Free Oklahoma Home Equity Loan Calculator
Oklahoma Home Equity Loan Calculator
By SoFi Editors | Updated December 23, 2025
Oklahoma homeowners looking to fund a major project like a kitchen renovation or debt consolidation can pursue a home equity loan. By leveraging our online home equity loan calculator, you can gain valuable insights into what a home equity loan might look like for your specific financial situation. This guide provides the homeowner with useful information including key terms and definitions, information on housing trends, and alternative financing options. Overall, you will learn how to use the calculator, so you can make an informed decision.
- Key Points
- • Home equity loan rates are influenced by personal financial factors, such as your credit score and debt-to-income (DTI) ratio.
- • Use an Oklahoma home equity loan calculator to explore borrowing scenarios without making a formal commitment.
- • The interest on a home equity loan may be tax-deductible (check with a tax advisor to be sure).
- • Home equity loans typically have fixed interest rates, which ensures your monthly payments will remain consistent throughout the life of the loan.
- • Alternatives to home equity loans exist, such as a home equity line of credit, a home improvement loan, personal line of credit, and cash-out refinance.
Calculator Definitions
To get the most out of our Oklahoma home equity loan calculator, review these terms and definitions.
• Home Value: This is the property’s current estimated market value, not its original purchase price. This figure is a primary component in determining the amount of equity available to you.
• Desired Loan Amount: This is the total lump sum of money that you intend to borrow. This figure represents the principal amount that you will repay over the loan term.
• Current Mortgage Balance: This is the total outstanding amount you owe on your primary home loan. For an accurate calculation, you must also include the balances of any other existing loans secured by the property, such as a prior home equity loan or HELOC.
• Home Equity Loan Repayment Term: This figure represents the duration over which the loan will be repaid. Repayment terms for home equity loans typically range from five to 30 years.
• Interest Rate: This is the cost of borrowing money, expressed as a percentage. For most home equity loans, this is a fixed rate, meaning it will not change over the life of the loan.
• Maximum Loan Amount: This is the highest amount a lender might offer based on your available equity and financial profile. You are not required to borrow the full maximum amount.
• Estimated Monthly Payment: The estimated monthly payment is the projected amount you would pay each month to the lender. It includes both a portion of the original loan amount (principal) and the interest charged.
• Available Equity Amount/Percentage: This amount represents the total equity in your home minus the portion the lender requires you to retain (typically 15%). This calculated amount is the maximum pool of funds you can potentially borrow against.
How to Use the Oklahoma Home Equity Loan Calculator
A home equity loan calculator is a useful tool for estimating potential loan scenarios. The following steps guide you through inputting your financial information to generate estimates, so you can see what a loan might entail for your budget. You can type in the figure or adjust the slider accordingly.
Step 1: Enter Your Home Value
Input the current estimated market value of your home. This figure should reflect what your home could sell for today, not what you originally paid for it.
Step 2: Input Your Desired Loan Amount
Enter the specific amount of money you wish to borrow.
Step 3: Choose Your Current Mortgage Balance
Input the remaining principal balance of your primary mortgage loan. This is a foundational number for calculating the amount of equity you currently have in your property.
Step 4: Select a Home Equity Loan Repayment Term
Choose a repayment period, keeping in mind that available terms typically range from five to 30 years. Your selection will directly affect the size of your monthly payment and the total interest you pay over time.
Step 5: Estimate Your Interest Rate
Input an estimated interest rate then explore with different rates to see how your monthly payment might change based on the terms you are offered.
Step 6: Review Your Results
Review the outputs, which will include an estimated monthly payment and a maximum potential loan amount, and determine what you can afford.
What Is a Home Equity Loan?
A home equity loan plays a fundamental role as a second mortgage, allowing homeowners to convert their home’s equity into a usable lump sum of cash to put toward home remodeling, debt consolidation, or a variety of other purposes. This section helps you understand what a home equity loan is.
Basically, a home equity loan allows homeowners to borrow against the equity in their home. Because it is secured by your home, it often comes with a lower interest rate compared to unsecured debt, like personal loans or credit cards. However, you need to be aware of the risk as your home serves as collateral.
Here are some key characteristics:
• Second mortgage: You have two distinct monthly mortgage payments because it is a separate loan from your primary mortgage.
• Lump-sum disbursement: The funds are delivered to you all at once after closing.
• Secured by collateral: The loan is secured by your home, which means the lender can foreclose on your property if you fail to make payments.
• Fixed payments: Repayment occurs through fixed monthly installments of both principal and interest, making it easy to budget.
• Repayment terms: The duration of the loan typically ranges from five to 30 years.
Recommended: What Is a Home Equity Line of Credit?
Home Equity Trends in Oklahoma
Home equity, which is your home price minus mortgage amount, has climbed across the U.S. in recent years (see chart below). This means it’s a good time to look into how to get equity out of your home.
Oklahoma homeowners have experienced one of the most substantial gains in the country, with equity levels increasing by 431% over the same period. The average home equity per homeowner is currently just over $46,500. Staying aware of home equity trends can help you make a more informed decision about when to apply for a home equity loan and secure the most favorable terms for your goals and budget.
Current home equity loan rates by state.
Compare current home interest rates by state and find a home equity loan rate that suits your financial goals.
Select a state to view current rates:
How to Use the Home Equity Loan Calculator Data to Your Advantage
Use the estimates from our Oklahoma home equity loan calculator as a strategic financial planning tool when pursuing your home equity loan. This section explores how to leverage the data—specifically the estimated loan amount and monthly payment—for effective budgeting, scenario planning, and preparing for discussions with lenders.
• Budgeting for major projects: Use the estimated monthly payment to determine if a large project, such as a home renovation or a debt consolidation plan, fits comfortably within your monthly budget. This allows you to prepare for large expenditures without straining your finances.
• Comparing loan scenarios: Adjust the loan term, loan amount, and interest rate in the calculator to see how different scenarios impact your monthly payments and overall affordability. This helps you identify the loan structure that best aligns with your financial goals.
• Informed lender discussions: As you approach lenders, your calculator estimates serve as an anchor. For instance, if their proposed monthly payment is significantly higher than your estimate using a competitive rate, request a breakdown of the APR, including all fees, to understand the information.
Now you can apply the calculator’s outputs to real-world financial planning.
Home Equity Loan Scenarios
Using the Oklahoma home equity loan calculator helps you run estimates before you apply for a loan. Here are some real-world examples you can also review:
Scenario 1: Home Remodeling Project
A homeowner, who is pursuing a large project with a known, fixed cost (a major kitchen remodel for example), applies for a home equity loan because they would receive the full loan upfront in a lump sum. With a fixed interest rate and say, a 15-year repayment schedule, they can easily budget for the project, knowing they have predictable monthly payments over the life of loan.
Scenario 2: Debt Consolidation
An individual is juggling several high-interest credit card balances. They pursue a home equity loan so they can consolidate the variable interest rates into one monthly payment with a lower, fixed rate. The home equity loan is one way to significantly reduce monthly interest accrual and have just one predictable and more manageable monthly payment.
Tips on Home Equity Loans
Pursuing a home equity loan requires responsible and careful planning. Here are tips to help you navigate the process.
• Work on your credit score. Lenders typically look for credit scores of at least 680 or higher for home equity loan applicants, with many preferring scores of 700 or more.
• Understand the risks. Your home serves as collateral on the loan. You don’t want to risk foreclosure if you miss payments.
• Comparison shop. Try to get offers from multiple financial institutions and use the home equity loan payment calculator to compare the costs of their interest rates. Incorporate fees into your estimates too to get the fuller picture.
• Borrow only what you need. The maximum loan amount shows the estimated highest amount a lender might offer. You are not required to borrow the full amount even though it may be tempting.
Alternatives to Home Equity Loans
While a home equity loan is a powerful financial tool, it is not the only option available for accessing funds for large projects. There aren’t necessarily different types of home equity loans, but a variety of ways to leverage your home’s value. Following are alternatives to consider:
Home Equity Line of Credit (HELOC)
A home equity line of credit, or HELOC, is a revolving line of credit secured by your home, operating much like a credit card. There is a “draw period” (often 10 years) where you can borrow funds as needed, followed by a “repayment period” (often 20 years). HELOCs typically have a variable interest rate, and you pay interest only on the amount you borrow.
A HELOC interest-only calculator can calculate what your payments might be during the initial period. A HELOC repayment calculator can help you determine your principal plus interest amount during the repayment period.
Home Improvement Loan
A home improvement loan does not use your home as collateral. Because it is unsecured, it often comes with a higher interest rate and a shorter repayment term than a home equity loan. The application and funding process, however, may be faster.
Personal Line of Credit
A personal line of credit, not to be confused with a personal loan, is an unsecured, revolving line of credit. Basically, the personal line of credit is not secured by your home, which generally results in a higher interest rate and a lower credit limit compared to a HELOC.
Cash-Out Refinance
A cash-out refinance is a mortgage refinance that replaces your existing mortgage with a new, larger one. The difference between the old and new loan amounts is given to you as a lump sum of cash. This results in a single, new primary mortgage payment rather than a second one.
When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance results in a single, new primary mortgage payment, rather than a separate second mortgage payment that you pay in addition to your original mortgage.
The Takeaway
A home equity loan allows you to access your property’s value through a lump-sum payment, repaid with predictable, fixed-rate monthly installments. Whether it is for a major home renovation or the consolidation of high-interest debt, a home equity loan may be an appropriate option. Referring to our Oklahoma home equity loan calculator is an excellent preliminary step to help estimate what you might be able to borrow and what your payments could be. This guide provides the clarity needed to make a sound financial decision when pursuing a home equity loan.
SoFi now offers home equity loans. Access up to 85%, or $750,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
Is the interest rate on a home equity loan fixed or variable?
A home equity loan usually has a fixed interest rate, which means your monthly payment of principal and interest is predictable and unchanging over the entire term of the loan.
What are the typical loan terms for a home equity loan?
The repayment term is typically anywhere from five to 30 years. Shorter terms will have higher monthly payments but less total interest paid, and longer terms will have lower monthly payments but more interest paid over the life of the loan.
What are the qualification requirements for a home equity loan?
You will need to show lenders you possess sufficient home equity, a manageable debt-to-income ratio (ideally below 50%), and a stable source of income. You will need a credit score of at least 620 (680 for SoFi), with scores of 700+ typically earning the best rates.
Does a home equity loan replace my first mortgage?
No, a home equity loan is a second mortgage. It is in addition to your original, primary mortgage. You will make separate monthly payments for your first mortgage and your new home equity loan.
Learn more about mortgages:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
SOHE-Q425-036
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Free Ohio Home Equity Loan Calculator
Ohio Home Equity Loan Calculator
By SoFi Editors | Updated December 16, 2025
For Ohio homeowners, the equity built up in your property represents a significant financial asset. A home equity loan allows you to access cash based on this equity to cover extensive home renovations, allow you to pay off high-interest debt, or help cover other costs. A home equity loan calculator is a helpful tool if you’re thinking about getting a home equity loan. You can quickly learn how large a loan you might qualify for, plus determine the monthly payment based on loan amount, term, and possible interest rate. This guide will help you use the calculator to best advantage.
- Key Points
- • A home equity loan payment calculator is a helpful tool for comparing different loan offers.
- • Factors such as a borrower’s credit score and debt-to-income ratio influence the interest rates offered for a home equity loan.
- • Small differences in interest rates can lead to substantial differences in cost over the loan’s lifetime.
- • Interest paid on a home equity loan may be tax-deductible.
- • Home equity loans typically have fixed interest rates, ensuring consistent monthly payments.
Calculator Definitions
• Home Value: This is the current estimated market value of your property. It is not the original purchase price but rather what your home could reasonably sell for in today’s market.
• Desired Loan Amount: This is the specific sum you wish to borrow. It should reflect the total cost of the project or expense you intend to finance.
• Current Mortgage Balance: This figure represents the total amount you still owe on your primary home loan. If you have any other existing loans secured by your home, add that balance in here, too.
• Home Equity Loan Repayment Term: The length of time over which you will repay the loan could be anywhere from five to 30 years. The longer the term, the lower your monthly payments but the more interest you’ll pay over the life of the loan.
• Interest Rate: The interest rate is the percentage charged for the cost of borrowing the money. Home equity loans usually feature a fixed rate, meaning it will not change over the life of the loan.
• Maximum Loan Amount: This is the highest amount a lender is likely to offer based on your home’s value and your existing mortgage debt. Lenders generally permit homeowners to borrow an amount that keeps the total debt on the home at or below 85% of the home’s appraised value.
• Estimated Monthly Payment: The home equity payment calculator will show the amount you will owe each month to repay the loan. This payment includes both a portion of the principal (the amount you borrowed) and the interest accrued.
• Available Equity Amount/Percentage: The home equity calculator will show you how much of your home you own outright — both its estimated dollar value and the percentage of equity. It computes the difference between your home’s estimated market value and the total outstanding balance on your mortgage.
How to Use the Ohio Home Equity Loan Calculator
An Ohio home equity loan calculator is easy to use. Follow these steps and you’ll have results almost immediately.
Step 1: Enter Your Home Value
Input the current estimated market value of your home. This is the starting point for determining how much equity you have available.
Step 2: Input Your Desired Loan Amount
Enter the sum of cash you wish to borrow. This allows the calculator to determine if your requested amount is feasible based on your available equity.
Step 3: Enter Your Current Mortgage Balance
Input the remaining balance on any loans secured by your property.
Step 4: Select a Home Equity Loan Repayment Term
Select a repayment term that aligns with your financial capacity. Longer terms, which can extend up to 30 years, result in lower monthly payments but will cost more in total interest over the life of the loan.
Step 5: Estimate Your Interest Rate
Enter an estimated interest rate based on the current market rates advertised by lenders. Or use rates lenders have quoted you based on your inquiry.
Step 6: Review Your Results
The calculator will generate your estimated monthly payment and the total maximum loan amount you might qualify for. These figures can help you understand how a new loan might fit into your budget and whether you have enough equity to borrow the amount you feel you need.
What Is a Home Equity Loan?
If your initial research has you thinking about applying for a home equity loan, make sure you understand what a home equity loan is before moving forward. This type of loan allows homeowners to convert a portion of their home’s value into usable cash. As a second mortgage, a home equity loan is secured by the equity in your home, which means you risk foreclosure if you don’t repay what you have borrowed, with interest.
The fact that your home is collateral means that a home equity loan will likely have a lower interest rate compared to unsecured debt. Home equity loan funds are disbursed in a single, upfront lump sum, and because these loans typically come with a fixed interest rate, the monthly payments over the set repayment term (usually five to 30 years) are predictable. This can simplify your budgeting process for large, one-time expenses. You’ll begin making those payments soon after receiving your loan.
Recommended: What Is a Home Equity Line of Credit?
Home Equity Trends in Ohio
If you’re thinking about how to get equity out of your home in Ohio, you’re not alone. Your fellow Ohio homeowners have enjoyed significant equity growth over the last five years. On average, an Ohio owner has more than $87,000 in home equity. Much of this growth is due to rising home prices. The median sale price of an Ohio single-family home is now almost $265,000, according to Redfin, up from $189,000 in the fall of 2020. The graphic shows a relatively steady upward trend in equity levels in the U.S. as a whole.
Current home equity loan rates by state.
Compare current home interest rates by state and find a home equity loan rate that suits your financial goals.
Select a state to view current rates:
How to Use the Home Equity Loan Calculator Data to Your Advantage
The outputs from a home equity calculator can be used to compare loan offers, budget for the future, and negotiate with lenders.
By analyzing the Estimated Monthly Payment provided by the home equity loan payment calculator, you can determine how a proposed loan payment would fit into your existing budget. This will help keep you from overextending yourself.
The Maximum Loan Amount tells you how much equity you might take advantage of. This estimate will be useful if you are planning big projects, such as a renovation. But you don’t want to borrow more just because you can. After all, those loan payments will begin soon after you receive the cash.
Finally, using the calculator to model different loan terms — for example, comparing a 10-year repayment term to 20-year one — illustrates the fundamental trade-off between lower monthly payments and higher total interest costs. For instance, a $100,000 loan at 8.00% has a monthly payment of $836 on a 20-year term, versus $1,213 on a 10-year term.
Home Equity Loan Scenarios
Hypothetical scenarios help clarify how the terms of a home equity loan can affect your real-world finances.
Scenario 1: Funding Home Renovations
Imagine a homeowner planning a complete kitchen remodel. They have obtained quotes and know the project will cost $35,000. A home equity loan is a good financing solution because it provides the full amount in a single lump sum, allowing them to pay the contractor and purchase materials without delay. The homeowner chooses a 10-year term. With an interest rate of 7.88%, the home equity loan shows a fixed monthly payment of $603.
Scenario 2: Consolidating High-Interest Debt
Consider a homeowner with multiple high-interest debts, such as credit card balances and a personal loan, totaling $25,000. By taking out a home equity loan, they can pay off all these debts at once. This consolidates their multiple monthly payments into a single, predictable payment, often at a significantly lower interest rate. The lower interest rate makes it possible for the homeowner to choose a short repayment term of five years. The monthly payment at 8.00% is $507.
Recommended: Cash-Out Refinance vs. Home Equity Line of Credit
Tips on Home Equity Loans
While a home equity loan can be a useful financial tool, responsible borrowing is important if you want to protect your most valuable asset. Follow these guidelines for home equity loan success:
• Maintain a strong credit history. Lenders reward a good credit score with lower interest rates, which can result in significant savings over the life of the loan. Aim for at least 680 and ideally over 700.
• Manage existing debt. Your debt-to-income (DTI) ratio is your monthly debt payments divided by your gross monthly income. While lenders may accept a DTI up to 50%, a ratio ideally below 36% makes an applicant more attractive and more likely to secure favorable rates.
• Borrow only what you need. It can be tempting to borrow the maximum amount available, but it’s wiser to align the loan amount with a specific need. Avoid taking on unnecessary debt by carefully calculating the funds required for your project or goal.
• Compare offers from multiple lenders. Interest rates, fees, and loan terms can differ significantly between lenders. Shopping around and comparing offers from several financial institutions can help you find the most competitive deal and save money.
• Understand the risks. The failure to make payments on your home equity loan on time can have severe consequences, including the risk of foreclosure.
Alternatives to Home Equity Loans
A home equity loan is just one of several ways to leverage home equity or fund large projects. While there aren’t different types of home equity loans, there are different ways to borrow against equity. There are also ways to borrow that don’t put your home on the line at all.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit secured by your home, functioning much like a credit card. It has a “draw period,” often 10 years, during which you can borrow funds as needed up to your credit limit, followed by a “repayment period” of 10 to 20 years. A HELOC interest-only calculator can show you what payments might amount to during the draw phase. For repayment estimates, turn to the HELOC repayment calculator.
Some important distinctions as you think about a HELOC vs. home equity loan. A HELOC typically has a variable interest rate, so monthly payments can be less predictable than with a home equity loan. With a home equity loan, you begin making principal-plus-interest payments immediately. HELOCs allow you to delay the larger payment if you wish to pay interest only for the draw phase. HELOCs are usually better suited for ongoing projects with uncertain costs, whereas a home equity loan is ideal for a single, large expense where the total cost is known.
Home Improvement Loan
A home improvement loan is a type of unsecured personal loan, meaning your home is not used as collateral. This significantly reduces the risk for you as a borrower, as there is no threat of foreclosure for non-payment. Because these loans are unsecured, they often have a lower limit, making them well suited for smaller projects, and may come with higher interest rates and shorter repayment terms compared to secured loans.
Personal Line of Credit
Similar to a HELOC, a personal line of credit is a revolving source of funds you can draw from as needed. The key difference is that it is unsecured, meaning it is not backed by any property. This lack of collateral generally results in a lower credit limit and a higher interest rate compared to a HELOC, as the lender assumes more risk. A personal line of credit is best for borrowers who need flexible access to funds but lack home equity or prefer not to use their home as collateral.
Cash-Out Refinance
A cash-out mortgage refinance replaces your existing primary mortgage with a new, larger one. You receive the difference between the old and new loan amounts as a lump sum of cash. A cash-out refinance can be an excellent option if you can secure a lower interest rate on your entire mortgage, potentially lowering your overall borrowing costs while accessing your equity. One nice plus of a cash-out refi is that you’ll emerge with one monthly payment instead of two. As with any refinance, you’ll also have closing costs.
The Takeaway
Using an Ohio home equity payment calculator is a smart way to assess your financial health before taking on the significant risk of a second mortgage. It provides the clarity needed for preliminary planning and budgeting for big home renovations. And it allows you to consider how a loan payment in addition to your mortgage might fit into your household budget. Homeowners should carefully evaluate their financial stability, compare all available financing options, and seek out interest rate quotes from multiple lenders to find the home equity borrowing method and lender that works best for you.
SoFi now offers home equity loans. Access up to 85%, or $750,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
How is a home equity loan different from a home equity line of credit (HELOC)?
A home equity loan provides a single lump sum of money at a fixed interest rate, which results in predictable monthly payments. In contrast, a HELOC is a revolving line of credit with a typically variable interest rate, where you can draw funds as needed up to a predetermined limit. Another major difference is that you begin repaying a home equity loan immediately after receiving the funds. A HELOC usually has a period of 10 years during which you only need to pay interest on what you’ve borrowed. This is followed by a term when you will pay both principal and interest.
How much can I borrow with a home equity loan?
The amount you can borrow depends on the equity in your home, your income, and your credit history. Lenders calculate a maximum loan amount, typically ensuring that you retain a portion of your home’s equity as a financial cushion after the loan is issued. Lenders may also have a maximum loan amount that they will not exceed, regardless of how much equity you have.
What can I use home equity loan money for?
Funds from a home equity loan can be used for a wide variety of purposes. Common uses include home improvements, debt consolidation, covering medical bills, or funding other major purchases. There are generally no restrictions on how the money is spent — the most important thing is to have a plan to repay the loan.
Is the interest rate on a home equity loan fixed or variable?
Home equity loans almost always come with a fixed interest rate. This provides stability and predictability, as your interest rate and monthly payment amount will remain the same for the life of the loan.
Learn more about mortgages:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Free North Dakota Home Equity Loan Calculator
North Dakota Home Equity Loan Calculator
By SoFi Editors | Updated December 18, 2025
A home equity loan is a type of second mortgage that provides a lump sum of cash to the borrower. It is secured by the home and repaid in predictable, fixed monthly installments over a predetermined period.
A North Dakota home equity loan calculator is the first step in the process of securing a home equity loan, as it estimates your monthly payments and maximum borrowing amount before even meeting with a lender.
This guide will explore what a home equity loan is, how a North Dakota home equity loan calculator works, and offer alternatives to homeowners in need of cash.
- Key Points
- • A home equity loan provides funds as a single, lump-sum payment based on the equity you have in your home.
- • Home equity loans typically have a fixed interest rate, which leads to predictable monthly payments over the loan’s life.
- • A home equity loan calculator is a useful tool for comparing different loan options and estimating monthly payments.
- • Your home is used as collateral, which means the lender can foreclose on the property if payments are not made.
- • Home equity loans have repayment terms ranging from five to 30 years.
Calculator Definitions
• Home Value: The home value is the current market value of your home, not the original purchase price.
• Desired Loan Amount: The desired loan amount is the specific lump sum of money you wish to borrow. This is the principal amount that will be repaid with interest over the loan term.
• Current Mortgage Balance: This is the total amount you still owe on your primary home loan, plus the balance on any other loans or lines of credit currently secured by your home.
• Home Equity Loan Repayment Term: The home equity loan repayment term is the length of time over which the loan will be repaid. These terms typically range from five to 30 years.
• Interest Rate: This is the percentage charged for borrowing the money. For most home equity loans, this rate is fixed, meaning it will not change over the life of the loan.
• Maximum Loan Amount: The maximum loan amount is the highest amount a lender might offer. It’s based on your home’s value, your existing mortgage balance, and your overall financial standing.
• Estimated Monthly Payment: This is the calculated amount that will be paid each month to repay the loan. This payment is structured so that each installment covers both the interest accrued for that month and a portion of the original loan principal.
• Available Equity Amount: This is the portion of your home’s value that you own outright, calculated by subtracting your mortgage balance from the home’s current market value.
How to Use the North Dakota Home Equity Loan Calculator
An online home equity loan calculator estimates your borrowing capacity and potential monthly payments. Here’s a step-by-step guide on how to use the North Dakota home equity loan calculator:
Step 1: Enter Your Home Value
Input your home’s current estimated market value. This is the first step in determining the total equity available in your property.
Step 2: Input Your Desired Loan Amount
Enter the specific lump-sum amount you wish to borrow. This will be used to calculate your potential monthly payments and see if it aligns with what lenders might offer.
Step 3: Type in Your Current Mortgage Balance
Provide the total outstanding balance on your existing mortgage. Be sure to include the balances of any other loans or lines of credit secured by the property.
Step 4: Select a Home Equity Loan Repayment Term
Choose a repayment period for the loan. Lenders generally offer terms ranging from five to 30 years, which will affect the size of your monthly payment.
Step 5: Estimate Your Interest Rate
Enter an estimated interest rate to see how it affects your monthly payment. You can adjust this rate to understand how different offers would impact your budget.
Step 6: Review Your Results
After entering the information, the calculator will provide an estimated maximum loan amount and a projected monthly payment. You can use these results for budgeting, comparing different loan structures, and preparing for discussions with potential lenders.
What Is a Home Equity Loan?
A home equity loan is a type of second mortgage that allows a homeowner to borrow against the equity they have built in their property. It’s ideal for those who need a specific amount of money for a one-time expense.
Home equity loans have several characteristics, including:
• Lump-sum payment: The loan provides funds in a single, upfront payment, which is ideal for large, one-time expenses with a known cost.
• Fixed interest rate: Home equity loans typically have a fixed interest rate, which means the rate does not change over the life of the loan. This ensures that monthly payments are predictable and consistent, making budgeting easier.
• Fixed repayment term: The loan is repaid over a period determined at its outset, usually between five and 30 years, with monthly payments beginning immediately and covering both principal and interest.
• Secured loan: Because a home equity loan is secured by your house, these loans typically offer lower rates than unsecured personal loans or credit cards.
Recommended: What Is a Home Equity Loan and How Does It Work?
Home Equity Trends in North Dakota
Understanding regional home equity trends can provide valuable context for homeowners considering their financing options. Market fluctuations can impact property values, which in turn affects the amount of equity available to borrow against.
Over the past five years, rising home values have driven homeowner equity to new highs. In fact, equity levels have doubled since 2020, a collective increase of $5.7 trillion (see chart below). About half of homeowners with a mortgage are considered “equity rich,” which means their mortgage balance is less than 50% of the home’s value.
In North Dakota, equity levels didn’t quite double, but they did increase 19% over the same period. The average home equity per homeowner in 2025 is $79,511. This could be why there is so much interest around how to get equity out of your home.
Current home equity loan rates by state.
Compare current home interest rates by state and find a home equity loan rate that suits your financial goals.
Select a state to view current rates:
How to Use the Home Equity Loan Calculator Data to Your Advantage
The data generated by a home equity loan calculator is not a final loan offer but rather a preliminary estimate that allows you to assess different financial scenarios, understand potential costs, and approach lenders from a position of knowledge. Here’s how to use that data to your advantage:
• Budgeting and affordability: The estimated monthly payment allows you to assess whether the loan fits comfortably within your household budget and helps you understand the long-term financial commitment you would be making.
• Comparing loan scenarios: By adjusting variables like the loan amount and repayment term, you can instantly see how these changes impact the monthly payment and the total interest you would pay over the life of the loan. This helps in finding a balance between an affordable payment and the lowest overall cost.
• Informed lender discussions: Entering discussions with lenders armed with these estimates gives you an advantage. You have a baseline for what to expect in terms of monthly payments and borrowing capacity, which empowers you to compare official loan offers more effectively and negotiate with greater confidence.
By using the calculator to explore these financial dynamics, you can better understand how a home equity loan might apply to real-world situations.
Home Equity Loan Scenarios
Home equity loans can be used for nearly anything. The following scenarios explore common situations where a homeowner might want to consider this type of financing.
Scenario 1: Home Improvements
A homeowner wants to undertake a major kitchen remodel with a known cost of $40,000. A home equity loan is well-suited for this purpose because it provides the full amount as a single, upfront payment. This allows the homeowner to pay contractors and purchase materials without delay.
Scenario 2: Debt Consolidation
Another homeowner is struggling with high-interest debt from multiple sources, including several credit cards with variable rates. They use a home equity loan to consolidate these debts into a single loan. The primary advantage is replacing multiple, often unpredictable, high-interest payments with one fixed, lower-rate monthly payment. This not only simplifies their finances but can also reduce the total amount of interest paid over time, accelerating their path to becoming debt-free.
Scenario 3: Funding Higher Education
A homeowner facing a large, one-time college tuition payment can use a home equity loan to access the full amount in a single lump sum, allowing them to cover the bill on time without piecing together multiple funding sources.
Tips on Home Equity Loans
The decision to take on a second mortgage should be made with careful consideration of both the benefits and the inherent risks. Here are four tips to consider before deciding to take out a home equity loan:
• Use the funds wisely: Financial experts recommend using home equity loan proceeds for purposes that can enhance your financial standing. The best use of funds is often for projects that add value to the home, such as essential repairs or remodeling.
• Understand the risks: With a home equity loan, your home is used as collateral for the loan. This means that a failure to make the required monthly payments can lead to foreclosure, putting your home at risk.
• Shop around: Interest rates and loan terms can vary significantly between lenders. Compare offers from multiple institutions to secure the best available rate. Even a small difference in the interest rate can lead to substantial savings over the life of the loan.
• Evaluate your financial health: To qualify for the most favorable rates, lenders will look for a strong credit score and a manageable debt-to-income (DTI) ratio, which compares your monthly debt payments to your monthly income. A healthy financial profile demonstrates to lenders that you are a responsible borrower.
Alternatives to Home Equity Loans
There are not different types of home equity loans, but there are other products available that might be a better fit depending on your specific goals and financial situation. Each alternative offers a different combination of features related to fund disbursement, interest rates, and repayment structures.
Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) is a revolving line of credit secured by your home, operating much like a credit card. Unlike a home equity loan, which provides a single lump sum, a HELOC allows you to draw funds as needed during a specified “draw period.” You only pay interest on the amount you use, providing greater flexibility for ongoing projects or uncertain costs.
A HELOC interest-only calculator can calculate what your payments might be during the initial period. To determine your principal plus interest amount during the subsequent repayment period, you can use a HELOC repayment calculator.
Recommended: What Is a Home Equity Line of Credit?
Home Improvement Loan
A home improvement loan is a type of unsecured personal loan, meaning it is not backed by the equity in your home. The key difference is that your property is not at risk if you are unable to make payments. Because these loans are unsecured, they often come with higher interest rates and shorter repayment terms than home equity loans, making them a potentially better fit for smaller projects or for homeowners who have not yet built up significant equity.
Personal Line of Credit
A personal line of credit is an unsecured, revolving line of credit that allows you to borrow funds as needed. The primary distinction between a personal line of credit and a HELOC is that a personal line of credit is not secured by your home. This lack of collateral typically results in a higher interest rate and a lower credit limit compared to a HELOC.
Cash-Out Refinance
A cash-out mortgage refinance involves replacing your current mortgage with a new, larger home loan. The difference between the new loan amount and your old mortgage balance is given to you as a lump sum of cash.
When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance results in a single, new primary mortgage payment rather than the separate second mortgage payment that comes with a home equity loan or line of credit.
Recommended: HELOC vs. Home Equity Loan
The Takeaway
Before committing to a home equity loan, it’s wise to familiarize yourself with different loan scenarios using a home equity loan calculator. The North Dakota home equity loan calculator allows you to estimate monthly payments and maximum loan amount, which helps with financial planning.
SoFi now offers home equity loans. Access up to 85%, or $750,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
How is a home equity loan different from a home equity line of credit (HELOC)?
A home equity loan provides a one-time lump sum of cash at a fixed interest rate, resulting in predictable monthly payments. In contrast, a HELOC is a revolving line of credit with a typically variable interest rate, which allows you to draw funds as needed up to a set limit and only pay interest on the amount you use.
What can I use home equity loan money for?
The funds from a home equity loan are provided as a lump sum for flexible use. Common uses include home renovations, consolidating high-interest debt, funding education expenses, and covering other major purchases or life events. Using the funds for value-adding projects like home improvements is often recommended.
Is the interest rate on a home equity loan fixed or variable?
Home equity loans almost always come with fixed interest rates. This means the rate and your monthly payment will remain the same for the entire loan term, providing predictability and stability for budgeting purposes.
What are the typical loan terms for a home equity loan?
Repayment terms for home equity loans are generally long, typically ranging from five to 30 years. This extended timeframe allows for lower monthly payments compared to shorter-term personal loans, although it may result in more total interest paid over the life of the loan.
Learn more about mortgages:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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