Home Equity Loan vs HELOC

Compare fixed-rate home equity loan vs variable HELOC payments and total interest.

Amount to borrow

Fixed HEL rate (%)

Fixed term (years)

HELOC current rate (%)

Interest-only draw (years)

Repayment term after (years)

Assumed avg HELOC rate over life (%)

Fixed home equity loan

$685 /mo

Total interest: $48,236

HELOC (IO then repay)

$547 /mo IO

Est. total interest: $135,632

Totals over full periods

Fixed: total paid

$123,236

HELOC: total paid (est)

$210,632

HELOC blended monthly (rough)

$793

HELOC rates float; this is an estimate assuming average rate. Actual payments, fees, and tax treatment vary.