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How much would a $40,000 HELOC cost per month?

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HELOC payments vary and may change over time. 

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There are countless reasons you may need access to money. Whether you have home repairs that need to be made, high interest debt that needs to be paid off or a wide range of other expenses to cover, your home may provide all the liquidity you need. 

That liquidity can come by the way of home equity, which is the difference between your home’s value and the money you owe on it. For example, say your home is valued at around $400,000 and you only owe $100,000 on it. In this example, you would have $300,000 in equity. 

So, what if you wanted to access $40,000 of your equity? A home equity line of credit (HELOC) is one way to do so. But, it’s important that you make sure you can cover the monthly cost of borrowing against your equity. If you fail to do so you could put your home in jeopardy. 

So, how much would the monthly payment be on a $40,000 HELOC? 

The monthly cost of a HELOC depends on multiple factors. And, it’s important to note that HELOC interest rates and payments are variable. So, they may change over time. Below, we calculated the monthly cost of a $40,000 HELOC if you pursued this option now.

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How much would a $40,000 HELOC cost per month?

The size of your monthly HELOC payments depends on your HELOC balance, your interest rate, and your repayment period term (typically ranging from 10 to 20 years). The average HELOC interest rate is currently 9.89%. And remember that HELOC interest rates are variable and these payments may change over the term of your credit line: 

  • 10-year repayment period: Your monthly payment on a $40,000 HELOC with a 10-year repayment period at today’s average interest rate would be $526.17. If your interest rate stayed the same through the entire 10-year repayment period, you would pay a total of $23,140.33 in interest.  
  • 15-year repayment period: You would pay $427.15 per month on a $40,000 HELOC at today’s average interest rate with a 15-year repayment period. Assuming that your rate stayed the same through the entire repayment period, you would pay $36,887.77 in interest. 
  • 20-year repayment period: Your monthly payment would be $383.10 on a $40,000 HELOC at today’s average interest rate with a 20-year repayment period. If your interest rate stayed the same for the entire 20 years, you would pay $51,943.52 in interest while paying this HELOC off. 

It’s important to note that while shorter repayment periods come with higher monthly payments, they offer substantial long-term interest savings. So, you should weigh the pros and cons of different HELOC repayment periods before you decide which you’ll take advantage of. 

Find out how affordable your HELOC could be today

Consider taking out a home equity loan instead

A home equity loan may give you even lower cost access to the equity you need (with sub-9% interest rates currently available). And, these loans typically come with fixed interest rates. Your monthly payments on a $40,000 home equity loan would range from $400.96 to $502.38, depending on whether you opted for a 10-year or 15-year term. And, since home equity loans come with fixed interest rates, these payments won’t change over time as may be the case if you use a variable-rate HELOC to access the funding you need.

Why you should tap into your home equity now

Regardless of whether you decide to use a HELOC or a home equity loan to access the equity you need, it’s wise to do so now. Here’s why: 

  • Inflation is high: Persistent inflation continues, and rising prices are straining budgets across the country. So, if you need to make home repairs, pay off debt or cover any other large expense, you may not have the money you need for those expenses in your budget. But a HELOC or home equity loan could give you the liquidity you need.  
  • Your financial need won’t wait: If you’re in need of funding, your need may not be one that can wait. For example, if you need funds to repair your roof, waiting could lead to more damage. And, there are countless other examples of potential financial needs that simply need to be addressed promptly.
  • Interest rates are low compared to other options: Home equity lending products typically come with better interest rates than personal loans and credit cards. That means you can reduce your overall financing cost by opting for a home equity lending product with a competitive interest rate. 

Tap into your home equity to get the funding you need now

The bottom line

A $40,000 HELOC could come with monthly payments ranging from $383.10 to $526.17 based on today’s average HELOC interest rate. But since HELOCs come with variable rates, your monthly payment could change over time. If you need a predictable payment, you may be better served with a home equity loan. 

Regardless of how you access your equity, now may be a good time to do so. As persistent inflation continues to squeeze budgets, a HELOC or home equity loan could give you the funding you need at competitive rates. 



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Rep. Mike Turner says all “candidates need to deescalate” after Trump assassination attempts

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Rep. Mike Turner, an Ohio Republican who chairs the House Intelligence Committee, responded Sunday to Eric Trump’s implication that his father’s Democratic opponents were responsible for the attempts on former President Trump’s life, saying the innuendo was “of course” inaccurate but political candidates on both sides of the aisle “need to deescalate” their rhetoric.

“No, of course not,” Turner said in his latest appearance on “Face the Nation with Margaret Brennan,” after being asked whether he believes there was truth to claims made by the former president, his son Eric, and his vice presidential running mate, Sen. JD Vance, at a rally where each either implied or suggested Democrats tried to kill him.

Trump returned Saturday to Butler, Pennsylvania, to speak to supporters gathered at the Butler Farm Show fairgrounds, the site of the July 13 assassination attempt against him. A gunman facing Trump on the podium at that rally opened fire into the crowd, grazing Trump’s ear, killing one attendee and injuring two others, according to authorities. The gunman was killed by a Secret Service sniper, officials said. 

Another apparent assassination attempt happened in September when a suspect pointed a gun in Trump’s direction on the Florida course where he was playing golf. The FBI has opened probes into both incidents. 

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Rep. Mike Turner on “Face the Nation with Margaret Brennan,” Oct. 6, 2024.

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Trump, his son and Vance all acknowledged the assassination attempt in Butler at Saturday’s campaign event.

“Over the past eight years, those who want to stop us from achieving this future have slandered me impeached me indicted me tried to throw me off the ballot and, who knows, maybe even tried to kill me,” said the former president, while Eric Trump claimed his father’s political opponents “tried to kill him, and it’s because the Democratic party, they can’t do anything right.”

Vance, in his remarks, addressed Trump’s Democratic challenger in the presidential race, Vice President Kamala Harris, and suggested that the Republican nominee “took a bullet for democracy.”

Brennan asked Turner: “You don’t mean to imply here anything that would suggest Eric Trump’s allegations that Democrats are trying to kill him?”

“No, of course not,” Turner responded. “But I do think that Vice President Harris needs to actively state and acknowledge that her administration is saying a foreign power, which would be an act of war, is actively trying to kill her opponent.”

The attempts on Trump’s life came after a citizen of Pakistan with ties to Iran was arrested and charged with allegedly planning a murder-for-hire scheme targeting Trump, among others. Although the timing of the charges coincided with the first attempt, there was no indication that the two incidents were related.

Turner criticized Harris for what he viewed as a failure to openly condemn the alleged plot.

“I think there’s certainly a role for her to play and for the president to play in this, in both identifying that there are threats against Donald Trump that need to be acknowledged and responded to, to deter,” he said. “I think all the candidates need to de-escalate, certainly in their language.”

But the congressman did acknowledge that a Biden-Harris Justice Department official, Matthew Olsen, the head of the national security division, said the U.S. government has been “intensely tracking Iranian lethal plotting efforts targeting former and current U.S. government officials — and that includes the former president.”

“I would say that we are very concerned — gravely concerned — about Iranian plotting,” Olsen told CBS News in a recent interview.



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Maps show track of Hurricane Milton as forecasters predict landfall in Florida this week

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South Florida prepares for heavy rainfall, flooding in wake of Tropical Storm Milton


South Florida prepares for heavy rainfall, flooding in wake of Tropical Storm Milton

04:09

Hurricane Milton rapidly intensified into a Category 1 storm on Sunday, and it has set its path on Florida’s Gulf Coast.

Forecasters predict Milton will make landfall around the Tampa Bay area on Wednesday, bringing with it upwards of 120 mph winds and drenching an area still reeling from Hurricane Helene.

As of 2 p.m. ET on Sunday, Milton was centered about 290 miles west-northwest of Progreso, Mexico, and about 815 miles west-southwest of Tampa. It had maximum sustained winds of nearly 80 mph and was inching north-northeast at 6 mph.

Path of Hurricane Milton

A map from the National Hurricane Center shows Milton continuing to strengthen into a major hurricane as it approaches Florida’s western coast.

“Milton is forecast to rapidly intensify during the next couple of days and become a major hurricane on Monday,” forecasters said.

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The projected path of Hurricane Milton as of Oct. 6, 2024

NOAA/National Hurricane Center


The storm is expected to remain north of Mexico’s Yucatan peninsula, with heavy rainfall expected as Milton makes its way northeast toward Florida. Tropical storm watches are currently in effect from Celestun to Cancún, Mexico.

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The current wind field for Hurricane Milton as of Sunday, Oct. 6, 2024.

NOAA/National Hurricane Center


The hurricane center said hurricane and storm surge watches could be issued for parts of Florida later Sunday.

Florida officials prepare for more impact

Florida Gov. Ron DeSantis said Sunday that while it remains to be seen just where Milton will strike, it’s clear that Florida is going to be hit hard. “I don’t think there’s any scenario where we don’t have major impacts at this point,” he said.

“You have time to prepare — all day today, all day Monday, probably all day Tuesday to be sure your hurricane preparedness plan is in place,” the governor said. “If you’re on that west coast of Florida, barrier islands, just assume you’ll be asked to leave.”

Tropical Weather
This GOES-16 GeoColor satellite image taken at 4:50 p.m. EDT and provided by National Oceanic and Atmospheric Administration (NOAA) shows Tropical Storm Milton, center, off the coast of Mexico in the Gulf of Mexico, Saturday, Oct. 5, 2024.

NOAA via AP


DeSantis expanded his state of emergency declaration Sunday to 51 counties and said Floridians should prepare for more power outages and disruptions, making sure they have a week’s worth of food and water and are ready to hit the road. 

The Federal Emergency Management Agency, meanwhile, coordinated with the governor and briefed President Biden Sunday on how it has staged lifesaving resources.

“I highly encourage you to evacuate” if you’re in an evacuation zone, said Kevin Guthrie, executive director of the Florida Division of Emergency Management. “We are preparing … for the largest evacuation that we have seen, most likely since 2017, Hurricane Irma. “

As many as 4,000 National Guard troops are helping state crews to remove debris, DeSantis said.

“All available state assets … are being marshaled to help remove debris,” DeSantis said. “We’re going 24-7 … it’s all hands on deck.”



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American and U.K. climbers rescued after 2 days stranded on Himalayan mountains in India

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An American climber was rescued after she and another alpinist from the U.K. were stranded for two days at more than 20,000 feet in the Himalayan mountains.

Michelle Dvorak, 31, and Fay Manners, 37, went missing on Thursday after their equipment and food tumbled down a ravine while trekking up India’s Chaukhamba mountain, CBS News partner BBC reported.

The pair sent an emergency message but search and rescue teams were unable to find them.

Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand
Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


Manners told the BBC they were “terrified” as they tried to make part of the descent down the treacherous mountains without supplies.

“I watched the bag tumble down the mountain and I immediately knew the consequence of what was to come,” she said. “We had none of our safety equipment left. No tent. No stove to melt snow for water. No warm clothes for the evening.”

The terrifying ordeal intensified when it started to snow. They took cover on a ledge while waiting for rescuers.

“I felt hypothermic, constantly shaking and with the lack of food my body was running out of energy to keep warm,” Manners said.

The rescue was made difficult because of the conditions, including bad weather, fog and high altitude.

“The helicopter flew passed again, couldn’t see us. We were destroyed,” Manners told the BBC.

British and U.S. climbers are rescued at the location given as Uttarakhand
British and U.S. climbers are rescued at the location given as Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


On the second day, the pair began to cautiously abseil down the mountain. They spotted a team of French climbers coming toward them. Manners said they shared their equipment and food and contacted the helicopter company with an exact location.

“I cried with relief knowing we might survive,” she said.

The Indian Air Force said in a post on the X social media platform that their helicopter airlifted the climbers from 17,400 feet after “battling two days of bad weather.”

Chaukhamba is a mountain massif in the Garhwal Himalaya in northern India.



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