Home Equity Loan Amortization Calculator
Borrowing against your home's equity? Enter your loan amount, interest rate, and term to see your monthly payment along with a breakdown of total interest versus principal paid over the loan's life.
About this calculator
Calculate your home equity loan monthly payment and see a full amortization breakdown of principal and interest paid over the life of the loan.
Frequently Asked Questions
How is a home equity loan payment calculated?
It uses the standard amortization formula based on your loan amount, interest rate, and term, similar to a mortgage. Adding extra payments reduces the payoff time and total interest.
Does this include closing costs?
No, this calculator focuses on principal and interest only. Closing costs and fees vary by lender and should be added separately.
What's the difference between a home equity loan and HELOC?
A home equity loan gives you a lump sum with a fixed rate and payment, while a HELOC is a revolving line of credit with a variable rate.