Loading…
Loading…
EquityCalc
Borrow against your home equity — see the monthly cost before you apply.
A home equity loan gives you a lump sum at a fixed rate with fixed payments — like a second mortgage. A HELOC is a revolving credit line with a variable rate; you draw as needed during the draw period (usually 10 years), then repay over 10–20 years. Both use your home as collateral.
Most lenders let you borrow up to 80–85% of your home's value minus what you owe. If your home is worth $400K and you owe $250K, your available equity is $400K × 0.80 − $250K = $70K. Interest may be tax-deductible if funds are used for home improvements (consult a tax advisor).
Estimate monthly payments with taxes, insurance, and amortization.
OpenProperty price, down payment, tenure — EMI, processing fee, and stamp duty & registration.
OpenCompare loan terms and see total interest paid.
OpenProject growth from deposits and compounding interest.
OpenWhat you entered
Convert the annual rate to a monthly rate
r = 7.5% ÷ 12= 0.6250%Total number of monthly payments
n = 5 years × 12= 60 paymentsApply the amortizing-loan formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]= $500.95/moTotal paid over the full term
$500.95 × 60 payments= $30,056.92Total interest paid
$30,056.92 − $25,000.00 principal= $5,056.92Result
Monthly payment: $500.95
Over 5 years you'll pay $5,057 in interest on top of the $25,000 you borrowed — $30,057 total.