Home Equity Loan Calculator
How much you can borrow against your home, and the monthly payment and total interest for a home equity loan, a HELOC and a cash-out refinance side by side.
How much can you borrow against your home?
Lenders lend against your equity, the part of the home's value you don't owe. They usually cap your combined loan-to-value, everything secured by the home divided by its value. A hypothetical: a $450,000 home with $250,000 owed and an 85% cap leaves up to $132,500 to borrow. The calculator does this math for your numbers, then compares a home equity loan, a HELOC and a cash-out refinance.
Home equity loan vs HELOC payments
- Home equity loan: a fixed rate and the same payment every month; $50,000 at 8.25% for 15 years is about $485.07 a month.
- HELOC: a variable rate, the prime rate (7% as of October 19, 2026) plus a margin, often with interest-only payments during a draw period, then a larger payment once repayment starts.
- Cash-out refinance: replaces your whole mortgage, which costs more if your current rate is low.
For today's rates from lenders, see HELOC and home equity loan rates; for the full comparison and the risks, see HELOC vs home equity loan vs cash-out refinance. Your home secures these loans, so missing payments can lead to foreclosure.
Frequently Asked Questions
How much can I borrow with a home equity loan?
Lenders cap your combined loan-to-value: everything you owe on the home divided by its value. With a $450,000 home, $250,000 owed and an 85% cap, you could borrow up to $132,500 (85% of $450,000 minus $250,000). The caps we checked on lenders' own sites ran from 80% (Chase, BECU) to 85% (Bank of America, Alliant, PNC on $50,000+) and 90% (Connexus).
What is the monthly payment on a $50,000 home equity loan?
At 8.25% for 15 years, about $485.07 a month, with about $37,313 of interest over the loan (standard loan formula). Enter your own rate and term above.
Is a home equity loan or a HELOC better?
A home equity loan gives you a lump sum at a fixed rate and payment. A HELOC lets you draw as you need, usually interest-only at first, at a variable rate tied to the prime rate. The calculator shows both side by side.
Is home equity loan interest tax-deductible?
Only if you use the money to buy, build or substantially improve the home that secures the loan, within the mortgage debt limits in IRS Publication 936.
