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How much does a $30,000 home equity loan cost per month now that rates were cut?

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Homeowners should calculate their potential monthly payments before borrowing money from their home.

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If you’re looking to borrow a five-figure sum of money, there are a series of factors to consider before getting started. From the specific product to the interest rate attached to that product to the intended use, multiple factors play in an important part in the decision-making process. But arguably none is as important as the cost calculations. If you can’t comfortably afford to repay all that you’ve borrowed, then you could wind up putting yourself in a worse financial position than if you hadn’t acted at all.

This is particularly true for home equity loan borrowers, who use their home as collateral in these borrowing circumstances. To avoid risking your homeownership, then, it’s important to calculate your potential costs in advance. Fortunately, right now is a smart time to tap into your home equity. 

With interest rates relatively low and the average amount of home equity approaching $330,000 currently, there’s a lot of flexibility for qualified borrowers. This is true for those looking to tap into most of that funding as well as for those who are looking for just a small amount. A $30,000 home equity loan, then, could be better for those in the latter group. A loan in this amount will leave the majority of equity untouched for potential use in the future while still providing a five-figure sum to utilize now. And with recent rate cuts courtesy of the Federal Reserve, this could be the best way to borrow $30,000 right now. But how much will it cost per month now that rates have been cut? That’s what we’ll calculate below.

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

How much does a $30,000 home equity loan cost per month now that rates were cut?

Your monthly home equity loan payments will be determined by two primary factors: your interest rate and your repayment term. Here’s what a $30,000 home equity loan would cost, then, tied to two common repayment terms and available home equity loan rates:

  • 10-year home equity loan at 8.46%: $371.32 per month
  • 15-year home equity loan at 8.38%: $293.32 per month

While the longer term comes with a slightly lower interest rate and spread-out payments, borrowers should also understand the interest costs associated with the extended term. On the 10-year loan, you’ll only pay a total of $14,557.87 in interest while with the 15-year loan, you’ll pay $22,796.78 – an $8,238.91 difference between the two. So make sure the lower monthly payments are valuable to you because they’ll come with a hidden cost of higher interest over the life of the loan.

Get started with a home equity loan online now.

Should you wait for home equity loan rates to fall further?

While it may be tempting to wait for home equity loan interest rates to decline further, that could be a mistake. To begin, delaying your financing will also delay paying for the expenses you have and that could result in compounded debt, depending on your financial situation. 

Additionally, there’s no guarantee that rates will fall or by how much, if and when they do. And home equity loan rates don’t rise or fall in the precise pattern that the federal funds rate does anyway. So a 25 basis point cut in November from the Fed is unlikely to immediately result in a drop in home equity loan rates by the same amount. For all of these reasons, then, it may make sense to lock in a low home equity loan rate now – and refinance it if rates drop by a significant amount in the future.

The bottom line

A $30,000 home equity loan comes with monthly payments between $294 and $372, approximately, right now. But those payments (and rates) will only be offered to those borrowers with the highest credit scores and cleanest credit profiles. So, if you don’t have both, try working on improving them before applying. But don’t wait too long to act, either, as today’s interest rates can and likely will change relatively quickly.

Have more questions? Learn more about your current home equity loan options here.



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Former Trump national security adviser says next couple months are “really critical” for Ukraine

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Washington — Lt. Gen. H.R. McMaster, a former national security adviser to Donald Trump, said Sunday that the upcoming months will be “really critical” in determining the “next phase” of the war in Ukraine as the president-elect is expected to work to force a negotiated settlement when he enters office.

McMaster, a CBS News contributor, said on “Face the Nation with Margaret Brennan” that Russia and Ukraine are both incentivized to make “as many gains on the battlefield as they can before the new Trump administration comes in” as the two countries seek leverage in negotiations.

With an eye toward strengthening Ukraine’s standing before President-elect Donald Trump returns to office in the new year, the Biden administration agreed in recent days to provide anti-personnel land mines for use, while lifting restrictions on Ukraine’s use of U.S.-made longer range missiles to strike within Russian territory. The moves come as Ukraine marked more than 1,000 days since Russia’s invasion in February 2022. 

Meanwhile, many of Trump’s key selection for top posts in his administration — Rep. Mike Waltz for national security adviser and Sens. Marco Rubio for secretary of state and JD Vance for Vice President — haven’t been supportive of providing continued assistance to Ukraine, or have advocated for a negotiated end to the war.

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H.R. McMaster on “Face the Nation with Margaret Brennan,” Nov. 24, 2024.

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McMaster said the dynamic is “a real problem” and delivers a “psychological blow to the Ukrainians.”

“Ukrainians are struggling to generate the manpower that they need and to sustain their defensive efforts, and it’s important that they get the weapons they need and the training that they need, but also they have to have the confidence that they can prevail,” he said. “And any sort of messages that we might reduce our aid are quite damaging to them from a moral perspective.”

McMaster said he’s hopeful that Trump’s picks, and the president-elect himself, will “begin to see the quite obvious connections between the war in Ukraine and this axis of aggressors that are doing everything they can to tear down the existing international order.” He cited the North Korean soldiers fighting on European soil in the first major war in Europe since World War II, the efforts China is taking to “sustain Russia’s war-making machine,” and the drones and missiles Iran has provided as part of the broader picture.

“So I think what’s happened is so many people have taken such a myopic view of Ukraine, and they’ve misunderstood Putin’s intentions and how consequential the war is to our interests across the world,” McMaster said. 

On Trump’s selections for top national security and defense posts, McMaster stressed the importance of the Senate’s advice and consent role in making sure “the best people are in those positions.”

McMaster outlined that based on his experience, Trump listens to advice and learns from those around him. And he argued that the nominees for director of national intelligence and defense secretary should be asked key questions like how they will “reconcile peace through strength,” and what they think “motivates, drives and constrains” Russian President Vladimir Putin.

Trump has tapped former Rep. Tulsi Gabbard to be director of national intelligence, who has been criticized for her views on Russia and other U.S. adversaries. McMaster said Sunday that Gabbard has a “fundamental misunderstanding” about what motivates Putin.

More broadly, McMaster said he “can’t understand” the Republicans who “tend to parrot Vladimir Putin’s talking points,” saying “they’ve got to disabuse themselves of this strange affection for Vladimir Putin.” 

Meanwhile, when asked about Trump’s recent selection of Sebastian Gorka as senior director for counterterrorism and deputy assistant to the president, McMaster said he doesn’t think Gorka is a good person to advise the president-elect on national security. But he noted that “the president, others who are working with him, will probably determine that pretty quickly.”



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Sen. Van Hollen says Biden is “not fully complying with American law” on Israeli arms shipments

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Sen. Van Hollen says Biden is “not fully complying with American law” on Israeli arms shipments – CBS News


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Democratic Sen. Chris Van Hollen of Maryland, who last week backed Sen. Bernie Sanders’ bill to block U.S. sending arms to Israel, told “Face the Nation with Margaret Brennan” that President Biden ” is not fully complying with American law” on sending arms to Israel.

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Rep.-elect Sarah McBride says “I didn’t run” for Congrees “to talk about what bathroom I use”

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Rep.-elect Sarah McBride says “I didn’t run” for Congrees “to talk about what bathroom I use” – CBS News


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Rep.-elect Sarah McBride, the first openly transgender person to be elected to Congress, tells “Face the Nation with Margaret Brennan” that as Republicans have sought to put forward a bathroom ban in the Capitol, she “didn’t run for the United States House of Representatives to talk about what bathroom I use.”

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