What Is a Home Equity Loan?

A home equity loan lets homeowners borrow against their home equity with a fixed loan amount, fixed rate, and predictable monthly payments.

How Are Home Equity Loan Payments Calculated?

Payments are based on the loan amount, interest rate, loan term, and any extra monthly payments you choose to make.

Home Equity Loan vs HELOC

A home equity loan usually has fixed payments, while a HELOC is more flexible and may have a variable interest rate.