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How much does a $80,000 HELOC cost monthly?

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Before opening a HELOC, homeowners should first calculate their prospective payments.

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Borrowers looking for ways to access large sums of money often have limited options to choose from. Home equity is one of the top ways to do so, especially now that the average homeowner has around $300,000 worth of equity to utilize. And in today’s unique rate climate, in which rates on popular alternatives like personal loans and credit cards are in the double digits, home equity borrowing allows owners a cost-effective financial solution. They can do so either in a lump sum (a home equity loan) or a credit line (home equity line of credit, or HELOC).

Before borrowing this way, however, it’s critical to understand that the home in question will serve as collateral. So you should only borrow as much as you can comfortably afford to pay back. To determine your budget, however, you should first calculate the potential costs. 

An $80,000 HELOC, for example, won’t necessarily overburden your budget. And with hundreds of thousands of equity remaining, on average, you won’t burn through all of your home’s worth, either. But what exactly will a $80,000 HELOC cost monthly? And why is this arguably the better alternative to home equity loans right now? That’s what we will calculate below.

Find out exactly how much home equity you have to use here now.

How much does a $80,000 HELOC cost monthly?

Right now, home equity loans have slightly higher interest rates than HELOCs. But that may not be an issue for many homeowners as the former has a fixed rate while the latter has a variable rate, which could soon fall if rate cuts are issued. That noted, it’s difficult to precisely determine how much an $80,000 HELOC will cost monthly, as rates over the repayment period will adjust, sometimes significantly. 

Using today’s average HELOC rate of 9.17%, however, here’s what borrowers can expect to pay each month timed to two different repayment periods:

  • 10-year HELOC at 9.17%: $1,020.78 monthly for a total of $42,493.73 in interest paid
  • 15-year HELOC at 9.17%: $819.52 monthly for a total of $867,514.23 in interest paid

For comparison, here’s what you would pay for a $80,000 home equity loan for the full life of the loan (not accounting for refinancing): 

  • 10-year home equity loan at 8.73%: $1,001.75 for a total of $40,210.41 in interest paid
  • 15-year home equity loan at 8.71%: $797.67 for a total of $63,580.65 in interest paid

Learn more about your current home equity options online today.

Questions to ask

Home equity borrowing comes with inherent risks, as noted above. However, it can be a smart and effective way to meet your financial goals if you take a strategic approach. This means having the answers to questions like:

  • Is the lower fixed home equity loan rate better than the higher HELOC rate if rates on HELOCs are expected to drop while home equity loans will remain fixed?
  • What will you pay to refinance your home equity loan to a lower rate in the future? And how will those costs match up against what you may have saved by using a HELOC instead?
  • How much are HELOC rates expected to drop and when?
  • Is it worth waiting for the rate environment to improve or should you go with the lowest rate possible right now?
  • What do you need the funds for? If used for eligible home repairs and renovations, the interest on a home equity loan and HELOC may be tax deductible, rendering the questions surrounding interest rates now moot. But if you use it for other purposes, you won’t be eligible for the write-off.

Only you will know the answers to these personal financial questions. But it’s important to answer them clearly and accurately to get the most effective use out of either home equity borrowing option.

The bottom line

Both home equity loans and HELOCs have competitive rates right now, with the latter slightly higher but with the inherent ability to adjust over time. And in today’s economy with rates expected to fall shortly, it could be the preferable option for many homeowners. Just be sure to carefully consider the pros and cons of both to make the most informed decision both now and for the repayment period ahead. 



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LaMonica McIver wins special House election in New Jersey for late Donald Payne Jr.’s seat

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LaMonica McIver wins special House Democratic primary in N.J.


LaMonica McIver wins special House Democratic primary in N.J.

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TRENTON, N.J. Democratic Newark City Council President LaMonica McIver has defeated Republican small businessman Carmen Bucco in a contest in New Jersey’s 10th Congressional District that opened up because of the death of Rep. Donald Payne Jr. in April.

McIver will serve out the remainder of Payne’s term, which ends in January. She and Bucco will face a rematch on the November ballot for the full term.

McIver said in a statement Wednesday that she stands on the “shoulders of giants,” naming Payne as chief among them.

She cast ahead to the November election, saying the right to make reproductive health choices was on the ballot as well as whether the economy should benefit the wealthy or “hard working Americans.”

“I will fight because the purpose of politics and the purpose of our vote is to give the people of our communities and our nation a bold voice,” she said.

Bucco congratulated McIver on the victory in a statement but said he’s looking forward to the rematch in November.

“I am not going anywhere,” he said in an email. “We still have a second chance to make district 10 great again!”

Who are LaMonica McIver and Carmen Bucco?

McIver emerged as the Democratic candidate in a crowded field in the July special election. A member of the city council of New Jersey’s biggest city since 2018, she also worked for Montclair Public Schools as a personnel director and plans to focus on affordability, infrastructure, abortion rights and “protecting our democracy,” she told The Associated Press earlier this summer.

Bucco describes himself on his campaign website as a small-business owner influenced by his upbringing in the foster system. He lists support for law enforcement and ending corruption as top issues.

The 10th District lies in a heavily Democratic and majority-Black region of northern New Jersey. Republicans are outnumbered by more than 6 to 1.

It’s been a volatile year for Democrats in New Jersey, where the party dominates state government and the congressional delegation.

Among the developments were the conviction on federal bribery charges of U.S. Sen. Bob Menendez, who has denied the charges, and the demise of the so-called county party line — a system in which local political leaders give their preferred candidates favorable position on the primary ballot.

Democratic Rep. Andy Kim, who’s running for Menendez’s seat, and other Democrats brought a federal lawsuit challenging the practice as part of his campaign to oust Menendez, who has resigned since his conviction.



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Body found near Kentucky shooting site believed to be suspect, officials say

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Body found near Kentucky shooting site believed to be suspect, officials say – CBS News


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In a news conference Thursday night, Kentucky police said they believe a body found near the site of the Interstate 75 shooting on Sept. 7, 2024, is that of suspect Joseph Couch. Officials said articles on the body indicated it was likely Couch, but that crews were still processing the scene and wouldn’t have final identification until later. CBS News’ Carissa Lawson anchors a special report.

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Sean “Diddy” Combs at same Brooklyn detention center that held R. Kelly, Sam Bankman-Fried, other high-profile inmates

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A second judge refused to grant bail to Sean “Diddy” Combs on Wednesday and he could remain in federal custody at a Brooklyn detention center until his trial for sex trafficking charges. Combs joins other high-profile inmates, such as singer R. Kelly, fallen cryptocurrency mogul Sam Bankman-Fried, rapper Ja Rule —even Al Sharpton served a brief stint— who were held at the same federal detention center.

Notorious for its horrible conditions —inmates won a $10 million class action settlement after enduring frigid conditions during an 8-day blackout in 2019— the waterfront industrial complex, MDC Brooklyn, houses 1,200 inmates. 

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The Metropolitan Detention Center in Brooklyn is a federal administrative detention facility. 

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Violence and corruption have long plagued the facility; U.S. District Judge Gary R. Brown of the Eastern District of New York wrote the detention center had  “dangerous, barbaric conditions” in a recent sentencing opinion. Two inmates were stabbed to death in recent months and several correction officers have been convicted for smuggling contraband and accepting bribes.

Combs joins a list of high-profile personalities that have landed at the MDC Brooklyn, partly because the city’s other federal detention center, MDC New York, closed in 2021, also due to horrible conditions. The disgraced financier Jeffrey Epstein died by suicide in his cell there in 2019. “Numerous and serious” instances of misconduct among corrections staff gave Epstein the opportunity to kill himself, a subsequent federal watchdog investigation found.

Kelly sued the federal detention center in 2022 for wrongly putting him on suicide watch after his sentencing. Kelly sought $100 million because he said the detention center knew he wasn’t suicidal after he was convicted in 2021 for racketeering and violating the Mann Act, which bars transporting people across state lines for prostitution.

FTX Founder Sam Bankman-Fried Attends Court
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, leaving court in New York on July 26, 2023. 

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Former crypto billionaire Bankman-Fried survived on bread, water and sometimes peanut butter when he was in the MDC Brooklyn, his attorney said, because the detention center continued to serve him a “flesh diet” despite requests for vegan dishes.

Ja Rule stayed at the MDC Brooklyn for a brief time before being released after serving most of his two-year sentence for illegal gun possession. Most of his prison time was spent in a state prison in New York. 

Sharpton served a 90-day sentence in 2001 and went on a hunger strike for protesting the U.S. Navy bombing of the island of Vieques, in Puerto Rico.

Combs was taken into custody on Monday and according to an indictment unsealed Tuesday he was charged with sex trafficking, racketeering conspiracy and transportation to engage in prostitution. 

His attorney Marc Agnifilo told CBS News, “It’s impossible to prepare for a trial from where he is,” after a first federal judge denied Combs bail on Tuesday.

U.S. Magistrate Judge Robyn Tarnofsky agreed with prosecutors who argued the hip-hop mogul, who is accused of using his business empire as a criminal enterprise to conceal his alleged abuse of women, is a flight risk and poses an ongoing threat to the safety of the community. 

Agnifilo said the part of the detention center where Combs is being held is “a very difficult place to be.” 

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