10-year home equity loan payment calculator
- Monthly payment over 10 years
- $619.93
- Interest in the first month
- $354.17
- Paid in the first year
- $7,439.16
- Total paid over 10 years
- $74,391.60
Every figure on this page is computed from the inputs entered, by the method stated below it: the standard amortisation formula carried as a payment-per-thousand table for rates in eighths from 3.000 to 12.000. Amortlane publishes no rate of its own and sells no loan; the worked example's rate is Freddie Mac's Primary Mortgage Market Survey 30-year average, cited, rounded to the nearest eighth, and the defaults are a worked example to replace with your client's figures.
The figures above start from a worked example ($619.93). Change any input and the answer updates as you type.
Download the 10-year home equity loan payment calculator worked example (CSV)
This is a 10-year home equity loan payment calculator that works the fixed-term, fixed-rate home equity loan a broker or officer quotes beside a line of credit. Balance times the payment per thousand for the rate over 10 years is the monthly payment; balance times the annual rate over twelve is the first month's interest; the payment times twelve is the first year; the payment times 120 is the total paid; and the total less the balance is the total interest. The per-thousand table is the standard amortisation formula for rates in eighths from 3.000 to 12.000; the rate is the client's quote, and the worksheet publishes none of its own. Free, on the page, no account; the paid plan keeps every scenario and schedule against the client.
The payment over ten years
$50,000 at 8.5% over 10 years is $619.93 a month on the worked example. A shorter term than a mortgage means a higher payment per thousand and far less interest over the life of the loan, which is the trade the client is weighing against a line of credit's lower opening payment.
The first month, and the first year
$50,000 at 8.5% is $354.17 of interest in the first month and $265.76 of principal; twelve payments is $7,439.16 in the first year. The first-year figure is the one a client budgets against, and the worksheet returns it beside the payment.
The term and the interest
120 payments is $74,391.60 over the term and $24,391.60 of it is interest on the worked example. Shown beside a 30-year cash-out refinance of the same amount, the difference in total interest is usually the deciding figure; the paid plan keeps both scenarios against the client as one comparison.
10-year home equity loan payment calculator: common questions
Is this a free 10-year home equity loan payment calculator?
Yes: enter the balance and the rate to the nearest eighth, and it works the monthly payment, the first month's interest, the first year's total, the total paid and the total interest on the page with no account and no card. Amortlane Pro keeps every scenario and schedule against the client.
How does a home equity loan differ from a line of credit?
A home equity loan is a fixed amount at a fixed rate repaid in equal payments over a fixed term, which is what this worksheet works; a line of credit is drawn as needed at a variable rate with a draw period first. Which suits a client is the client's and their adviser's decision, and this site offers no credit.
What rate should I enter?
The client's quote, to the nearest eighth; the worksheet's table runs from 3.000 to 12.000. The worked example uses 8.5% to show the arithmetic and nothing more, and Amortlane publishes no home equity rate of its own.
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Cite or embed this figure
10-year home equity loan payment calculator (Monthly payment over 10 years): $619.93, Amortlane, worked example.
Cite as: "10-year home equity loan payment calculator, Amortlane", updated 2026-09-04, https://amortlane.com/tools/10-year-home-equity-loan-payment-calculator/.