Monthly cost of a $70,000 home equity loan
After the Federal Reserve’s September 2025 rate cut, CBS News calculates what a $70,000 fixed‑rate home equity loan would cost U.S. borrowers: at current quoted rates a 10‑year loan at 8.34% would carry payments of about $861.92/month, while a 15‑year loan at 8.21% would cost about $677.47/month. The piece compares those figures with February and October 2024/2025 rates, notes HELOC averages fell under 8%, and urges homeowners to weigh alternatives such as HELOCs, cash‑out refis and timing decisions.
Economy
Personal Finance
🔍 Key Facts
- 10‑year fixed home equity loan at 8.34% → $861.92 per month for $70,000
- 15‑year fixed home equity loan at 8.21% → $677.47 per month for $70,000
- Comparisons: Feb 2025 10‑year at 8.54% ($869.40/month) and Oct 2024 10‑year at 8.47% ($866.78/month)
- Context: average HELOC rate recently fell to under 8% after the Fed cut