HELOC Payment Calculator: HELOC - Home Equity Line of Credit Calculator | Ent (2024)

FAQs

How do I calculate my HELOC payment? ›

Determine how much you've used from the HELOC, i.e., your current HELOC balance. Multiply the current HELOC balance by the annual interest rate charged on loan. Divide the value by 12 to determine how much you will pay monthly.

To calculate the monthly payment on a $50,000 HELOC, you need to know the interest rate and the loan term length. For example, if the interest rate is 9% and the loan term is 30 years, the monthly payment would be approximately $402.

That all noted, here's how much a $30,000 HELOC will cost per month, assuming today's average 9.16% HELOC rate remains the same: 10-year HELOC at 9.16%: Your monthly payment would be $382.63, with $15,915.59 in total interest paid for an overall amount of $45,915.59.

As of March 29, 2024, the average national rate for a 15-year loan was nearly the same as for a 10-year loan: 8.70%. With that rate and term, you'd pay $747.37 per month for the loan.

But if your HELOC rate and payment stayed the same through the 15-year repayment period, your HELOC payments on a $60,000 balance at today's average interest rate of 9.18% would be $615 per month and you would pay $50,700.25 in total interest. Get the money you need with a home equity loan now.

Lower interest rates

While home loan interest rates overall have risen dramatically since 2022, HELOC rates still tend to be lower than those on credit cards and personal loans. If you qualify for the best rates, a HELOC can be a less expensive way to consolidate debt or finance a home renovation.

The simple way to do this is to decrease your charges or draw on the HELOC while increasing the amount of your monthly payments. Lowering the outstanding balance also decreases your loan-to-debt ratio, which is attractive to lenders and can help you meet your personal financial goals.

The current average rate nationwide for a 10-year home equity loan is 9.07%. If you take out a loan for $200,000 with those terms, your monthly payment would come to $2,541.10.

Do you need an appraisal for a HELOC? ›

When you apply for a HELOC, lenders typically require an appraisal to get an accurate property valuation. That's because your home's value—along with your mortgage balance and creditworthiness—determines whether you qualify for a HELOC, and if so, the amount you can borrow against your home.

That said, the average HELOC interest rate is currently 9.88%. Assuming that your HELOC had the average interest rate, and that rate stayed the same over the course of a 10-year payoff period, your monthly payments on a $40,000 HELOC would be $525.95.

10-year home equity loan: A 10-year $80,000 home equity loan at 8.74% interest would come with a monthly payment of $1,002.18.

If you choose a fixed-rate home equity loan to borrow $250,000 worth of equity, your minimum payments will likely range from $2,491.25 to $3,130.48. Though, you may end up making lower payments with a HELOC if the interest rate environment cools over time.

A $40,000 home equity loan with today's average interest rate would come with a monthly payment ranging from $400.96 to $502.38. If you chose the HELOC route, your payment could be around $525.95, but that payment may change thanks to the variable rate these lines of credit typically come with.

First, find your current balance, including any pending charges or fees. You'll also need your monthly minimum payment basis, which you can find on your card's original documents or by calling the issuer's customer service. Then, calculate your minimum payment by multiplying your balance with the minimum payment basis.

Take your home's value, and then subtract all amounts that are owed on that property. The difference is the amount of equity you have. For example, if you have a property worth $400,000, and the total mortgage balances owed on the property are $200,000, then you have a total of $200,000 in equity.