Home Equity Loan Calculator
Free home equity loan calculator: enter the loan amount, interest rate and term to see your monthly payment, total interest and a year-by-year schedule.
Home Equity Loan Calculator — Borrow Against Your Property's Value
If you own a home that's worth more than your outstanding home loan (or fully paid up), the difference is your home equity. Banks let you borrow against this equity, usually at lower rates than unsecured loans, for renovation, business expansion, education, or medical emergencies. Our Home Equity Loan Calculator works out the monthly payment, total interest and yearly schedule for the amount you plan to borrow.
Enter the loan amount, interest rate, and tenure. See the monthly payment, total interest, and a year-by-year schedule. No signup, no cost.
How to Calculate a Home Equity Loan
1. Loan Amount
Enter how much you plan to borrow. Lenders usually lend only part of your equity — the property’s value minus any loan still owed on it.
2. Interest Rate
Enter the rate the lender offers you.
3. Tenure
Enter the loan tenure in years (typically up to 15 years).
4. View Loan Details
See the monthly payment, total interest, total payable, and a year-by-year amortisation schedule.
Home Equity Loan Calculator Features
Visual Breakdown
A chart shows how much of everything you repay is the loan amount and how much is interest.
Full Amortisation
A year-wise table of the starting balance, principal repaid, interest paid and the balance left.
Compare with Personal Loan
Run the same amount and tenure in the Personal Loan Calculator at a personal-loan rate to see how much borrowing against your home could save.
Multiple Currencies
Show amounts in any of 20 currency symbols, from the rupee and US dollar to the euro, pound and yen. Only the symbol changes; nothing is converted.
Type or Slide
Drag a slider, or type an exact figure into the box beside it — typed amounts can go past the end of the slider.
Free and Private
No signup, no tracking. Runs entirely in your browser.
How the Monthly Payment Is Calculated
The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1], where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments (years × 12). Total payment is EMI × n, and total interest is the total payment minus P.
For the schedule, each month’s interest is the balance still owed × r, and the rest of the instalment repays principal. The table adds up the twelve months of each year.
Worked example: a home equity loan of ₹5,00,000 at 7% a year for 15 years (the calculator’s starting values).
- r = 7 ÷ 12 ÷ 100 = 0.0058333 a month, and n = 180 instalments.
- EMI = ₹4,494 a month.
- Total payment = ₹8,08,945, so the total interest is ₹3,08,945.
- In year 1 you pay ₹34,381 of interest and ₹19,549 of principal, leaving ₹4,80,451 to repay.
Amounts are rounded to the nearest rupee on screen; the calculation itself is not rounded, so multiplying the rounded figures can differ by a few rupees.