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HELOC vs Home Equity Loan Calculator
Unsure whether a Home Equity Line of Credit (HELOC) or a Home Equity Loan (HEL) is right for you? This interactive calculator compares both options side-by-side, showing monthly payments, total interest, and personalized recommendations based on your financial situation.
Warning: The amount you need exceeds your available equity. Most lenders limit loans to 80% of your home value. Adjust your amount or home value.
Available Equity (80% LTV): $120,000
Which is Right for You?
Adjust your inputs to see a personalized recommendation.
HELOC
Estimated APR (Variable)
8.5%
Draw Period
10 years
Monthly Payment (Draw Period)
$354
Repayment Period
20 years
Monthly Payment (Repayment)
$536
Total Interest Paid
$128,640
Total Cost of Borrowing
$178,640
Home Equity Loan
Estimated APR (Fixed)
9.0%
Loan Term
10 years
Fixed Monthly Payment
$531
Total Interest Paid
$13,720
Total Cost of Borrowing
$63,720
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Check your credit score and compare personalized offers from trusted lenders.
Check Credit Score Free Get HELOC Quotes| Feature | HELOC | Home Equity Loan |
|---|---|---|
| Interest Rate | Variable (can increase) | Fixed (stays the same) |
| Payment Predictability | Monthly payment can change | Same payment every month |
| Access to Funds | Draw as needed during draw period | Lump sum upfront |
| Draw Period | 10 years (interest-only) | N/A (fixed term only) |
| Best For | Ongoing expenses, renovations, flexibility | One-time expenses, predictable budgeting |
| Early Payoff Penalty | Usually none | May have prepayment penalty |
| Closing Costs | Typically lower | Typically higher |
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Methodology: This calculator uses industry-standard amortization formulas to estimate monthly payments and total interest. APR rates are based on typical market rates for the selected credit score range and are for illustrative purposes only. Actual rates depend on your specific financial situation, loan-to-value ratio, state, and lender. The calculator assumes a 10-year draw period for HELOCs and a 20-year repayment period. For Home Equity Loans, the repayment term is fixed based on your selection. Always consult with your lender for accurate personalized quotes.
Affiliate Disclosure: WalletGrower is an affiliate partner for loanDepot and Credit Sesame. We earn a commission if you use our links to apply for products, at no extra cost to you. This helps us maintain and improve this calculator. We only recommend products we believe offer genuine value to our readers.