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How much would an $80,000 home equity loan cost per month?
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Home repairs and renovations can be costly. If you’re interested in remodeling your kitchen or taking care of other home repairs or renovations, you could use a home equity loan to access the money you need. And, doing so can come with an added advantage. You could benefit from tax incentives by using the money you borrow to improve the home you borrow it against.
Then again, it’s important to make sure you can afford the loan before you take it out. With home equity loans being secured by your home, you could lose it if you don’t make your payments as agreed.
So, how much would an $80,000 home equity loan cost monthly at today’s average rates? We did the math below.
Compare today’s top home equity loan options now.
How much would an $80,000 home equity loan cost per month?
Today’s average interest rates on 10- and 15-year home equity loans are 8.74% and 8.73%, respectively. Here’s how much an $80,000 home equity loan would cost monthly at those rates:
- 10-year home equity loan: A 10-year $80,000 home equity loan at 8.74% interest would come with a monthly payment of $1,002.18. And, you would pay $40,262.04 in interest by the time you paid the loan off if you made minimum payments.
- 15-year home equity loan: A 10-year $80,000 home equity loan at 8.73% interest would come with a monthly payment of $798.61. And, you would pay $63,750.58 in interest by the time you paid the loan off if you made minimum payments.
If you can afford a $1,002.18 payment, the 10-year home equity loan may be your better option as it would save you $23,488.54 in interest over the life of the loan. But, it may be worth paying the extra interest for the lower, $798.61 monthly payment if the monthly cost of the loan is your primary concern.
Lock in today’s affordable home equity loan rates now.
How much would other home equity loans cost per month?
While some home projects may cost you $80,000 or more, other home renovations and repairs come with different price tags. So, if you want to access your home equity for a different amount, it helps to know what it would cost. Here’s what you can expect to pay monthly on other starting home equity loan balances:
$10,000 starting home equity loan balance
- 10-year term: A $10,000 home equity loan with a 10-year term at 8.74% interest would cost $125.27 per month and $5,032.75 in interest over the life of the loan.
- 15-year term: A $10,000 home equity loan with a 15-year term at 8.73% interest would cost $99.83 per month and 7,968.82 in interest over the life of the loan.
$20,000 starting home equity loan balance
- 10-year term: A $20,000 home equity loan with a 10-year term at 8.74% interest would cost $250.55 per month and $10,065.51 in interest over the life of the loan.
- 15-year term: A $20,000 home equity loan with a 15-year term at 8.73% interest would cost $199.65 per month and $15,937.64 in interest over the life of the loan.
$25,000 starting home equity loan balance
- 10-year term: A $25,000 home equity loan with a 10-year term at 8.74% interest would cost $313.18 per month and $12,581.89 in interest over the life of the loan.
- 15-year term: A $25,000 home equity loan with a 15-year term at 8.73% interest would cost $249.57 per month and $19,922.06 in interest over the life of the loan.
$40,000 starting home equity loan balance
- 10-year term: A $40,000 home equity loan with a 10-year term at 8.74% interest would cost $501.09 per month and $20,131.02 in interest over the life of the loan.
- 15-year term: A $40,000 home equity loan with a 15-year term at 8.73% interest would cost $399.31 per month and $31,875.29 in interest over the life of the loan.
$50,000 starting home equity loan balance
- 10-year term: A $50,000 home equity loan with a 10-year term at 8.74% interest would cost $626.36 per month and $25,163.77 in interest over the life of the loan.
- 15-year term: A $50,000 home equity loan with a 15-year term at 8.73% interest would cost $499.13 per month and $39,844.11 in interest over the life of the loan.
$60,000 starting home equity loan balance
- 10-year term: A $60,000 home equity loan with a 10-year term at 8.74% interest would cost $751.64 per month and $30,196.53 in interest over the life of the loan.
- 15-year term: A $60,000 home equity loan with a 15-year term at 8.73% interest would cost $598.96 per month and $47,812.93 in interest over the life of the loan.
$75,000 starting home equity loan balance
- 10-year term: A $75,000 home equity loan with a 10-year term at 8.74% interest would cost $939.55 per month and $37,745.66 in interest over the life of the loan.
- 15-year term: A $75,000 home equity loan with a 15-year term at 8.73% interest would cost $748.70 per month and $59,766.17 in interest over the life of the loan.
$100,000 starting home equity loan balance
- 10-year term: A $100,000 home equity loan with a 10-year term at 8.74% interest would cost $1,252.73 per month and $50,327.55 in interest over the life of the loan.
- 15-year term: A $100,000 home equity loan with a 15-year term at 8.73% interest would cost $998.27 per month and $79,688.22 in interest over the life of the loan.
$150,000 starting home equity loan balance
- 10-year term: A $150,000 home equity loan with a 10-year term at 8.74% interest would cost $1,879.09 per month and $75,491.32 in interest over the life of the loan.
- 15-year term: A $150,000 home equity loan with a 15-year term at 8.73% interest would cost $1,497.40 per month and $119,532.33 in interest over the life of the loan.
$200,000 starting home equity loan balance
- 10-year term: A $200,000 home equity loan with a 10-year term at 8.74% interest would cost $2,505.46 per month and $100,655.09 in interest over the life of the loan.
- 15-year term: A $200,000 home equity loan with a 15-year term at 8.73% interest would cost $1,996.54 per month and $159,376.45 in interest over the life of the loan.
$300,000 starting home equity loan balance
- 10-year term: A $300,000 home equity loan with a 10-year term at 8.74% interest would cost $3,758.19 per month and $150,982.64 in interest over the life of the loan.
- 15-year term: A $300,000 home equity loan with a 15-year term at 8.73% interest would cost $2,994.80 per month and $239,064.67 in interest over the life of the loan.
Compare your home equity loan options today.
The bottom line
The monthly cost of your home equity loan depends on the starting amount you borrow, your term and your interest rate. You can reduce your monthly cost by choosing a longer loan term or a lower loan value. But, if you choose a longer term, it’s important to consider the long-term interest cost associated with the loan and weigh that against your monthly savings. Compare today’s top home equity loans now.
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Sen. Thom Tillis says “the scope” of Helene damage in North Carolina “is more like Katrina”
As recovery missions and repairs continue in North Carolina more than a week after Hurricane Helene carved a path of devastation through the western part of the state, the state’s Republican Sen. Thom Tillis called for more resources to bolster the relief effort and likened the damage to Hurricane Katrina’s mark on Louisiana in 2005.
“This is unlike anything that we’ve seen in this state,” Tillis told CBS News’ Margaret Brennan on “Face the Nation with Margaret Brennan” on Sunday morning. “We need increased attention. We need to continue to increase the surge of federal resources.”
Hurricane Helene ripped through the Southeast U.S. after making landfall in Florida on Sept. 26 as a powerful Category 4 storm. Helene brought heavy rain and catastrophic flooding to communities across multiple states, including Georgia, South Carolina, Tennessee and Virginia, with North Carolina bearing the brunt of the destruction. Officials previously said hundreds of roads in western North Carolina were washed out and inaccessible after the storm, hampering rescue operations, and several highways were blocked by mudslides.
Tillis said Sunday that most roads in the region likely remained closed due to flooding and debris. Water, electricity and other essential services still have not been fully restored.
“The scope of this storm is more like Katrina,” he said. “It may look like a flood to the outside observer, but again, this is a landmass roughly the size of the state of Massachusetts, with damage distributed throughout. We have to get maximum resources on the ground immediately to finish rescue operations.”
Hurricane Katrina left more than 1,000 people dead after it slammed into Louisiana’s Gulf Coast in August 2005, flooding neighborhoods and destroying infrastructure in and around New Orleans as well as in parts of the surrounding region. It was the deadliest hurricane to hit the mainland U.S. in the last 50 years, and the costliest storm on record.
The death toll from Hurricane Helene is at least 229, CBS News has confirmed, with at least 116 of those deaths reported in North Carolina alone. Officials have said they expect the death toll to continue to rise as recovery efforts were ongoing, and a spokesperson for the police department in Asheville told CBS News Friday their officers were “actively working 75 cases of missing persons.”
On Saturday, the U.S. Department of Transportation released $100 million in emergency funds for North Carolina to rebuild the roads and bridges damaged by the hurricane.
“We are providing this initial round of funding so there’s no delay getting roads repaired and reopened, and re-establishing critical routes,” U.S. Transportation Secretary Pete Buttigieg said in a statement. “The Biden-Harris administration will be with North Carolina every step of the way, and today’s emergency funding to help get transportation networks back up and running safely will be followed by additional federal resources.”
President Biden previously announced that the federal government would cover “100%” of costs for debris removal and emergency protective measures in North Carolina for six months.
With North Carolina leaders working with a number of relief agencies to deal with the aftermath of the storm, Tillis urged federal officials to ramp up the resources being funneled into the state’s hardest-hit areas. The senator also addressed a surge in conspiracy theories and misinformation about the Biden Administration’s disaster response, which have been fueled by Republican political figures like former President Donald Trump.
Trump falsely claimed that Mr. Biden and Vice President Kamala Harris, his Democratic opponent in the November presidential election, were diverting funds from Federal Emergency Management Agency that would support the relief effort in North Carolina toward initiatives for immigrants. He also said baselessly that the administration and North Carolina Gov. Roy Cooper, a Democrat, were withholding funds because many communities that were hit hardest are predominantly Republican. Elon Musk has shared false claims about FEMA, too.
“Many of these observations are not even from people on the ground,” Tillis said of those claims. “I believe that we have to stay focused on rescue operations, recovery operations, clearing operations, and we don’t need any of these distractions on the ground. It’s at the expense of the hard-working first responders and people that are just trying to recover their lives.”
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