Home Equity Loan
Lending & MortgagesA fixed-rate loan that uses your home equity as collateral, disbursed as a lump sum.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding home equity loan helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how home equity loan impacts your specific situation.