity loan calculator would apply the standard fixed-rate formula to a lump sum, a rate, and a term you type. This page does not run that tool. There is no form. The payment below uses stated example inputs so the term is the only thing being illustrated.
By the YourHomeCosts editorial desk. Last updated . General information, not personal advice.
Educational information only. This is not financial, tax, legal, lending, insurance, or appraisal advice. Loan documents, state law, and your servicer or assessor control. Confirm every figure before you act.
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What the later calculator would use
The CFPB’s home equity loan page says the money arrives as a lump sum and the rate is usually fixed. A calculator for that loan would take the amount borrowed, the annual rate, and the years, and it would show principal and interest only. It would leave out fees, taxes, and insurance unless you typed them. The CFPB says upfront fees are a reason to compare more than the monthly payment. This page does not invent a fee.
The same formula is already used for a first mortgage on the full-payment calculator. That tool adds taxes, insurance, HOA dues, and PMI. It is not a home equity loan quote. The difference between this loan and a HELOC is on the comparison page.
A labeled fixed payment
This is an example, not a loan offer and not a quoted rate. The inputs are $20,000.00 borrowed, 6 percent a year, and 10 years, which is 120 months. Divide the annual rate by 12. The payment is that balance times the monthly rate, divided by one minus (1 plus the monthly rate) to the power of minus the number of months. On these inputs the principal and interest is $222.04 a month. If every scheduled payment is made, the interest is $6,644.80. Estimates only; your lender's numbers win.
A HELOC does not have this single fixed payment while the line revolves. The HELOC calculator page shows one month of interest on a drawn balance instead, and that calculator is not built yet either.
What this page will not do
It will not name a lender or add a fee the CFPB did not quantify. The CFPB says a home equity loan may have upfront fees and costs, and that you should compare more than the monthly payment. Until you have those figures from a creditor, this page leaves them out rather than inventing them.
A fixed rate does not describe taxes, insurance, or a later recast of a first mortgage. Those are separate. The recast calculator estimates a new principal-and-interest payment after a lump sum on a loan you already have. It is not this home equity loan example.
Questions people ask
Can I calculate a home equity loan payment here?
No. The calculator is not built. The page shows one labeled example: $20,000 at 6 percent for 10 years is $222.04 a month in principal and interest, and $6,644.80 of interest if the loan runs the full term. A lender’s payment can differ once fees and a different rate are included.
Does a fixed rate mean the payment never changes?
The CFPB says a home equity loan usually has a fixed rate, meaning the rate does not change. Taxes, insurance, and fees are separate. This example is principal and interest only.
Sources checked October 19, 2026
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