Monthly Cost of a $60,000 Home Equity Loan with Falling Rates

Home equity loan rates have dropped to a low average of 7.92% for 5-year loans, making it a cost-effective option for borrowing significant amounts like $60,000. Monthly payments for a 10-year loan at 8.10% are $731.14, while a 15-year loan at 8.09% costs $576.51. Homeowners can potentially deduct interest on loans used for eligible home repairs, but must consider the risk of losing their property if unable to repay. With favorable rates and the option to refinance, it’s an opportune time to borrow against home equity.