HELOC vs Home Equity Loan Comparison Calculator
HELOC vs Home Equity Loan Comparison Calculator is a powerful financial tool to help homeowners compare HELOC and home equity loan based on the interest rate, monthly payments, and total interest paid.
| HELOC | Home Equity Loan | |
|---|---|---|
| Loan Amount | $50,000.00 | $50,000.00 |
| Interest Rate (APR) | 6.50% | 6.00% |
| Term (Years) | 20 | 15 |
| Draw Period (Years) | 10 | — |
| Monthly Payment during Draw Period | $270.83 | — |
| Monthly Payment during Repayment | $567.74 | $421.93 |
| Total Interest Paid | $50,628.79 | $25,947.11 |
| Total Cost (Principal + Interest) | $100,628.79 | $75,947.11 |
* HELOC assumes a lump-sum draw on day one, interest-only payments during the draw period, then amortized repayment. If the term equals the draw period, the total cost includes a final principal balloon payment.