THE RATE SHOP · HOME EQUITY OPTIONS IN KANSAS & MISSOURI

Home Equity Loan Calculator

Explore a separate home equity loan for high-interest debt or your next renovation—without replacing the mortgage you already have.

01

Keep the rate you love.

A separate second mortgage leaves your existing first mortgage in place.

02

Create room in your budget.

Compare high-interest card payments with a fixed home equity loan payment.

03

Choose your pace.

See 10-, 15-, and 20-year payments and total borrowing costs together.

Try your numbers. These starting values are examples, not today's rates or an offer.

For credit cards, use the monthly amount you plan to keep paying. We assume no new charges and a constant APR.

01 What would you like to do?

Use one card or a simplified combined balance at a representative APR. Different cards need an individual review. This is a fixed-payment comparison, not a declining-minimum-payment forecast.

02 Explore a home equity loan

The 9.5% rate and $1,500 fees are editable examples, not quotes. Actual rates, fees, and available terms depend on the lender, your credit, equity, and other qualifications.

No contact information or credit check needed. Entries are not submitted to Mike.

ONE BALANCE. THREE WAYS TO REPAY.

Less each month—or less over time?

Compare the tradeoff before choosing a term. Your first mortgage payment stays separate and is unchanged in this illustration.

All options use the same illustrative rate so you can isolate the effect of the term. Actual quotes may have different rates by term.

Mike Baker, Mortgage Loan Originator at The Rate Shop

MIKE BAKER · NMLS #259076

Your equity. A plan that fits your life.

I'll help you compare the payment, the costs, and your options—whether you're updating your home or looking for a clearer path out of high-interest debt.

BORROW WITH A PLAN

What makes debt useful?

Think through the purpose, repayment plan, and cost.

Read Mike's guide to borrowing →
UNDERSTAND YOUR OPTIONS

Home equity or refinance?

Get clear answers before replacing a mortgage you like.

Explore the home equity FAQs →
TAKE THE NEXT STEP

Let's review your options.

Tell Mike how you want to use your equity.

Start my home equity review →

Good questions. Clear answers.

Does this replace my low-rate first mortgage?

No. This models a separate, fixed-rate home equity loan with its own payment. Your first mortgage remains in place. A cash-out refinance, by contrast, replaces the first mortgage.

Is this the same as a HELOC?

No. This tool models a lump-sum loan repaid over a set term at a fixed rate. A home equity line of credit usually lets you draw funds over time, and its rate and payments may change.

Why do you need my credit card payment?

A balance and APR alone do not tell us how long repayment will take. We assume you keep paying the entered amount every month, with no new spending, fees, or rate changes. Your actual card terms and payment habits can change the result.

What if I keep paying the same amount after consolidating?

If your budget allows it and the loan permits extra principal payments without a penalty, you may repay the new loan faster and reduce interest further. When the numbers support it, the tool shows that optional scenario separately.

Can I use this for renovation costs?

Yes. Choose renovation mode to see the additional monthly payment and term options. The tool does not assume a renovation will increase your home's value or create investment returns.

Assumptions & sources

Home equity payments use fixed-rate monthly amortization. Card payoff uses the entered fixed monthly payment and APR divided by 12; the final payment is adjusted to the remaining balance. Actual cards often accrue interest daily. No new charges, card fees, tax benefit, changing rates, or declining minimum payments are modeled. Payoff projections stop after 100 years; no savings are shown if the card cannot be paid off under that assumption.

Interest comparisons use each option's own payoff schedule, not a shared end date. “After fees” subtracts entered loan fees from the interest difference. Financed fees increase the balance and interest. Both cash and financed fees are counted once. Loan fees are not a complete cash-to-close estimate. No value increase, credit-score change, or qualification is assumed. Extra-payment examples assume no prepayment penalty.

Sources: CFPB: What is a home equity loan? · CFPB: Home equity loan vs. HELOC. Reviewed September 29, 2026.

By Mike Baker, Mortgage Loan Originator · The Rate Shop · Kansas & Missouri

How to compare a home equity loan with your current payments

For debt payoff, enter the balance, interest rate, and monthly amount you plan to keep paying on your credit cards. Then compare that with a separate home equity loan. For renovations, choose the renovation option and enter the project amount you want to finance. Your existing first mortgage stays separate.

A monthly-payment example

Suppose you want to pay off $50,000 of debt and add $1,500 of loan fees to the new loan. A $51,500 home equity loan at an illustrative 9.50% fixed rate for 10 years has a payment of about $666.40 a month. Compared with an entered $1,000 card payment, that creates $333.60 of monthly breathing room.

Payment relief and total interest savings answer different questions. Use the calculator's payoff comparison to see both, and try the 10-, 15-, and 20-year terms to find a payment and timeline that fit. These are example numbers you can replace, not a current rate quote.

Renovating instead of paying off debt?

Start with the amount you want to borrow for the project and compare the added monthly payment. Bring Mike your project budget and current mortgage details so you can explore the financing without replacing a first mortgage you want to keep.

Which home equity option should I explore?

Read home equity loan vs. HELOC to compare a fixed loan with a reusable credit line. If you are considering replacing your first mortgage, use the refinance comparison calculator too. Already have a written offer? Get a complimentary Loan Estimate review.

Home equity and refinance FAQs · Talk through my home equity options with Mike