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How much does a $15,000 HELOC cost per month now that rates are cut?

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Before applying for a HELOC, homeowners should first calculate their potential monthly payments.

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With interest rates on the decline again, the costs of some borrowing products have become more favorable. Rates on both home equity loans and home equity lines of credit (HELOCs), for example, have been dropping consistently for much of 2024. And with another Federal Reserve rate reduction expected for when the Fed meets again on December 17 and December 18 — the third such cut this year — both products are expected to become even cheaper in the final days of the year.

This is a key feature for those owners considering a HELOC. This product has a variable interest rate subject to change monthly based on market conditions. While that was a significant drawback in recent years, it has now morphed into an advantage as rates fall. Still, before acting, homeowners must calculate their potential monthly costs, especially when borrowing from a critical financial asset like their home. This is true whether they’re borrowing $150,000 or simply $15,000. 

If you’re a homeowner considering the latter amount, then, read on to determine what your monthly payments would look like now that rates are cut.

Access your home equity with a low-rate HELOC here now.

How much does a $15,000 HELOC cost per month now that rates are cut?

To determine how much your monthly HELOC payment will be you’ll need three factors: the interest rate, the amount of money being borrowed and the length of the repayment period. Here, then, is what a $15,000 HELOC costs per month now that rates were reduced, tied to two common repayment lengths:

  • 10-year HELOC at 8.53%: $186.22 per month
  • 15-year HELOC at 8.53%: $147.97 per month

For comparison purposes, here’s what those payments would have been in January when rates on this product were in the double digits:

  • 10-year HELOC at 10.16%: $199.56 per month
  • 15-year HELOC at 10.16%: $162.66 per month

So payments have come down by around $15 per month for both. But with the potential for rates to fall further in the weeks and months ahead and a variable rate that will allow HELOC borrowers to capitalize on those changes without having to refinance, it makes sense to secure your funding now.

Get started with a HELOC online today.

Other considerations

While the above payments are what borrowers could be looking at, should they apply for a HELOC now, they’re not guaranteed to be identical. The rates above are the average, meaning that qualified borrowers will likely secure a rate close to 8.53% or maybe even lower. 

Home equity borrowers with bad credit, however, will likely pay more. And the above calculations are timely. Should rates go up or down in the upcoming months, the projected payments will adjust, too. So if you’re worried about an inability to make your payments should rates rise in the future, a home equity loan with a fixed interest rate may be preferable.

The bottom line

A $15,000 HELOC is now around $15 cheaper per month than it was at the beginning of the year with the potential to become less expensive as additional rate cuts are issued. And while that may not seem like a lot of money saved each month, it could add up to a substantial amount saved over the life of the loan. So, if you can afford the monthly payments, a HELOC may be one of your better borrowing options right now.



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Trump ordered to sit for deposition in defamation suit against ABC News

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E. Jean Carroll on $83 million Trump ruling


E. Jean Carroll on how jury’s $83 million Trump ruling sent a message: “They said ‘enough’

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Washington — President-elect Donald Trump has been ordered by a federal judge to sit for a deposition next week in his defamation lawsuit against ABC News and anchor George Stephanopoulos. 

Magistrate Judge Lisette Reid issued the order on Friday saying Trump will have to give an in-person deposition next week as part of the lawsuit he filed against ABC News in March that alleged Stephanopoulos made defamatory comments on air. 

In a March 10 interview with Republican Rep. Nancy Mace of South Carolina, Stephanopoulos said that Trump had been “found liable for rape.” 

Last year, a jury in New York found Trump liable for sexual abuse of the writer E. Jean Carroll and defaming her with statements he made denying Carroll’s allegations. The judge who heard the case said the sexual abuse that Trump was found liable for — forcibly penetrating Carroll with his fingers — is commonly understood as “rape,” even though the statute defines it as a separate offense.

In his complaint, Trump accused Stephanopoulos of acting “with actual malice or with a reckless disregard for the truth,” and claimed Stephanopoulos “knows that these statements are patently and demonstrably false.” 

Judge Reid said Trump’s deposition will be in person next week in the Southern District of Florida, which is where his Mar-a-Lago property in Palm Beach is located. The questioning will be limited to four hours, Reid said. 

Reid also ordered Stephanopoulos to sit for a deposition next week, either in person or remotely. His deposition is also limited to four hours. 

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“Blue Bloods” star Abigail Hawk reflects on the series ahead of finale

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“Blue Bloods” star Abigail Hawk reflects on the series ahead of finale – CBS News


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After 14 seasons and nearly 300 episodes, fans are saying goodbye to the hit CBS show “Blue Bloods.” Actress Abigail Hawk, who plays Detective Baker, joins CBS News to reflect on the series.

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Trump reportedly considering military action against Iran

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Trump reportedly considering military action against Iran – CBS News


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The Wall Street Journal reported that President-elect Donald Trump and his allies are reportedly considering military action against Iran after he takes office. CBS News national security contributor Sam Vinograd explains further and has more on the New Jersey drone sightings.

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