Loan Calculators · United States + Canada
Fixed-Rate Home Equity Loan Payment Calculator
Estimate a fixed-rate second-mortgage payment, total interest, remaining home equity, LTV, and combined LTV. Choose USD or CAD; calculations run locally and this calculator does not transmit your form values.
Looking for a HELOC? This page prices a fixed-rate home equity loan. For a revolving line of credit (maximum limit at 65% of home value, interest-only payments, prime-plus rates), use the HELOC calculator for Canada.
Inputs
Monthly payment
Fill the form and press Calculate.
What this home equity loan calculator shows
The payment uses the standard fixed-payment amortization formula. It includes principal and interest only; lender fees, appraisal costs, taxes, insurance, and closing costs are not added. A home equity loan is secured by your home and is commonly treated as a second mortgage when a first mortgage is already outstanding.
Equity, LTV, and combined LTV
Current equity is the user-entered home value minus the first-mortgage balance. Current LTV divides that mortgage balance by the entered value. Combined LTV (CLTV) divides the first mortgage plus the proposed home equity loan by that same value. This is a planning proxy. The FDIC glossary defines CLTV using total mortgage balances divided by the lesser of sales price or appraised value for a purchase; a lender may use an appraisal or another underwritten value instead of your estimate.
Worked example
For a $500,000 home with a $250,000 first mortgage and a proposed $50,000 home equity loan, current LTV is 50% and combined LTV is 60%. At 7.5% over 10 years, the estimated principal-and-interest payment is about $593.51 per month.
Home equity loan versus HELOC
The U.S. Consumer Financial Protection Bureau describes a home equity loan as a specific amount borrowed against home equity, usually paid as a lump sum. A HELOC is revolving credit that can be drawn repeatedly up to a limit and usually carries an adjustable rate. For Canadian borrowing limits on a HELOC, see the HELOC calculator. Some products differ, so verify the actual note, fees, rate type, and repayment terms.
Sources
- Consumer Financial Protection Bureau: What is a home equity loan?
- Consumer Financial Protection Bureau: home equity loan vs. HELOC
- FDIC mortgage glossary: combined loan-to-value ratio
Sources reviewed September 30, 2026. The FDIC glossary PDF was published in 2018; CFPB pages are live consumer guidance and should be checked again before relying on current lending rules.
Home equity loan calculator FAQ
How is the monthly payment calculated?
The calculator amortizes the proposed loan over the selected term using the entered annual fixed rate. The result is principal and interest only.
What is combined loan-to-value?
This estimate divides the first mortgage and proposed home equity loan by the home value you enter. A lender may use an appraised or otherwise underwritten value, so its CLTV can differ.
Does a lower CLTV guarantee approval?
No. Lenders set their own limits and also consider income, credit, property, lien position, fees, and other underwriting factors.
Does this work for U.S. and Canadian loans?
Yes for a simple fixed-rate payment estimate. Choose USD or CAD for display, then verify local lender rules, fees, and legal disclosures separately.
Is my financial information uploaded?
No. The calculation runs locally in your browser and the form values are not sent to TNAADO.
Disclaimer
This educational estimate is not a loan offer or financial advice. Actual rates, fees, underwriting rules, and payments vary. Your home secures the debt and may be at risk if you do not repay it.