Home Equity Loan Calculator
Calculate HELOC vs home equity loan options, payments, and compare with alternatives.
Property Details
Loan Options
HELOC: 8-10% variable. Home Equity: 8-12% fixed. Rates vary by credit score.
Equity Analysis
Home Value$$400000.00
Current Mortgage$$200000.00
Available Equity$$200000.00
Equity Percentage50.0%
Maximum Loan Available$$140000.00
LTV limit: 85% combined (mortgage + equity loan)
Loan Summary
Loan Amount
$$50000.00
Adjusted Rate
8.00%
Based on credit score
Combined LTV
62.5%
Closing Costs
$$1000.00
HELOC Payments
Draw Period (Interest Only)
$$354.17/mo
10 years
Repayment Period
$$619.93/mo
10 years
Cost Analysis
Total Interest
$$66891.41
Total Payments
$$116891.41
Tax Savings (22%)
$$14716.11
If used for home improvement
Qualification Likely
Credit score 750 and 50.0% equity meet typical lender requirements. Rate estimate: 8.00%. Shop multiple lenders for best rates. Watch for HELOC variable rate increases.
Alternative Comparison
Home Equity
$$354.17/mo
Lower rate, tax deductible
Personal Loan
$$1112.22/mo
No collateral, higher rate
Credit Card
$$833.33/mo (interest only)
Highest rate, avoid
Savings vs personal loan: $$-50158.07. Savings vs credit card: $$-16891.41.
HELOC vs Home Equity Loan
HELOC: Variable rate, flexible access during draw period, interest-only payments possible, reusable credit line, risk of rate increases. Home Equity Loan: Fixed rate, lump sum disbursement, fixed payments, predictable costs, one-time borrowing. Choose HELOC for ongoing needs, home equity loan for one-time expense.
Uses & Risks
Good uses: Home improvements (tax deductible), debt consolidation (lower rate), emergency fund access. Risks: Variable HELOC rates can rise, home as collateral (foreclosure risk), closing costs (~2-5%), resetting mortgage clock if refinancing. Avoid: Vacations, luxury purchases, speculative investments. Protect your home.