$20,000 Home Equity Loan: Monthly Costs Now
A CBS News consumer‑finance piece calculates monthly payments for a $20,000 fixed‑rate home equity loan in the wake of recent Federal Reserve rate cuts, showing concrete payment examples for 10‑ and 15‑year terms and comparing them with earlier points in 2024 and 2025. The article explains that although Fed cuts have only modestly lowered available home‑equity rates, fixed mortgages remain cheaper than most personal‑loan or credit‑card alternatives and include tax and budgeting considerations for U.S. homeowners.
Economy
Finance
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How much is a $20,000 home equity loan monthly now that interest rates have been cut?
New information:
- 10‑year fixed home‑equity loan at 8.34% → $246.26/month for a $20,000 loan
- 15‑year fixed home‑equity loan at 8.21% → $193.56/month for a $20,000 loan
- Comparative earlier rates: early‑2025 10‑year at 8.53% (would have been $248.29/month) and Sept. 2024 10‑year at 8.50% ($247.97/month)
- Article links the figures to a recent Federal Reserve rate cut referenced in the text