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Here’s what a $25,000 home equity loan costs monthly now that rates were cut

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You should first calculate your potential monthly costs before borrowing with a home equity loan.

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Home equity borrowing has traditionally been one of the most cost-effective ways to access extra money. But, in recent years, it’s been one of the only ways to do so. With inflation surging and interest rates soaring in response, borrowing costs rose accordingly, sometimes in an exponential fashion as homebuyers saw with mortgage interest rates. Rates on home equity loans and home equity lines of credit (HELOCs), while not quite immune from this trend, tended to stay in the single digits. And they’re coming down again now that the Federal Reserve issued a rate cut in mid-September.

For those homeowners looking for a relatively modest sum of $25,000, then, it makes sense to start crunching these potential costs. Just note that some lenders will require a larger sum to approve your application. But even if you find a lender who will offer this loan amount, it doesn’t mean that you should act without doing the math first. To that end, below we’ll calculate exactly how much a $25,000 home equity loan will cost monthly now that interest rates have been reduced.

See how low of a home equity loan rate you could secure online now.

Here’s what a $25,000 home equity loan costs monthly now that rates were cut

The average home equity loan interest rate as of October 2 is 8.39%, but it’s a bit higher for two common repayment terms: 10-year and 15-year loans. Here’s what a $25,000 home equity loan would cost with the average rates tied to those repayment terms:

  • 10-year fixed home equity loan at 8.50%: $309.96 per month
  • 15-year fixed home equity loan at 8.41%: $244.87 per month

While these rates may not be quite as low as borrowers would prefer right now, it’s critical to compare the alternatives. And, unfortunately, they’re not very attractive right now. 

HELOCs, for example, currently come in at almost half a percentage point higher (8.94%). Cash-out refinancing, meanwhile, would have you lose your existing, presumably lower mortgage rate in exchange for the extra money. Personal loan rates could also soon be declining but are still averaging close to 13% now, while credit card interest rates are right around a record 23%. 

So, sure, calculate borrowing $25,000 with those alternatives. But, right now, a home equity loan is likely to be your cheapest option.

Learn more about your current home equity loan options here now

The bottom line

A $25,000 home equity loan could cost borrowers between $245 and $310 per month right now, post-rate cut. But remember that home equity loan interest rates are fixed. If they fall after you’ve opened your loan, your rate will remain the same. So it’s important to weigh the potential for rate cuts against what can be locked in right now. And, if you think that rate cuts to come could be significant, it may be worth opening a HELOC instead. Rates on that product will adjust monthly on their own and it won’t require the refinancing (and refinancing costs) a home equity loan will. 



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Harris says she won’t ban fracking

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Harris says she won’t ban fracking in an exclusive KDKA-TV interview


Harris says she won’t ban fracking in an exclusive KDKA-TV interview

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PITTSBURGH (KDKA) — Vice President Kamala Harris said she won’t ban fracking natural gas, telling KDKA-TV that her position hasn’t changed since she joined the Biden ticket in 2020. 

As a senator back in 2019, Harris once said she would ban fracking, which is the method used to extract the natural gas the Pittsburgh region uses to heat homes and factories. 

The Trump campaign insists that is still Harris’ view, so in her first television interview with a Pittsburgh station since announcing her candidacy for president, KDKA-TV’s Jon Delano repeated one campaign ad and asked her directly. 

“The ad claims that if you are elected president you will ban fracking and cost Pennsylvania over 300,000 jobs. Have you changed your view on fracking, and if so, why?” Delano asked. 

“So let me start by saying that that ad as you described it is absolutely a mischaracterization which I think is intended to make people afraid,” Harris replied.

Harris said her view today is the same as in 2020 when she joined the Biden ticket. Biden said repeatedly in that campaign that he would not ban fracking, a position repeated by Harris. 

“I will not ban fracking. I did not as vice president. In fact, I cast the tie-breaking vote to open up more fracking leases,” Harris said. “And my perspective on this is grounded in a number of things, including that we don’t have to ban fracking to do the work that we can do to also invest in a clean energy economy.” 

And the vice president took direct aim at campaign ads claiming otherwise, calling them intentionally misleading. 

“I’m going to bring jobs back to rural communities. I’m going to make sure that we invest in those communities that have done the kind of work that you have in mind when you talk about Pittsburgh, when you talk about the greater aspect of Pennsylvania. And I’m going to keep doing that work,” she said. 

And while she obviously had a different view five years ago, the vice president is adamant she will not ban fracking.

“That’s where I stand, period. As president of the United States, I will not ban fracking,” she said. 

Despite her strong and clear words on the issue, it’s not likely to stop the Trump campaign from insisting her earlier views on fracking are her real ones, leaving it up to voters to decide who’s telling the truth. 



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Kamala Harris speaks about Hurricane Helene recovery efforts

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Kamala Harris speaks about Hurricane Helene recovery efforts – CBS News


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Vice President Kamala Harris spoke about the federal cleanup and recovery efforts in the wake of Hurricane Helene in Augusta, Georgia, on Wednesday. Earlier, President Biden authorized the deployment of active-duty U.S. soldiers who will join federal personnel to help states impacted by the storm.

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FDA now weighing approval of first new sunscreen ingredient in decades

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The Food and Drug Administration is now weighing whether to approve the first new sunscreen ingredient for the U.S. market in decades, European skincare company DSM-Firmenich announced this week.

DSM-Firmenich says the FDA is expected to decide within the next 17.5 months  — by March 2026 — on the company’s request to approve the sunscreen ingredient bemotrizinol, branded as PARSOL Shield. 

“PARSOL Shield has been safely used worldwide for over 20 years, and we are proud to lead the introduction of this proven technology to U.S. consumers,” Parand Salmassinia, president of beauty and care at DSM-Firmenich, said in a release.

The company began running a new round of studies on the ingredient requested by the FDA in 2019, Carl D’Ruiz, senior regulatory and business development manager for DSM-Firmenich, told CBS News. 

News of the potential approval comes as the FDA is demanding more research into many sunscreen ingredients currently on the U.S. market, over safety questions

The FDA has also been facing criticism from members of Congress, frustrated with the gulf between the U.S. market versus the newer sunscreen options now available abroad.

A sunscreen ingredient widely used overseas

While bemotrizinol would be new for the U.S. market, D’Ruiz said brands in other countries have been using it for decades. Under other names like BEMT or Tinosorb S, many sunscreens bought in Japan, South Korea and across Europe use the chemical.

Manufacturers can make formulations with bemotrizinol that are “less pasty” and look better on people of color, compared to some older options.

“Consumers are purchasing products with bemotrizinol when they go abroad, simply because they feel good, look good, and like the way it goes on the skin,” he said.

Bemotrizinol will also be the first to study all the safety questions outlined by the FDA’s stepped-up standards on sunscreen risks, D’Ruiz said.

“No other ingredient is going to have the same level of substantiation for safety, especially long-term safety, and developmental and reproductive safety,” said D’Ruiz.

It also comes as DSM-Firmenich and others in the industry have been lobbying Congress over changes they think could make it easier to bring more sunscreen ingredients to the U.S. that could be popular with Americans, potentially resulting in higher sales of sunscreen products and less skin cancer.

One gripe comes down to the economics of clearing the FDA’s hurdles, D’Ruiz said, which will only afford companies 18 months of “exclusivity” for selling the ingredient.

“The return on the investment is just not there. Maybe nobody is going to want to do this again. And that’s going to jeopardize public health,” he said.

Safety of current sunscreens

An FDA proposal from 2019 floated pulling the approvals for more than a dozen sunscreen ingredients. Only two sunscreen ingredients — zinc oxide and titanium dioxide — would be able to keep their decades-old approvals under that proposal.

For most of the others, the FDA said there were “significant gaps” in evidence of their safety. Studies had raised questions about whether “significant systemic exposure” to those ingredients might lead to health issues. More research was needed to rule out long-term risks like cancer or hormone disruption.

Addressing those concerns would require the industry to do more animal testing, similar to studies routinely required for other kinds of drugs, the FDA said. 

Animal rights groups and lawmakers have criticized the FDA for insisting that the industry run animal testing on the sunscreens. But developing alternatives to animal testing would take “years and years,” the FDA said — too late for a decision it hoped to make “in the near future.”

Records the FDA released from meetings last year with an industry trade group, the Personal Care Products Council, or PCPC, show federal officials were frustrated with a lack of progress.

An FDA spokesperson did not immediately respond to requests for comment. A representative for Integral Consulting, which took over the sunscreen industry working group from PCPC, declined to comment.

“During the comment summary, PCPC stated sunscreen ingredients are safe. In response, FDA stated the safety of sunscreens has not yet been established,” the agency said last year, in minutes from the meeting.



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