Loan Payment Calculator

How much will my home equity loan payments be?

A home equity loan and a home equity line of credit (HELOC) are ideal for borrowing money when you need it. Leveraging your home’s equity allows you flexibility in how you use the funds for anything from home remodeling to emergency expenses. A home equity loan and a HELOC both leverage your home’s equity in exchange for cash—however, they are very different. A home equity loan is often referred to as “a second mortgage” and is taken out in one lump sum. A HELOC is a line of credit you can draw funds from as needed, similar to a credit card. Input your data into our calculator to compare your estimated payments for a home equity loan vs. a HELOC.