Home Equity Loan vs HELOC Comparator
Fixed-rate home equity loan vs variable-rate HELOC — which costs less over time? This calculator includes closing costs, rate changes, and total interest paid.
How It Works
A home equity loan gives you a lump sum at a fixed rate with fixed payments. A HELOC lets you draw as needed at a variable rate, paying interest only on what you use. This tool compares the total cost over 5, 10, and 15 years, including closing costs and estimated rate changes.
Tip: If you need a lump sum today and want predictable payments, the home equity loan usually wins. If you need flexibility and might not use the full line, the HELOC is often cheaper.
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