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How much would an $80,000 home equity loan cost per month?
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Home repairs and renovations can be costly. If you’re interested in remodeling your kitchen or taking care of other home repairs or renovations, you could use a home equity loan to access the money you need. And, doing so can come with an added advantage. You could benefit from tax incentives by using the money you borrow to improve the home you borrow it against.
Then again, it’s important to make sure you can afford the loan before you take it out. With home equity loans being secured by your home, you could lose it if you don’t make your payments as agreed.
So, how much would an $80,000 home equity loan cost monthly at today’s average rates? We did the math below.
Compare today’s top home equity loan options now.
How much would an $80,000 home equity loan cost per month?
Today’s average interest rates on 10- and 15-year home equity loans are 8.74% and 8.73%, respectively. Here’s how much an $80,000 home equity loan would cost monthly at those rates:
- 10-year home equity loan: A 10-year $80,000 home equity loan at 8.74% interest would come with a monthly payment of $1,002.18. And, you would pay $40,262.04 in interest by the time you paid the loan off if you made minimum payments.
- 15-year home equity loan: A 10-year $80,000 home equity loan at 8.73% interest would come with a monthly payment of $798.61. And, you would pay $63,750.58 in interest by the time you paid the loan off if you made minimum payments.
If you can afford a $1,002.18 payment, the 10-year home equity loan may be your better option as it would save you $23,488.54 in interest over the life of the loan. But, it may be worth paying the extra interest for the lower, $798.61 monthly payment if the monthly cost of the loan is your primary concern.
Lock in today’s affordable home equity loan rates now.
How much would other home equity loans cost per month?
While some home projects may cost you $80,000 or more, other home renovations and repairs come with different price tags. So, if you want to access your home equity for a different amount, it helps to know what it would cost. Here’s what you can expect to pay monthly on other starting home equity loan balances:
$10,000 starting home equity loan balance
- 10-year term: A $10,000 home equity loan with a 10-year term at 8.74% interest would cost $125.27 per month and $5,032.75 in interest over the life of the loan.
- 15-year term: A $10,000 home equity loan with a 15-year term at 8.73% interest would cost $99.83 per month and 7,968.82 in interest over the life of the loan.
$20,000 starting home equity loan balance
- 10-year term: A $20,000 home equity loan with a 10-year term at 8.74% interest would cost $250.55 per month and $10,065.51 in interest over the life of the loan.
- 15-year term: A $20,000 home equity loan with a 15-year term at 8.73% interest would cost $199.65 per month and $15,937.64 in interest over the life of the loan.
$25,000 starting home equity loan balance
- 10-year term: A $25,000 home equity loan with a 10-year term at 8.74% interest would cost $313.18 per month and $12,581.89 in interest over the life of the loan.
- 15-year term: A $25,000 home equity loan with a 15-year term at 8.73% interest would cost $249.57 per month and $19,922.06 in interest over the life of the loan.
$40,000 starting home equity loan balance
- 10-year term: A $40,000 home equity loan with a 10-year term at 8.74% interest would cost $501.09 per month and $20,131.02 in interest over the life of the loan.
- 15-year term: A $40,000 home equity loan with a 15-year term at 8.73% interest would cost $399.31 per month and $31,875.29 in interest over the life of the loan.
$50,000 starting home equity loan balance
- 10-year term: A $50,000 home equity loan with a 10-year term at 8.74% interest would cost $626.36 per month and $25,163.77 in interest over the life of the loan.
- 15-year term: A $50,000 home equity loan with a 15-year term at 8.73% interest would cost $499.13 per month and $39,844.11 in interest over the life of the loan.
$60,000 starting home equity loan balance
- 10-year term: A $60,000 home equity loan with a 10-year term at 8.74% interest would cost $751.64 per month and $30,196.53 in interest over the life of the loan.
- 15-year term: A $60,000 home equity loan with a 15-year term at 8.73% interest would cost $598.96 per month and $47,812.93 in interest over the life of the loan.
$75,000 starting home equity loan balance
- 10-year term: A $75,000 home equity loan with a 10-year term at 8.74% interest would cost $939.55 per month and $37,745.66 in interest over the life of the loan.
- 15-year term: A $75,000 home equity loan with a 15-year term at 8.73% interest would cost $748.70 per month and $59,766.17 in interest over the life of the loan.
$100,000 starting home equity loan balance
- 10-year term: A $100,000 home equity loan with a 10-year term at 8.74% interest would cost $1,252.73 per month and $50,327.55 in interest over the life of the loan.
- 15-year term: A $100,000 home equity loan with a 15-year term at 8.73% interest would cost $998.27 per month and $79,688.22 in interest over the life of the loan.
$150,000 starting home equity loan balance
- 10-year term: A $150,000 home equity loan with a 10-year term at 8.74% interest would cost $1,879.09 per month and $75,491.32 in interest over the life of the loan.
- 15-year term: A $150,000 home equity loan with a 15-year term at 8.73% interest would cost $1,497.40 per month and $119,532.33 in interest over the life of the loan.
$200,000 starting home equity loan balance
- 10-year term: A $200,000 home equity loan with a 10-year term at 8.74% interest would cost $2,505.46 per month and $100,655.09 in interest over the life of the loan.
- 15-year term: A $200,000 home equity loan with a 15-year term at 8.73% interest would cost $1,996.54 per month and $159,376.45 in interest over the life of the loan.
$300,000 starting home equity loan balance
- 10-year term: A $300,000 home equity loan with a 10-year term at 8.74% interest would cost $3,758.19 per month and $150,982.64 in interest over the life of the loan.
- 15-year term: A $300,000 home equity loan with a 15-year term at 8.73% interest would cost $2,994.80 per month and $239,064.67 in interest over the life of the loan.
Compare your home equity loan options today.
The bottom line
The monthly cost of your home equity loan depends on the starting amount you borrow, your term and your interest rate. You can reduce your monthly cost by choosing a longer loan term or a lower loan value. But, if you choose a longer term, it’s important to consider the long-term interest cost associated with the loan and weigh that against your monthly savings. Compare today’s top home equity loans now.
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A food company known for popular grocery store condiments has recalled a package of tortilla strips that may be contaminated with wheat, the U.S. Food and Drug Administration said Friday. The product is meant to be gluten-free.
Sugar Foods, a manufacturing and distribution corporation focused mainly on various toppings, artificial sweeteners and snacks, issued the recall for the “Santa Fe Style” version of tortilla strips sold by the brand Fresh Gourmet.
“People who have a wheat allergy or severe sensitivity to wheat run the risk of serious or life-threatening allergic reaction if they consume the product,” said Sugar Foods in an announcement posted by the FDA.
Packages of these tortilla strips with an expiration date as late as June 20, 2025, could contain undeclared wheat, meaning the allergen is not listed as an ingredient on the label. The Fresh Gourmet product is marketed as gluten-free.
Sugar Foods said a customer informed the company on Nov. 19 that packages of the tortilla strips actually contained crispy onions, another Fresh Gourmet product normally sold in a similar container. The brand’s crispy onion product does contain wheat, and that allergen is noted on the label.
U.S. Food and Drug Administration
No illnesses tied to the packaging mistake have been reported, according to the announcement from Sugar Foods. However, the company is still recalling the tortilla strips as a precaution. The contamination issue may have affected products distributed between Sept. 30 and Nov. 11 in 22 states: Arizona, California, Colorado, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, North Carolina, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia and Washington.
Sugar Foods has advised anyone with questions about the recall to contact the company’s consumer care department by email or phone.
CBS News reached out to Sugar Foods for more information but did not receive an immediate reply.
This is the latest in a series of food product recalls affected because of contamination issues, although the others involved harmful bacteria. Some recent, high-profile incidents include an E. coli outbreak from organic carrots that killed at least one person in California, and a listeria outbreak that left an infant dead in California and nine people hospitalized across four different states, according to the Center for Disease Control and Prevention. The E. coli outbreak is linked to multiple different food brands while the listeria outbreak stemmed from a line of ready-to-eat meat and poultry products sold by Yu-Shang Foods.
