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How much does a $250,000 HELOC cost now that rates are dropping?
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If you’re seeking a substantial amount of funding, traditional borrowing options like personal loans and credit cards often fall short, as their high interest rates and limited borrowing capacities can make them more hassle — and more expensive — than they’re worth. Part of the issue is that credit card rates recently climbed to unprecedented levels above 23%, while rates on personal loans, though more reasonable, still hover around 13%.
However, homeowners have a potentially more attractive option: tapping into their home equity. Today’s homeowners are in a particularly advantageous position, with the average household holding approximately $330,000 in home equity — about $214,000 of which is tappable, meaning that it can be borrowed against while retaining a healthy amount of equity in your home. This substantial cushion opens up several borrowing possibilities, including home equity lines of credit (HELOCs), home equity loans and cash-out refinancing.
Among these options, though, HELOCs stand out right now due to their variable rates, which can benefit borrowers as interest rates continue to decline. But while a HELOC could be a good option, understanding the cost implications of a HELOC is crucial for making an informed borrowing decision. To help you make a decision, let’s take a look at how much a $250,000 HELOC could cost each month now that rates are dropping.
Find out what home equity rates you could qualify for here.
How much does a $250,000 HELOC cost now that rates are dropping?
HELOC rates can and will adjust automatically with the wider rate environment. So, the rate you start with will likely not be the rate you end with, as your HELOC rate will change over time. That said, the average HELOC rate is currently 8.68% (as of October 31, 2024). Using that average rate, we can estimate the cost of a $250,000 HELOC based on two popular repayment timelines: 10 and 15 years.
Here’s what those payments would look like at today’s rate:
- 10-year HELOC at 8.68%: The monthly cost would amount to $3,123.76 with this rate and term.
- 15-year HELOC at 8.68%: The monthly cost would amount to $2,488.30 with this rate and term.
If there are more rate cuts by the Fed in the coming months, as the Fed has indicated could happen and as most analysts forecast, HELOC costs could decline even further. For example, if Fed rates drop by 0.25%, as anticipated, and HELOC rates drop by the same amount, your monthly costs could look like this:
- 10-year HELOC at 8.43%: The monthly cost would amount to $3,090.29 with this rate and term.
- 15-year HELOC at 8.43%: The monthly cost would amount to $2,451.60 with this rate and term.
A more substantial decrease of 0.50% over time would make monthly payments even more affordable. Here’s what your monthly payments would look like when factoring in a potential 50-basis-point drop:
- 10-year HELOC at 8.18%: The monthly cost would amount to $3,057.02 with this rate and term.
- 15-year HELOC at 8.18%: The monthly cost would amount to $2,415.18 with this rate and term.
As you can see, the potential for reduced monthly costs as rates decline makes HELOCs an appealing option for homeowners. Still, it’s essential to carefully consider your borrowing capacity as you make a decision. Interest rates are expected to continue to drop over time, but they could fluctuate unexpectedly, so it’s wise to budget for a range of possible payment scenarios to ensure affordability.
Compare today’s best home equity borrowing rates now.
Does a home equity loan make more sense right now?
While home equity loans offer the security of fixed rates, they’re generally not the optimal choice in the current rate environment. Here’s why: The Federal Reserve is expected to implement more rate cuts in the coming months, which would directly benefit HELOC borrowers through lower monthly payments. With a home equity loan, you’d be locked into today’s higher rates unless you refinance – a process that incurs additional closing costs and fees.
On the other hand, HELOCs automatically adjust to rate decreases without requiring refinancing or additional expenses. This flexibility makes them particularly attractive when rates are expected to fall. HELOCs also allow you to draw funds as needed (up to your borrowing limit) rather than borrowing a lump sum, which can potentially reduce your interest costs if you don’t need the full amount.
The bottom line
Today’s $250,000 HELOCs have payments ranging from roughly $2,415 to $3,124 per month depending on the term and current rate. Given the Federal Reserve’s anticipated rate reductions, these payments could decrease further, making HELOCs an attractive option for accessing substantial funds affordably. So, if you need to borrow a large sum of money with minimal cost, a HELOC could be your best choice in today’s shifting financial landscape.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more