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How much would a $90,000 home equity loan cost per month?
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.
Get access to the money you need now with a home equity loan.
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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Norovirus outbreaks reported on 3 cruise ships this month, sickening hundreds
Hundreds of cruise passengers and workers fell ill with norovirus on three different ships this month, the Centers for Disease Control and Prevention said.
The CDC has logged outbreaks in 2024 on 14 cruise voyages, but three ships were hit in December. This is the only month this year when the CDC has reported three confirmed norovirus outbreaks on cruise ships and there’s still more than a week to go before the month ends. In all, 301 passengers and crew members fell ill during the December outbreaks, health officials said.
Those on Princess Cruises’ Ruby Princess, on a trip around Hawaii’s island, and Holland America’s Rotterdam and Zuiderdam voyages, both in the Caribbean, mostly dealt with diarrhea and vomiting.
Two Holland America cruise ships hit by norovirus
The most recent outbreak was on Holland America’s Rotterdam ship, which set sail on Dec. 8 and is set to end its Caribbean
trip Friday in Fort Lauderdale.
Officials said 83 of the 2,192 passengers on board and 12 of the 953 crew members were sickened.
“At Holland America Line, the safety and well-being of our guests and crew is our top priority. During the current voyage, a number of guests on Rotterdam reported symptoms of gastrointestinal illness,” a Holland America spokesperson said. “The cases have mostly been mild and quickly resolving.”
In response to the outbreak, there was additional cleaning and disinfection. Sick passengers and crew members were isolated. Stool specimens were collected for testing. The cruise line also consulted with the CDC’s Vessel Sanitation Program.
Once the Rotterdam ship arrives in Fort Lauderdale on Friday, it will undergo a comprehensive sanitization process before its next trip, according to the cruise line.
There was also a norovirus outbreak on Holland America’s Zuiderdam voyage earlier this month. Over the course of the Dec. 4-Dec. 11 voyage, 87 out of 1,923 passengers were reported ill, in addition to four of the 757 crew members, according to health officials.
A Holland America spokesperson declined to comment on the Zuiderdam outbreak because the voyage had already ended.
Norovirus, the “cruise ship virus”
Princess Cruises also dealt with a norovirus outbreak this month on its Ruby Princess ship during a cruise that started on Dec. 2 and ended on Wednesday. The ship started its journey in San Francisco and toured around Hawaii, according to CruiseMapper.
In all, 103 of 3,001 passengers and 12 of 1,142 crew members onboard reported being ill.
The Ruby Princess was also subject to increased cleaning and disinfection procedures, according to the CDC. Stool specimens were collected for testing and sick passengers and crew members were isolated. The cruise line consulted with the CDC’s Vessel Sanitation Program.
CBS News has reached out to Princess Cruises for comment.
There are about 2,500 reported norovirus outbreaks in the U.S. each year. Norovirus, which is sometimes called the “cruise ship virus,” causes more than 90% of diarrheal disease outbreaks on cruise ships, according to the CDC. However, norovirus outbreaks on cruise ships account for only a small percentage of all reported norovirus outbreaks.
“Norovirus can be especially challenging to control on cruise ships because of the close living quarters, shared dining areas, and rapid turnover of passengers,” according to the CDC. “When the ship docks, norovirus can be brought on board in contaminated food or water; or by passengers who were infected while ashore.”
This year, the CDC has logged outbreaks on 14 cruise voyages. Norovirus was listed as the causative agent for most of the outbreaks, though one was caused by salmonella and one was caused by E. coli. The causative agent of one outbreak remains unknown.
Norovirus outbreaks are usually more common during cooler months, typically happening from November to April in countries above the equator, according to the CDC.
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