Home Equity vs Personal Loan Calculator
Compare monthly payments and total interest on a home equity loan versus a personal loan, including closing costs and fees.
Compare Your Options And Get Clear Answers
Compare monthly payments and total interest on a home equity loan versus a personal loan, including closing costs and fees.
Home Equity vs Personal Loan Estimator
Enter your numbers below for an instant estimate.
How It Works
Key concepts behind this calculator
Monthly Payment
Use the standard loan formula with each rate and term.
Add Fees
Closing costs or origination fees add to the total cost.
Compare
Total repaid plus fees shows which loan costs less.
Use As A Guide
Results are estimates based on your inputs. Check real quotes, rates and professional advice before deciding.
Loan Type Comparison
Typical features of each borrowing option.
| Feature | Home Equity Loan | Personal Loan | Notes |
|---|---|---|---|
| Interest rate | Lower (secured) | Higher (unsecured) | Rates vary by credit |
| Term | 5 โ 30 years | 1 โ 7 years | Longer = lower payment |
| Collateral | Your home | None | Home equity risks foreclosure |
| Fees | Closing costs | Origination fee | Compare APRs |
| Funding speed | Weeks | Days | Personal is quicker |
| Rule of Thumb | Compare APR not rate | Do not borrow more than needed | Secured loans carry risk |
Home Equity vs Calculator FAQ
Answers to common questions about this calculator.
Home equity loans usually have lower rates, but closing costs and longer terms can change the total. Compare both on total repayment.
Your home is collateral, so missing payments can lead to losing it.
Yes. Personal loans are unsecured and depend on your credit and income.
No. This is an estimate for comparison only. Speak to a qualified adviser before borrowing.