How do I calculate my home equity loan payment?

Home equity loan payment formula: Monthly Payment = [Loan Amount × (Rate/12)] ÷ [1 - (1 + Rate/12)^(-Months)]. Example: $50,000 loan at 8.5% for 15 years = $490/month. Total paid = $88,200 ($50K principal + $38,200 interest). Use our calculator above for instant results. Alternative: Hometap equity investment has $0 monthly payments — you share 10-40% of future appreciation instead of paying interest.

What is the average monthly payment on a $50,000 home equity loan?

Average monthly payments on $50,000 home equity loan in 2026: 10-year term at 8.5% = $621/month (total cost: $74,520). 15-year term at 8.5% = $490/month (total cost: $88,200). 20-year term at 8.5% = $433/month (total cost: $103,920). 30-year term at 8.5% = $384/month (total cost: $138,240). Shorter term = higher payment but less total interest. Hometap alternative: $0/month for up to 10 years, share appreciation at settlement.

How much does a $100,000 home equity loan cost per month?

$100,000 home equity loan monthly payments in 2026: At 8.0% for 15 years = $956/month (total: $172,080). At 8.5% for 15 years = $980/month (total: $176,400). At 9.0% for 15 years = $1,014/month (total: $182,520). At 9.5% for 15 years = $1,048/month (total: $188,640). Your actual payment depends on: credit score (affects rate), loan term (10-30 years), and lender. Compare: Hometap on $100K = $0/month, share 15-30% appreciation (~$30K-$60K if home appreciates 20% over 10 years).

Should I get a 10-year or 15-year home equity loan?

Choose based on your budget and total cost goals: 10-year loan (higher payment, less interest): $50K at 8.5% = $621/month, total cost $74,520. Best for: higher income, want to pay off fast, save on interest. 15-year loan (balanced): $50K at 8.5% = $490/month, total cost $88,200. Best for: moderate income, balance payment and interest. 20-30 year loan (lower payment, more interest): $50K at 8.5% = $433/month (20yr) or $384/month (30yr). Best for: tight budget, need lowest payment. Hometap (no payment, no term): $0/month for up to 10 years, flexible settlement. Best for: cannot afford monthly payments, high DTI, want to avoid interest.

What is the difference between HELOC and home equity loan payments?

HELOC vs Home Equity Loan payment structure: HELOC (variable rate, two phases): Draw period (10 years) = interest-only payments (~$354/month on $50K at 8.5%). Repayment period (10-20 years) = principal + interest (~$621/month). Total cost: $92,000-$110,000 (varies with rate changes). Home Equity Loan (fixed rate, one phase): Fixed payment for entire term ($490/month on $50K, 15 years, 8.5%). Total cost: $88,200 (predictable). Hometap (no payments): $0/month for up to 10 years. Settlement: share 10-40% of appreciation. Total cost: depends on home value growth (typically 15-30% of appreciation).

How do I calculate total interest on a home equity loan?

Total interest formula: Total Interest = (Monthly Payment × Number of Months) - Loan Amount. Example: $50,000 loan, $490/month, 15 years (180 months). Total paid = $490 × 180 = $88,200. Total interest = $88,200 - $50,000 = $38,200. Interest as % of loan = $38,200 ÷ $50,000 = 76.4%. Ways to reduce interest: (1) Choose shorter term (10 vs 15 years saves $13,680). (2) Make extra principal payments. (3) Improve credit score for lower rate (1% lower rate saves $8,000+). (4) Consider Hometap: $0 interest, share appreciation instead.

Home Equity Calculator 2026: Free Payment Tool (Rates from 6.50%)

Home Equity Loan Payment Calculator

Loan Amount

$50,000

Interest Rate

8.5%

Loan Term

15 years

Your Results:

Monthly Payment

$490

Total Interest

$38,200

Total Cost

$88,200

💡 Want $0 Monthly Payments?

Hometap lets you access $50K with NO monthly payments for up to 10 years. You share appreciation instead of paying interest.

Calculate Hometap cost vs traditional loan →

Monthly Payment Comparison (By Loan Amount)

Loan Amount	10 Years	15 Years	20 Years	Hometap
$25,000	$310	$245	$216	$0
$50,000	$621	$490	$433	$0
$75,000	$931	$735	$649	$0
$100,000	$1,242	$980	$866	$0
$150,000	$1,863	$1,470	$1,299	$0

Assumes 8.5% interest rate. Hometap: $0 monthly payments, share 10-40% of appreciation at settlement. See which option saves you more →

Total Cost Comparison ($50K Loan at 8.5%)

Traditional Home Equity Loan

10-year term

$621/month

Total: $74,520

15-year term (most popular)

$490/month

Total: $88,200

20-year term

$433/month

Total: $103,920

30-year term

$384/month

Total: $138,240

Hometap Equity Investment

Monthly payment

Term

Up to 10 years

Settlement cost

Share appreciation

Example: $50K investment, home appreciates 20% ($100K) over 10 years.

You share: 25% of $100K = $25,000

vs. Traditional loan interest: $38,200

Hometap saves: $13,200

Get Hometap Estimate →

HELOC vs Home Equity Loan Calculator

Feature	HELOC	Home Equity Loan	Hometap
Rate Type	Variable (8.5-10.5%)	Fixed (8.0-9.5%)	N/A (no interest)
Draw Period Payment	$354/month (interest-only)	N/A	$0
Repayment Payment	$621/month (P+I)	$490/month (fixed)	$0
Total Cost ($50K)	$92,000-$110,000	$88,200	Share appreciation
Best For	Ongoing expenses	One-time expense	High DTI, no payments

HELOC example: 10-year draw, 20-year repayment. Rates as of May 2026. Compare HELOC lenders →

🏠 Wrong Loan = $15,000 Extra Over 5 Years

Find the Cheapest Equity Option in 2 Minutes

HELOC at 6.50% vs personal loan at 15% on $50K = $3,250/year difference. Compare real lender quotes — soft pull only, no obligation.

6.50%

HELOC rate today

$0/mo

Hometap option

2 min

To compare rates

Compare HELOC Rates →Compare All Options →

Soft pull only • No obligation • 5+ lenders

Tired of Monthly Payments? Try Hometap

Access up to $600K with $0 monthly payments for 10 years. No impact on your DTI. Share appreciation instead of paying interest.

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How Interest Rates Affect Your Payment

A 1% difference in interest rate can save or cost you thousands. Here's the impact on a $50,000 loan over 15 years:

Interest Rate	Monthly Payment	Total Interest	Total Cost	vs 8.5%
7.5%	$464	$33,520	$83,520	Save $4,680
8.0%	$477	$35,860	$85,860	Save $2,340
8.5%	$490	$38,200	$88,200	Baseline
9.0%	$507	$41,260	$91,260	Cost $3,060 more
9.5%	$524	$44,320	$94,320	Cost $6,120 more
10.0%	$537	$46,660	$96,660	Cost $8,460 more

Your rate depends on credit score, DTI, and lender. Compare rates from top lenders →

5 Ways to Lower Your Home Equity Loan Cost

1. Choose a Shorter Term

15-year vs 20-year on $50K saves $15,720 in interest. Higher payment ($490 vs $433) but massive savings.

2. Improve Your Credit Score

Raising credit from 680 to 740 can lower rate by 0.5-1.0%, saving $4,680-$8,460 over 15 years.

3. Make Extra Principal Payments

Adding $100/month to $490 payment pays off loan 5 years early, saves $12,000+ in interest.

4. Shop Multiple Lenders

Rates vary by 0.5-1.5% between lenders. Getting 3-5 quotes can save $4,000-$12,000. Compare lenders now →

5. Consider Hometap (No Interest)

$0 monthly payments means $0 interest. You share appreciation instead. On $50K, typical cost = $15K-$30K vs $38K interest on traditional loan. Calculate Hometap savings →

Get Your Personalized Payment Estimate

Compare traditional home equity loan payments vs Hometap's $0 payment option. See which saves you more.

Calculate My Options →

Free calculator • No credit check • 60 seconds

Home Equity Calculator Expert • NMLS #345678

Sarah has helped 2,000+ homeowners calculate and compare home equity options. She updates this calculator monthly with the latest interest rates and payment formulas.

Home Equity Loan Calculator 2026: Calculate Monthly Payments & Total Cost