Home Equity Loan vs HELOC Calculator
For our full interactive borrowing calculator with LTV and CLTV estimates, see How Much Can I Borrow?. For debt consolidation calculations, see Debt Consolidation Walkthrough.
| Feature | Home Equity Loan | HELOC (Line of Credit) |
|---|---|---|
| How you get money | Lump sum on day one | Draw as needed over 10 years |
| Rate type | Fixed | Variable (prime + margin) |
| April 2026 avg. rate | 8.3% APR | 8.6% APR starting |
| Monthly payment $50k, 15yr | $483/month (fixed) | $358/month interest-only |
| Closing costs | 2-5% of loan | 2-5% or waived |
| Best for | Known one-time costs | Phased or uncertain spending |
| Biggest risk | Home as collateral | Rate can rise; payment shock |