The home equity loan calculator estimate for a $50,000 loan over 15 years at today's MonitorBankRates national average home equity loan rate of 6.91% is a monthly payment of about $447 with $30,422 in total interest, and on the U.S. median home worth $332,700 with a $183,000 first mortgage an 80% combined loan to value limit allows a loan of up to about $83,200, verified by MonitorBankRates as of November 10, 2026.
A home equity loan is a fixed rate second mortgage paid back in equal monthly installments over 5 to 30 years. This calculator shows the payment and total interest for any amount, rate and term, starting from today's MonitorBankRates average home equity loan rate. Enter your home's value and first mortgage balance to see how much you can borrow under the 80% and 85% combined loan to value limits most lenders use. Pick your state to load the state average rate and the Census median home value, or open the HELOC calculator if you want a line of credit instead. Compare offers on the home equity loan and HELOC rates page.
Home equity loan calculator for your state
Each state page is prefilled with that state's MonitorBankRates average home equity loan rate and median home value, and lets you apply verified lender rates with one click.
Or load your state's numbers into this calculator
Loads the MonitorBankRates average home equity loan and HELOC rates in your state and the Census median home value into the calculator below.
Home Equity Loan Payment Estimator
Enter the loan details. Results update as you type.
Loan balance over time
Amortization schedule (yearly totals)
| Year | Principal Paid | Interest Paid | Ending Balance |
|---|
What a Home Equity Loan Costs Right Now
As of November 10, 2026, the MonitorBankRates national average home equity loan rate is 6.91% and the average HELOC rate is 7.21%. A $50,000 home equity loan over 15 years at that rate costs about $447 a month and $30,422 in total interest; the same loan over 10 years costs $578 a month, and over 20 years $385 a month. On the U.S. median home worth $332,700 with a $183,000 first mortgage, an 80% combined loan to value limit allows a home equity loan of up to about $83,200, or $99,800 at 85%.
| $50,000 home equity loan at 6.91% | Monthly | Total interest |
|---|---|---|
| 5 year term | $988 | $9,271 |
| 10 year term | $578 | $19,375 |
| 15 year term | $447 | $30,422 |
| 20 year term | $385 | $42,360 |
| 30 year term | $330 | $68,620 |
Rates change daily. The example is recalculated every time this page loads using the current MonitorBankRates average.
Home Equity Loan Payment by State
Monthly payment on a $50,000 home equity loan over 15 years at each state's current MonitorBankRates average home equity loan rate, with the state's median home value. Sorted from the lowest average rate to the highest. Click a state for its calculator, or the rate for its full lender table.
| State | Avg home equity loan rate | Avg HELOC rate | $50,000 over 15 yrs | Median home |
|---|---|---|---|---|
| West Virginia | 6.24% | 6.90% | $428 | $162,600 |
| Pennsylvania | 6.26% | 6.89% | $429 | $254,500 |
| North Dakota | 6.50% | 6.93% | $435 | $249,900 |
| Minnesota | 6.54% | 7.14% | $437 | $329,300 |
| Connecticut | 6.56% | 6.88% | $437 | $366,900 |
| New York | 6.59% | 6.91% | $438 | $423,800 |
| Texas | 6.65% | 7.20% | $440 | $283,800 |
| New Jersey | 6.74% | 6.93% | $442 | $454,400 |
| Delaware | 6.75% | 6.96% | $443 | $352,000 |
| Maine | 6.76% | 6.91% | $443 | $296,600 |
| Wyoming | 6.79% | 7.15% | $443 | $309,700 |
| Iowa | 6.80% | 7.06% | $444 | $208,000 |
| Tennessee | 6.86% | 7.05% | $445 | $286,700 |
| Montana | 6.90% | 6.92% | $446 | $375,800 |
| Kansas | 6.90% | 7.29% | $447 | $217,200 |
| Alaska | 6.91% (U.S. avg) | 7.50% | $447 | $352,900 |
| Idaho | 6.91% | 7.20% | $447 | $418,600 |
| Arkansas | 6.92% | 7.07% | $447 | $188,000 |
| Missouri | 6.92% | 7.04% | $447 | $230,300 |
| Arizona | 6.93% | 7.31% | $447 | $394,500 |
| Michigan | 6.93% | 7.02% | $447 | $231,600 |
| South Carolina | 6.93% | 7.09% | $447 | $259,000 |
| Utah | 6.93% | 7.27% | $447 | $489,400 |
| Wisconsin | 6.94% | 7.04% | $448 | $266,500 |
| Mississippi | 6.95% | 7.26% | $448 | $169,800 |
| North Carolina | 6.97% | 7.13% | $448 | $288,900 |
| Ohio | 6.97% | 7.10% | $449 | $214,800 |
| Kentucky | 6.98% | 6.78% | $449 | $205,600 |
| Vermont | 7.00% | 6.99% | $449 | $316,600 |
| Maryland | 7.02% | 7.02% | $450 | $419,900 |
| District of Columbia | 7.04% | 6.96% | $450 | $737,100 |
| Florida | 7.05% | 7.05% | $451 | $359,000 |
| Massachusetts | 7.05% | 6.83% | $451 | $562,100 |
| Oregon | 7.06% | 7.15% | $451 | $477,600 |
| Colorado | 7.06% | 7.12% | $451 | $539,400 |
| Alabama | 7.07% | 7.39% | $451 | $209,900 |
| Illinois | 7.07% | 7.21% | $451 | $263,300 |
| Hawaii | 7.09% | 7.13% | $452 | $839,100 |
| Virginia | 7.10% | 7.06% | $452 | $383,700 |
| Louisiana | 7.10% | 7.22% | $452 | $216,500 |
| Indiana | 7.12% | 7.07% | $453 | $218,200 |
| Nebraska | 7.13% | 7.10% | $453 | $238,600 |
| Washington | 7.14% | 7.33% | $453 | $564,600 |
| Rhode Island | 7.15% | 6.84% | $454 | $404,200 |
| New Hampshire | 7.17% | 6.77% | $454 | $402,500 |
| South Dakota | 7.20% | 7.03% | $455 | $257,400 |
| New Mexico | 7.24% | 7.31% | $456 | $248,100 |
| Georgia | 7.25% | 7.18% | $457 | $303,300 |
| Oklahoma | 7.30% | 7.16% | $458 | $199,800 |
| California | 7.33% | 7.17% | $459 | $734,700 |
| Nevada | 7.34% | 7.41% | $459 | $435,400 |
Rates: MonitorBankRates state averages as of November 10, 2026, computed from rates published by banks and credit unions in each state. Home values: U.S. Census Bureau American Community Survey medians.
Home Equity Loan Calculators by State
Every state page starts from the MonitorBankRates state average home equity loan rate and the Census median home value, with one click access to the lowest verified lender rate in that state.
How This Home Equity Loan Calculator Works
A home equity loan is fully amortized: every monthly payment covers the interest accrued that month plus a slice of principal, and the balance reaches zero at the end of the term. The calculator uses the standard amortization formula, so the payment matches what a lender's disclosure will show for the same rate and term. Closing costs, when you enter them, are used only to estimate the APR, which is the rate that makes the fees part of the cost of borrowing.
The equity check applies the two limits most lenders use. Combined loan to value (CLTV) is your first mortgage balance plus the new loan, divided by the home's value. Most banks and credit unions cap CLTV at 80%; some go to 85% or 90% for strong credit. If the loan you entered pushes CLTV past the limit, the calculator says so and shows the largest loan that fits.
Home Equity Loan Definitions
How to Use the Home Equity Loan Calculator
- Enter the amount, rate and term
Type the lump sum you want to borrow. The rate defaults to today's MonitorBankRates average home equity loan rate; replace it with a quote, or pick your state above to use the state average. Terms of 5 to 30 years are common, with 10 and 15 the most popular.
- Add closing costs if any
Some lenders charge no closing costs on home equity loans, others charge 2% to 5% of the loan. Entering them produces an APR you can compare across offers.
- Run the equity check
Enter your home's value and current mortgage balance. The calculator shows your equity, the combined LTV after the new loan, and the largest loan that fits under 80% and 85% limits.
- Review the schedule
The balance chart shows how the loan pays down and the schedule lists principal and interest paid each year. Click Show Full Schedule for every year of the term.
Frequently Asked Questions
How is a home equity loan payment calculated?
A home equity loan is amortized like a mortgage. The payment equals the loan amount times the monthly rate, divided by one minus (1 plus the monthly rate) raised to the negative number of payments. A $50,000 loan at 6.91% over 15 years works out to about $447 a month. Because the rate is fixed, the payment never changes.
What is the average home equity loan rate right now?
As of November 10, 2026, the MonitorBankRates national average home equity loan rate is 6.91% and the average HELOC rate is 7.21%, computed daily from rates published by banks and credit unions nationwide. Averages differ by state; pick your state above to load its figure.
How much can I borrow with a home equity loan?
Most lenders cap the combined loan to value at 80%, meaning your first mortgage plus the home equity loan cannot exceed 80% of the home's value. Some allow 85% or 90%. On a $332,700 home with a $183,000 mortgage, an 80% limit allows up to about $83,200. Lenders also look at your debt to income ratio and credit score.
Home equity loan or HELOC?
A home equity loan gives a lump sum at a fixed rate with a fixed payment, which suits a single large expense like a renovation or debt consolidation. A HELOC is a revolving line with a variable rate tied to prime, better for expenses spread over time. Today the MonitorBankRates averages are 6.91% for home equity loans and 7.21% for HELOCs. Run both calculators to compare the payments.
Are there closing costs on a home equity loan?
Sometimes. Many banks and credit unions waive closing costs on home equity loans, while others charge 2% to 5% of the loan amount for the appraisal, title work and origination. Enter the fees in the calculator to see the APR, which is the fair way to compare a no cost offer at a higher rate with a lower rate that charges fees.
Is home equity loan interest tax deductible?
Under current federal law, interest on a home equity loan is deductible only when the money is used to buy, build or substantially improve the home that secures the loan, and only if you itemize. Interest on a loan used for debt consolidation or other purposes is not deductible. Confirm with a tax professional.
What term should I choose?
Shorter terms mean higher payments but far less interest. On a $50,000 loan at 6.91%, a 10 year term costs $578 a month, 15 years $447, and 20 years $385. Choose the shortest term whose payment fits comfortably in your budget.
Do home equity loan rates vary by state?
Yes. MonitorBankRates computes a separate average for every state from the rates published by banks and credit unions in that state, and the spread between states is often a full point or more. The state table on this page shows the payment on a $50,000 loan at each state's average.
