Home Equity Loan Calculator
See the fixed monthly payment, total interest, and full amortization schedule for a lump-sum home equity loan (second mortgage) — and how extra payments shorten it.
Home equity loan vs. HELOC
A home equity loan gives you a one-time lump sum at a fixed rate, repaid in equal monthly installments over a set term — exactly what this calculator models. A HELOC, by contrast, is a revolving line of credit you draw on as needed, usually at a variable rate, so its payment changes over time. If you’re taking a fixed lump sum (for a renovation, debt consolidation, or a big purchase), this is the right tool.
Enter the amount you’re borrowing against your equity, the fixed interest rate, and the term. You’ll get the monthly payment, total interest over the life of the loan, and a complete amortization schedule. Because it’s a second mortgage secured by your home, rates are typically lower than unsecured loans — but the home is collateral, so borrow deliberately.
Frequently asked questions
Home equity loan or HELOC?
A home equity loan is a fixed-rate lump sum with a steady payment (this calculator). A HELOC is a variable-rate revolving line whose payment changes. Choose the loan for predictable, one-time borrowing.
How is the payment calculated?
As a fully amortizing fixed-rate loan, using the amount borrowed, the rate and the term. Interest is charged on the remaining balance each month; the rest reduces principal.
Are closing costs included?
No — it shows principal and interest only. Add any lender fees or closing costs separately when you compare offers.
BriskToolbox provides estimates for general information only and is not financial advice. A home equity loan is secured by your home.