Home equity loan payments by amount
Fixed monthly payments at an example 8.25% interest rate. Open any amount for every rate and term.
What is the monthly payment on a home equity loan?
At a fixed 8.25% interest rate, a $100,000 home equity loan costs about $970 a month over 15 years, $1,227 over 10 years or $751 over 30 years. A $50,000 loan runs about $485 a month over 15 years and a $200,000 loan about $1,940. The payment stays the same for the whole term.
How home equity loan payments work
A home equity loan pays out one lump sum and has a fixed rate and a fixed payment for the whole term, usually 5 to 30 years. Every payment includes principal, so the balance falls from the first month. Shorter terms mean higher payments but far less interest: on $100,000 at 8.25%, a 10-year term costs about $47,000 in interest, while a 30-year term costs over $170,000.
Figures use an example 8.25% interest rate; your rate depends on credit, loan-to-value and term, and the APR includes fees. Each amount's page shows payments at eight rates and five terms, total interest, the home value and income you'd need, and how much extra payments save.
How much interest does each term cost?
A longer term lowers the payment and multiplies the interest. At an example fixed 8.25%:
| Loan | 10 years | 15 years | 30 years |
|---|---|---|---|
| $50,000 | $23,592 | $37,313 | $85,228 |
| $100,000 | $47,183 | $74,625 | $170,456 |
| $200,000 | $94,366 | $149,251 | $340,912 |
Total interest over the full term with no extra payments.
Is a home equity loan payment higher than a HELOC payment?
At first, usually yes, because every home equity loan payment includes principal. On $100,000, a 15-year home equity loan at 8.25% costs about $970 a month, while a HELOC at 7.75% APR starts at about $646 interest-only. The HELOC payment rises to about $821 when the 20-year payoff begins, and it moves with prime the whole time. The fixed loan suits one known cost paid at once; the line suits costs that arrive in stages.
Will you draw in stages instead? See HELOC payments by amount or compare HELOC vs. home equity loan.