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.
Keep the rate you love.
A separate second mortgage leaves your existing first mortgage in place.
Create room in your budget.
Compare high-interest card payments with a fixed home equity loan payment.
Choose your pace.
See 10-, 15-, and 20-year payments and total borrowing costs together.
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 · 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.
What makes debt useful?
Think through the purpose, repayment plan, and cost.
Read Mike's guide to borrowing →Home equity or refinance?
Get clear answers before replacing a mortgage you like.
Explore the home equity FAQs →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.
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