Monthly payment calculator

Determine your payments for a home equity loan/line of credit

This calculator determines your monthly payment on either a home equity loan or a home equity line of credit for any given interest rate percentage and loan duration. The interest rate will be given to you by you by your lender and can be compared with other interest rates in the table below. Note that this calculator works only with fixed interest rates (i.e. ones that stay constant thoughout their entire term).

Equity Loan Amount:

Interest Rate:

Number of Years:

Monthly payment calculation results

	Equity Loan	Equity Line of Credit
Equity Loan Amount:	$20,000	$20,000
Interest Rate:	8%	8%
Number of Years:	4	4
Monthly Payment:	$488.26	$133.33
Total Interest Paid:	$3,436	$6,400
Amount Owed After Payoff:	$0.00	$20,000

Comparison at different interest rates

Interest Rate	Monthly Loan Payment	Monthly Line Payment	Total Loan Interest Paid	Total Line Interest Paid
15%	$556.61	$250.00	$6,718	$12,000
14%	$546.53	$233.33	$6,233	$11,200
13%	$536.55	$216.67	$5,754	$10,400
12%	$526.68	$200.00	$5,280	$9,600
11%	$516.91	$183.33	$4,812	$8,800
10%	$507.25	$166.67	$4,348	$8,000
9%	$497.70	$150.00	$3,890	$7,200
8%	$488.26	$133.33	$3,436	$6,400
7%	$478.92	$116.67	$2,988	$5,600
6%	$469.70	$100.00	$2,546	$4,800
5%	$460.59	$83.33	$2,108	$4,000

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