Question 1

What is a home equity loan calculator?

Accepted Answer

A home equity loan calculator works out how much you can borrow against your home and the monthly payment.

This free one compares 5 to 30 years side by side.

Question 2

How much can I borrow with a home equity loan?

Accepted Answer

Usually up to 80% to 85% of your home's value, minus what you owe.

That's $125,000 on a $500,000 home with $300,000 owed at 85%.

Question 3

How is a home equity loan payment calculated?

Accepted Answer

Like any fixed loan: payment = P × r ÷ (1 − (1 + r)^−n).

For $40,000 at 8% over 15 years, that's $382.26 a month.

Question 4

Is a home equity loan the same as a second mortgage?

Accepted Answer

Yes, it's a second loan secured by your home.

It sits behind your first mortgage.

Question 5

Is a home equity loan better than a HELOC?

Accepted Answer

It's better for a fixed, one-time cost and a fixed payment.

A HELOC suits costs that come in stages.

Question 6

Are home equity loans fixed rate?

Accepted Answer

Usually yes, so the payment stays the same.

Check your lender's terms.

Question 7

Can I lose my home with a home equity loan?

Accepted Answer

Yes, your home secures it.

If you can't repay, the lender can foreclose.

Question 8

Who made the home equity loan calculator?

Accepted Answer

I did.

I'm Navid Moazzez, and I made the home equity loan calculator as one of my free tools on navid.me.

Free Home Equity Loan Calculator (+ Guide)