How much does a $200,000 home equity loan cost per month now that rates are cut?

It’s important to calculate your potential monthly costs before borrowing from your home equity. Home equity levels are at record highs, making it easier for homeowners to borrow while still maintaining equity for the future. Home equity loans have fixed, lower interest rates compared to HELOCs, making them a more attractive option. Before taking out a loan, calculate the monthly costs to ensure affordability. The average cost for a $200,000 home equity loan ranges from $1,475 to $1,955 per month, depending on the repayment term. Remember to consider your credit score and history, as they can impact the interest rates offered to you. Boost your credit score before applying for a loan to secure the best rates.