Plan Your Home Equity Loan
Use the calculator below to estimate your monthly payment based on the loan amount, interest rate, and repayment term you are considering. When you are ready, an FSB lender can help you review your available home equity options. Start the Home Equity Process->
Estimate Your Home Equity Payment
See how you can put your home's equity to work. Choose between a HELOC or Home Equity Loan and get an estimate of your monthly payment.
HELOC with a 60-month draw period. Minimum payment is the greater of $100 or 0.5% of your outstanding balance.
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Minimum: $15,000 %
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Explore Your Home Equity Loan Options
Use your home equity for renovations, debt consolidation, major purchases, or other expenses. Estimate your payment, then talk with a local FSB lender.
Calculator disclaimer: This calculator provides estimates only and is not a guarantee of rates, terms, or payment amounts. Actual terms depend on creditworthiness, property value, and other factors. Minimum loan amount of $15,000. Maximum loan-to-value of 85%. Minimum credit score of 690.
Home Equity Loan Calculator FAQs
Have questions about how a home equity loan or HELOC works? These quick answers can help you understand estimated payments, borrowing limits, loan terms, and what to expect before you apply.
How does a home equity loan calculator work?
A home equity loan calculator estimates your monthly payment based on the amount you want to borrow, the interest rate, and the repayment term. It can also help show how much equity may be available based on your home’s value and current mortgage balance.
How much can I borrow with a home equity loan or HELOC?
The amount you may be able to borrow depends on your home’s value, your current mortgage balance, your credit profile, and the lender’s maximum loan-to-value guidelines. In general, the more equity you have in your home, the more you may be able to borrow.
What is the difference between a home equity loan and a HELOC?
A home equity loan typically gives you a lump sum with a fixed rate and fixed monthly payment. A HELOC, or home equity line of credit, gives you access to a line of credit you can draw from, which can offer more flexibility depending on your borrowing needs.
The fixed-rate HELOC has a 60-month term, and the payment is the greater of $100 or 0.5% of the outstanding principal balance. The fixed-rate home equity loan is structured with fixed monthly payments and longer amortization options based on the loan amount.
What factors affect my home equity loan payment?
Your estimated payment is usually based on the amount borrowed, the interest rate, and the repayment term. A larger loan amount or higher rate will usually increase the monthly payment, while a longer repayment term may lower the monthly payment amount.
At FSB, home equity loans may be amortized for up to 15 years for loans of $25,000 or more and up to 10 years for loans of $15,000 or more. That means your loan amount may affect which repayment terms are available to you.
Should I choose a HELOC or a fixed home equity loan?
A fixed home equity loan may be a better fit if you want a predictable monthly payment and a set repayment schedule. A HELOC may be a better choice if you want flexibility to access funds as needed over time.
The fixed-rate HELOC may appeal to borrowers who want access to a line during the term, while the fixed-rate home equity loan may be better for those who want a lump sum and a clearly defined repayment plan.
Talk With a Local Home Equity Lender
Fill out the form below to get started with a home equity loan or HELOC. An FSB lender will reach out to discuss your options, explain next steps, and help you find the solution that fits your needs best.
