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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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Sen. Mark Kelly says feds need to do a “better job” of letting Americans know “there’s a huge amount of misinformation” on election
Washington — Sen. Mark Kelly said Sunday that the federal government needs to do its part to inform Americans of the vast swath of election misinformation that’s being consumed on social media platforms like X, TikTok, Facebook and Instagram.
“It’s up to us, the people who serve in Congress and in the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on Nov. 5,” Kelly said on “Face the Nation with Margaret Brennan.”
Kelly, who sits on the Senate Intelligence Committee, said he’s seen these misinformation operations target not only his state of Arizona, but also other battleground states.
“There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China,” Kelly said.
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In a committee hearing last month on foreign threats to the 2024 election, Kelly presented screenshots of Russian-made web pages showing fabricated headlines designed to look like Fox News and The Washington Post, targeted at voters in battleground states.
“So my constituents in Arizona and others — they seek to influence the outcome of these elections, and that is absolutely beyond the pale,” Kelly said at the Sept. 18 hearing. “We’ve got to do something about it.”
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In another battleground state, Pennsylvania, Trump returned Saturday to hold a rally in Butler three months after an attempted assassination on him. He was joined by members of his own party and billionaire Elon Musk, who said Trump was the only way to preserve democracy and warned of a last election if he does not win in November.
Speaking to CNN’s State of the Union on Sunday, Kelly called the social media mogul a hypocrite.
“He’s standing next to the guy that tried to overturn the 2020 election on Jan. 6, saying that this is somehow going to be the last election and they’re going to take away your vote,” Kelly said. “And you know, it just doesn’t pass the logic test.”
At the White House press briefing on Friday, President Biden – speaking from the podium for the first time since taking office – said he’s confident of a free and fair election but alluded to the 2021 insurrection at the Capitol in his concerns on whether it will be a peaceful transfer of power.
“The things that Trump has said and the things that he said last time out when he didn’t like the outcome of the election were very dangerous,” Mr. Biden said. “If you notice, I noticed that the vice-presidential Republican candidate did not say he’d accept the outcome of the election, and they haven’t even accepted the outcome of the last election.”
