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Free home equity loan vs HELOC calculator for finance & housing planning— compare a fixed-rate equity installment loan to HELOC scenarios (amortizing and optional interest-only draw). Illustrative only.
Last updated: April 18, 2026
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Home equity loan (fixed)
HELOC (illustrative)
Estimates cumulative interest if balance stays at the draw—many HELOCs allow principal paydown.
Home equity loan
Monthly P&I
$728
Total interest ~$55,969
HELOC (amortizing)
Monthly P&I
$716
Total interest ~$53,935
HELOC interest-only (draw) — min. payment
~$499 /mo · Cumulative interest over 120 mo if balance unchanged: ~$59,925
Amortizing difference (HELOC − HEL)
Monthly: $-11 · Total interest: $-2,034
Fixed-rate home equity loan: level P&I over the term. HELOC (illustration): amortizing scenario uses your HELOC rate over the same or different term; interest-only row shows a minimum payment during a draw period if the balance does not decrease—actual HELOCs vary by lender and index. With a lower assumed HELOC rate and the same amortization term, the HELOC amortizing payment and total interest are often lower—rates can change over time on HELOCs.
HEL column
Stable payment
Models a fully amortizing second lien with the APR and term you enter.
Comparable P&I
What-if rate
Uses your assumed HELOC rate over the amortization term you choose.
Minimums
Optional
Illustrates cumulative interest if the drawn balance does not decline.
Compare
Dollar delta
See how different rates and structures change lifetime interest in this simplified model.
Stress-test
Try higher HELOC APR
Increase the HELOC rate to mimic rising index scenarios.
Disclaimer
Illustrative
Lender pricing, fees, and CLTV limits are not modeled in full.
Default: $75,000, HEL 8.25% / 15 yr vs HELOC 7.99% / 15 yr amortizing (approx. total interest difference):
Magnitude of total interest difference
~$2,034
The home equity loan side uses standard fixed-rate amortization: we compute a constant monthly principal-and-interest payment that retires the balance over the term you select. The HELOC amortizing side applies the same amortization math using your assumed HELOC APR and payoff term—useful when you expect to borrow up to the line and then repay on a schedule. The optional interest-only draw section estimates minimum monthly interest and cumulative interest over the draw months if the balance stays flat.
APR + fees (APR on equity products)Draw period length and repayment rulesFixed vs variable rate riskA lower monthly payment on a variable HELOC can rise if rates increase—stress-test with a higher HELOC APR.
Use our HELOC payment calculator for draw vs repayment detail.
If you expect long interest-only drawing before repayment, your realized costs can differ—use the draw fields cautiously as a sensitivity check, not a promise of minimum payments forever.
Confirm CLTV limits, liens, and insurance requirements with your lender.
Share it with homeowners comparing equity products
Suggested hashtags: #HomeEquity #HELOC #Mortgage #Calculator #PersonalFinance