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How much does a $15,000 home equity loan cost monthly now that rates were cut?

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You should calculate your potential monthly payments before opening a home equity loan.

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There have been a series of encouraging economic news items in recent weeks. Inflation fell again in September after hitting a 3-year low in August. Unemployment also ticked down in the month as employers added more jobs than anticipated. And the federal funds rate was cut in the month, too, marking the first such reduction in more than four years. 

But these positive developments haven’t negated much of the economic pain Americans have felt in recent years when inflation soared to its highest level in decades and interest rates followed the same path. Understandably, then, many Americans may still find themselves looking for ways to make ends meet. And, right now, a home equity loan can provide that solution.

With the average homeowner currently in possession of more than $300,000 worth of equity, a small loan for $15,000 would allow them to maintain most of their equity for future use while still allowing them to cover a series of small expenses now. Before getting started, however, borrowers should calculate their potential monthly costs so they know exactly what to expect and how to budget for these costs. But how much does a $15,000 home equity loan cost per month now that rates have been cut? That’s what we’ll calculate below.

See what home equity loan interest rate you’re eligible for here.

How much does a $15,000 home equity loan cost monthly now that rates were cut?

The average home equity loan interest rate as of October 15 is 8.37%, but it’s a little higher for two common repayment periods. Here’s what qualified borrowers could expect to pay monthly, then, tied to those two specific periods:

  • 10-year home equity loan at 8.46%: $185.66 per month 
  • 15-year home equity loan at 8.37%: $146.57 per month

As can be seen, a home equity loan for $15,000 comes with monthly payments under $190 right now and under $150 if you lock in a longer term. And those payments (and the rates they’re tied to) could become even cheaper in November if the Fed proceeds with an expected 25 basis point rate cut. 

While home equity loan rates may not fall in tandem, it helps to know what those payments could potentially look like if they do. Here’s what they’d be:

  • 10-year home equity loan at 8.21%: $183.66 per month
  • 15-year home equity loan at 8.12%: $144.39 per month

So while payments will likely fall on a $15,000 home equity loan later this year, the drop isn’t likely to be so dramatic that it’s worth delaying action. Instead, tackle your expenses now and apply for home equity loan when you need it most (since you could always refinance in the future).

Get started with a home equity loan online now.

The bottom line

Home equity loans come with lower interest rates than most alternatives now, hence the reason why so many borrowers have turned to this unique credit option this year. For a $15,000 loan, you’ll pay between $147 and $186 per month if opened at today’s rates. That noted, home equity borrowing isn’t risk-free. Your home functions as collateral in this borrowing exchange, so you should be confident that you can repay all that you’ve borrowed. Otherwise, it may be worth exploring alternatives, even if that means pursuing a product with a higher rate.

Have more questions? Learn more about the best home equity loans available here today.



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Lawmakers, Pentagon weigh in on East Coast drone sightings

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Lawmakers, Pentagon weigh in on East Coast drone sightings – CBS News


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The Pentagon confirmed the drone phenomenon on the East Coast is not part of any defense operations, adding that counter drone technology has been added to two military bases in New Jersey. Meanwhile, in a closed meeting, members of the House Intelligence Committee were briefed on the mysterious drones that have now been spotted in at least six states. CBS News correspondent Tom Hanson has the latest.

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What’s in the continuing resolution to avert a government shutdown? See key details from the spending bill.

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Washington — Congressional leaders unveiled a stopgap measure late Thursday to keep the government funded for three months, pushing a larger funding fight into the new year. 

But the 1,500 page measure, known as a continuing resolution, would do more than keep the government funded at current levels to prevent a government shutdown. The bill is laden with dozens of add-ons that make it resemble the massive end-of-year spending packages that GOP leaders have vowed to avoid.

House Speaker Mike Johnson said ahead of the measure’s release on Tuesday that it was originally intended to be “a very simple, very clean” stopgap funding measure to get the party into the new year. But the Louisiana Republican said a “couple of intervening things” occurred, and he is now left to deal with growing discontent among members of his own party. 

Here are some of the bill’s major add-ons:

Disaster funding

The legislation includes $110.4 billion in disaster aid: $29 billion for FEMA’s disaster relief fund; $8 billion for federal highways and roads; $12 billion for the Community Development Block grants and disaster relief; and $3.25 billion for Tribal Assistance grants. It also replenishes the Small Business Administration’s disaster loan program with $2.2 billion. The program was exhausted in the aftermath of Hurricanes Milton and Helene earlier this year. 

The measure also includes $21 billion in disaster relief for farmers and $10 billion in economic assistance for farmers, along with a one-year extension of the farm bill.

RFK stadium transfer

The legislation clears the way for a long-sought priority in Washington, D.C.: transferring administrative jurisdiction over the RFK Memorial Stadium Campus to the district, which will allow the city to negotiate the return of the Washington Commanders football team. 

The Commanders currently play in Landover, Maryland, and D.C. Mayor Muriel Bowser has vowed to bring the team back to the District.

Baltimore bridge rebuilding

The measure also includes a commitment from the federal government to pay the entire cost of rebuilding Baltimore’s Francis Scott Key Bridge, which collapsed in March.

Sens. Chris Van Hollen and Ben Cardin of Maryland said in a joint statement Tuesday that the provision “will allow the bridge to be built as quickly as possible.” And they noted that federal taxpayers will be reimbursed by insurance payments and through the results of litigation against the company that operated the cargo ship that crashed into the bridge. 

House GOP Leadership Election in Washington
House Speaker Mike Johnson holds a press conference after elections for leadership positions within the House Republican Caucus in Washington, D.C. on Nov. 13, 2024.

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Pay raise for members of Congress

After more than a decade of blocking pay raises in Congress amid concern over the issue becoming a political liability, the continuing resolution includes a provision that allows an automatic cost of living increase to go into effect for lawmakers.

Since 2009, lawmakers have earned $174,000 annually, with higher salaries for some members of leadership.

Health care policy extenders and reforms

Within the legislation is a health care package that spans hundreds of pages. It takes on a number of priorities for lawmakers, from extending telehealth flexibility under Medicare to a five-year reauthorization of legislation aimed at combatting the opioid crisis and a measure to prevent pandemics. The legislation also requires pharmacy benefit managers to provide detailed data on drug spending and pass on the full amount of rebates to lower drug costs for American consumers. 

Transparency in ticket and hotel prices

The funding measure also includes provisions aimed at making hotel and live-event ticket prices more transparent by prohibiting deceptive advertising. The legislation requires that ticket sellers and hotels must disclose the full price, while the ticket sellers must guarantee refunds in the event of cancellation or postponement. 

Addressing drone threats

Among the legislation is a measure to counter threats from drones following a slew of mysterious drone sightings on the East Coast that have prompted concern. The legislation extends a portion of the Homeland Security Act that authorizes officials to track unmanned aircrafts and disrupt their control. 

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Ancient inscription could rewrite history of Christianity north of Italy, archaeologists say

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Archaeologists have discovered an inscribed silver amulet that one theologian now says may rewrite the history of Christianity north of the Alps mountain range. 

The inscribed amulet was found buried in a grave in Frankfurt, Germany in 2018, according to a news release from the city. The amulet is just over an inch in size, the city said, with an inscribed thin silver foil rolled up inside. It took years to determine what the inscription said: It had to be deciphered by a computer scan because the foil was too fragile to unroll. The so-called “Frankfurt Silver Inscription” was presented to the public earlier in December.

The inscription was determined to be a statement of faith in Jesus Christ, written in Latin. The statement shows that the wearer “was clearly a devout Christian, which is absolutely unusual for this time,” the city said. 

Researchers dated the grave where the amulet was found to between 230 and 270 AD. This is the earliest evidence of Christianity north of the Alps, the city said: All other finds are several decades younger, with “reliable evidence” of the religion in the region dating back to the 4th century. 

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The “Frankfurt Silver Inscription” translated from German to English:(In the name?) of Saint Titus / Holy, holy, holy! / In the name of Jesus Christ, Son of God! / The Lord of the world / resists with [strength?] / all [attacks(?)/setbacks(?)]. / The God(?) grants / Entry to well-being. / May this means of salvation(?) protect / the man who / surrenders himself to the will / of the Lord Jesus Christ, Son of God, / since before Jesus Christ / every knee bows: those in heaven, those on earth / and those / under the earth, and every tongue / confesses (Jesus Christ).

Leibniz Institute for Archaeology in Mainz


The inscription mentions no religion besides Christianity, which researchers said is unusual. Up until the 5th century, these kind of amulets “always contain a mixture of different faiths,” such as Judaism or paganism. Instead, it is entirely based on Christianity. At one point the invocation “Holy, holy, holy!” is present. Researchers previously had dated that invocation no earlier than the 4th century. The amulet also included quotations from the Bible used by Christians at that time. 

“The ‘Frankfurt Inscription’ is a scientific sensation,” city mayor Mike Josef said in a translated statement. “It will force us to turn back the history of Christianity in Frankfurt and far beyond by around 50 to 100 years. The first Christian find north of the Alps comes from our city: we can be proud of that, especially now, so close to Christmas. Those involved have done a great job.”

Researchers said that this find will lead to a reevaluation of the burial ground where the amulet was uncovered. It will also lead to a revision of ideas about Christianity north of the Alps. 

German church historian Ulrich Volp told the Evangelical Press Service that the amulet can be used to help understand how Christianity spread through the Roman Empire in the 3rd century, even amid persecution. 

“The significance of the discovery can hardly be overestimated,” Volp said. 

The news comes about six months after a experts in Germany said a newly deciphered manuscript dating back 1,600 years was determined to be the oldest record of Jesus Christ’s childhood.



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