Home Equity
Home Equity Loan Calculator
Calculate your fixed-rate home equity loan payment, total interest, and full amortization table.
Your Equity & Loan Details
Equity Loan Summary
Available Equity
$160,000
Loan Amount
$80,000
Total Interest
$33,204
Total Paid
$113,204
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $5,627 | $5,693 | $74,373 |
| 2 | $6,055 | $5,265 | $68,317 |
| 3 | $6,516 | $4,805 | $61,802 |
| 4 | $7,011 | $4,309 | $54,791 |
| 5 | $7,544 | $3,776 | $47,247 |
| 6 | $8,118 | $3,203 | $39,129 |
| 7 | $8,735 | $2,586 | $30,394 |
| 8 | $9,399 | $1,922 | $20,996 |
| 9 | $10,113 | $1,207 | $10,882 |
| 10 | $10,882 | $438 | Paid off |
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South Florida home values have surged, tap your equity with a fixed-rate second mortgage.
How the home equity loan calculator works
A home equity loan is a fixed-rate second mortgage paid out as one lump sum, then repaid in equal monthly installments over a set term. The tool uses the standard amortization formula on your loan amount, fixed rate, and term to produce the monthly payment, the total interest over the life of the loan, and a payment schedule. The rate stays fixed, so every payment is identical.
Consider a Fort Lauderdale owner borrowing $75,000 at a fixed 8.5 percent over 15 years. The monthly payment is about $738. Over the full 180 payments you repay roughly $132,900, of which about $57,900 is interest. Early payments go mostly toward interest, while later payments shift toward principal, which the amortization schedule lays out month by month.
A fixed home equity loan suits South Florida homeowners who want predictable payments for a defined cost, such as a kitchen remodel, impact windows, or consolidating higher-rate debt, rather than the open-ended borrowing of a line of credit. Comparing the total interest across different terms shows the trade-off: a shorter term raises the monthly payment but can save many thousands of dollars in interest overall.