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How much would a $90,000 home equity loan cost per month?
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Do you need $90,000? Do you want to open a business, put a down payment on a second home or cover another large expense? No matter why you need the money, you have multiple borrowing options to consider. And if you own your home, home equity loans may give you access to $90,000 or more at competitive interest rates.
But, before you take out a home equity loan, you should ensure you can afford the payments. These loans, often considered second mortgages, are fixed-rate loans that use your house as collateral. So, if you miss your payments, you may jeopardize your ability to maintain ownership of your home.
But, how much would those payments be? That depends on multiple factors. We did the math below.
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How much would a $90,000 home equity loan cost per month?
Multiple factors will determine your home equity loan payment. Factors like your interest rate and starting balance play a role in how much you pay monthly. The length of your loan’s term is also an important factor to consider.
While your credit score and credit profile will help determine the interest rate you qualify for, we can use averages to get a ballpark figure of what your loan would cost monthly. Borrowers currently pay an average 8.74% interest rate on 10-year home equity loans and 8.73% interest rate on 15-year loans. Here’s what your monthly payments would be on these loans if you borrowed $90,000 at today’s average rates:
- 10-year home equity loan: Your monthly payments on a $90,000 10-year home equity loan with an 8.74% interest rate would be $1,127.46. If you made minimum payments for the entire term of the loan, you would pay $45,294.79 in interest for a total payoff cost of $135,294.79.
- 15-year home equity loan: Your monthly payments on a $90,000 15-year home equity loan with an 8.73% interest rate would be $898.44. Making minimum payments for the life of this loan would result in $71,719.40 in interest payments for a total payoff cost of $161,719.40
While the 15-year option would save you $229.02 per month, it would cost you $26,424.61 more in interest over the life of the loan. So, think about whether a lower monthly payment or overall interest expense is more important to you before choosing your home equity loan term.
Find out how much your home equity loan would cost monthly here.
How much would a $90,000 home equity loan cost annually?
As is true with the monthly cost of a home equity loan, the annual cost of these loans can vary. The same factors your monthly payments are based on will determine how much you pay annually. Of course, loans with shorter terms or higher interest rates will cost more per year than loans with longer terms or lower interest rates. So, how much would a $90,000 home equity loan cost annually?
- 10-year loan: Since a 10-year $90,000 home equity loan will cost $1,127.46 per month at today’s average interest rate, it would cost $13,529.52 annually.
- 15-year loan: With a $898.44 monthly payment, a 15-year $90,000 home equity loan at today’s average interest rate would cost $10,781.28 per year.
While a 10-year home equity loan will cost more than one with a 15-year term annually, you’ll make payments for five less years with the shorter-term option. So, annual savings will result in a higher long-term cost if you choose a 15-year term over a 10-year term.
You could also save on cost by opting for a smaller loan value. For example, if you borrowed $80,000 instead of $90,000, your monthly and annual payments on a 15-year home equity loan at today’s average interest rate would be $798.61 and $9,583.32, respectively. You would also pay $1,002.18 monthly or $12,026.16 annually on a 10-year $80,000 home equity loan at today’s average interest rate.
Tap into your equity with a leading home equity loan today.
The bottom line
A $90,000 home equity loan typically costs between $898.44 and $1,127.46 monthly, depending on the loan’s term and your credit profile. It’s also important to carefully consider the loan term you use. While you may save monthly with a 15-year term compared to a 10-year term, you’ll typically pay significantly more interest over the life of the loan with a longer term. Compare today’s leading home equity loans to find the best option now.
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A picture is emerging of the suspect who officials say pointed a high-powered rifle at former president Donald Trump on a Florida golf course Sunday afternoon.
Ryan Wesley Routh, 58, was armed with an AK-47-style rifle and was 300-500 yards away from Trump when members of the former president’s Secret Service detail spotted him, according to Palm Beach County Sheriff Ric Bradshaw. Routh was a few holes ahead of where the president was golfing at the Trump International Golf Course in West Palm Beach, officials said.
Members of the Secret Service detail opened fire at Routh, according to law enforcement officials. It’s not clear if Routh fired any shots. Bradshaw said a witness saw a man jumping out of the bushes and fleeing in a black Nissan. The car was pulled over and the driver detained and identified as the suspect. Law enforcement found the rifle, a scope, two backpacks with ceramic tile and a GoPro camera in the bushes at the scene.
The FBI and U.S. Secret Service are investigating the incident, which the FBI said “appears to be an attempted assassination of former President Trump.”
As the investigation continues, here’s what we know about Routh:
Stephany Matat / AP
A decades-long criminal history
Routh’s most recent address is listed in Hawaii, but he spent most of his life in North Carolina, according to property records. Routh owned Camp Box Honolulu, a shed-building company, according to his LinkedIn profile. The account also says that he studied at North Carolina Agricultural and Technical State University and graduated in 1998.
Records show his problems with the law go back to the 1990s and include less serious charges, like writing bad checks. But in 2002, he was charged with a felony — possession of a weapon of mass destruction — according to North Carolina Department of Corrections records.
Between 2002 and 2010, Routh was also charged with a number of misdemeanors, including a hit-and-run accident, resisting arrest and a concealed weapons violation, records show.
Suspect criticized Trump online
Routh voted Democratic in the 2024 primary election in North Carolina, and he voted in person, according to the North Carolina State Board of Elections. He appears to be registered as an unaffiliated voter.
His X account, which has now been suspended, included a number of posts about Trump.
“@realDonaldTrump While you were my choice in 2106, I and the world hoped that president Trump would be different and better than the candidate, but we all were greatly disappointment and it seems you are getting worse and devolving,” he wrote in a June 2020 post. “I will be glad when you gone.”
He also referenced the July 13 assassination attempt on Trump in multiple posts, suggesting that President Biden and Vice President Harris should visit the injured and attend the funeral of the Pennsylvania rally-goer who was killed.
A Facebook account under Routh’s name was no longer online on Sunday evening.
Ukraine supporter
Routh was passionate about fighting for Ukraine, even traveling overseas to fight in the country’s war against Russia in 2022.
“I am coming to Ukraine from Hawaii to fight for your kids and families and democracy.. I will come and die for you,” he wrote on X.
In one post on LinkedIn, he shared a photo of himself in Kyiv, Ukraine’s capital.
A CBS News review of Routh’s social media shows his pro-Ukraine views seeped into his public statements as well. He urged people, even those who didn’t have military skills, to take up arms for Ukraine. He was interviewed by several news organizations, including The New York Times and Semafor in 2023, and Newsweek Romania in 2022. He was quoted about his efforts to recruit volunteer fighters to aid Ukraine in its fight against Russia’s invasion, though it wasn’t clear whether he had succeeded.
“This is about good versus evil,” he told Newsweek Romania.
contributed to this report.
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