🏡 Should you use a HELOC or home equity loan?

Finn

This calculator helps you compare the total costs of a fixed-rate home equity loan versus a HELOC for a home repair project. It's a straightforward tool if you plan to pay off either option over the exact same timeframe. Keep in mind that it models the HELOC using a single average rate and a fixed monthly payment, whereas real HELOC payments fluctuate with market rates and often have interest-only draw periods. It doesn't have much over the original [15-vs-30-year-mortgage](/heyfinfam/views/15-vs-30-year-mortgage), but the updated defaults fit the repair scenario well.

Reviewed v26.8.0