Second mortgageHELOC
$562.50/ month
Hypothetical interest-only payment
- Principal after 12 interest-only payments
- $75,000
- Interest paid in that year
- $6,750
- Rate behavior
- Usually variable
The calculator door
Home equity, three ways.
Compare the payment shape of a HELOC, a HELOAN and a cash-out refinance. Start with a hypothetical 9% rate, then move the rate and terms to see what changes.
Live math
No information saved
Borrower + loan officer ready
Side-by-side
The payment shapes.
$75,000 accessed at a hypothetical 9% rate.
Second mortgageHELOAN
$760.70/ month
Principal + interest payment
- Selected term
- 15 years
- Total interest over selected term
- $61,926
- Balance at the end
- $0
Replaces first mortgageREFINANCE
$3,017.33/ month
New total principal + interest payment
- New hypothetical loan amount
- $375,000
- Change from entered current P&I
- +$967.33
- Selected term
- 30 years
- First mortgage
- $300,000
- Cash accessed
- $75,000
- Equity that stays yours
- $125,000
Combined debt after accessing cash$375,000
Hypothetical combined loan-to-value75.0%
The 10-year picture
How much is still owed, year by year.
- HELOC after 10 years
- $75,000
- HELOAN after 10 years
- $36,645
- Refinance after 10 years
- $335,362
The HELOC line is drawn interest-only for all ten years. Many lines enter a repayment period sooner. Hypothetical, built only from the numbers you enter.
How to read the HELOC
Lower at the start does not mean paid off.
The HELOC figure is interest-only on the amount used. At this payment, the $75,000 principal does not go down. The rate is commonly variable, so the payment can move even if the balance does not.
These are hypothetical principal-and-interest calculations, not an approval, quote, rate lock or commitment to lend. Taxes, insurance, closing costs, fees, minimum-payment rules and future rate changes are not included.
What changes between them
Two second mortgages. One replacement.
A reusable line.
You draw what you need during the draw period. Many HELOCs begin with interest-only minimum payments, use a variable rate and later enter a repayment period that includes principal.
A fixed lump sum.
You receive the funds at closing and repay principal plus interest on an amortizing schedule. The 10-, 15-, 20- and 30-year buttons show how term length changes the payment and total interest.
A new first mortgage.
The current first mortgage is replaced by one new loan that includes the cash taken out. Compare its full new payment with the existing first-mortgage payment, not only with a second-mortgage payment.
One calculator door
The calculator library lives here.
Calculators may appear beside the question they answer elsewhere in the platform, but this is their permanent home.
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Every calculator here is hypothetical and built only from what you enter. Nothing is saved or sent. None of it is an approval, quote, rate lock or commitment to lend. Programs are subject to credit approval and program guidelines.