A home equity loan is a revolving loan taken against your home. The lender allows you to borrow for everything from everyday needs to major purchases. One of the most common uses is for home improvement. If you want to estimate the payments you'll make on a home equity loan, you can use any of several online calculators.
Calculate payments for your home equity loan at the Interest.com website. This calculator displays a payment total, including types that only require monthly interest payments. Enter all details of the loan, including the amount, APR, term and percentage of balance, which determines the minimum payment. You can also view a report summarizing details about the loan. You need the Java Runtime Environment plug-in to view and use this tool.
Use the Home Equity Loan & HELOC Calculator tool at the MortageLoan.com website. In addition to displaying your total monthly payment, the calculator also shows the total of all payments, the ending balances and the interest expense. You may need to download and install a plug-in for your browser to use this calculator.
Determine payments using the Regions Financial home equity loan calculator. Enter the details of your proposed loan, along with your estimated tax rate and the percentage increase or decrease you predict for the loan (if any). In addition to the payment, the tool offers a table that explains how each payment reduces the balance of the loan.