How much will a $150,000 home equity loan cost monthly now?

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. September 2, 2026 / 12:41 PM EDT / CBS News Add CBS News on Google Borrowing money with a fixed-rate home equity loan can make sense ahead of a potential Fed rate hike. krisanapong detraphiphat/Getty Images Whether you're contending with growing credit card debt, need to pay off large expenses like tuition or home repairs or simply want to renovate your home later this fall, a home equity loan could be the borrowing product you need right now. With interest rates on the loan considerably lower than what you'll be offered with a personal loan or credit card, a home equity loan this September offers one of the most affordable ways to borrow money. Considering that home equity levels reached a record high last year and that there are now trillions of dollars considered borrowable for homeowners, there's likely a substantial amount of money to work with, too. And knowing that the loan comes with a fixed interest rate in a climate in which many expect rates to rise, borrowers will be able to budget with certainty without having to worry about rising rates and payments ahead, as they would with a home equity line of credit (HELOC) counterpart.That said, your home does serve as collateral when leveraging your equity and the risk of it being foreclosed on if you're ever unable to make your payments is critical to manage in advance. That's especially true if you're borrowing a large, six-figure sum such as $150,000. Before formally applying for the funds, then, it's important to start at a fundamental level – knowing the costs. Thanks to the account's fixed rate, this is simple to calculate. So, how much will a $150,000 home equity loan cost homeowners monthly right now? That's what we'll break down below.Start by seeing how much home equity you have to borrow from here.How much will a $150,000 home equity loan cost monthly now?The average home equity loan interest rate is 8.14% as of September 2, 2026, according to Money.com. Here's how much a $150,000 home equity loan will cost monthly now, then, calculated against that rate and two traditional repayment periods:10-year home equity loan at 8.14%: $1,831.03 per month15-year home equity loan at 8.14%: $1,445.63 per monthFor reference, here's what a home equity loan for the same amount would have cost monthly if withdrawn in November 2025, following a Federal Reserve interest rate cut the month prior:10-year home equity loan at 8.20%: $1,835.80 per month15-year home equity loan at 8.15%: $1,446.50 per monthAnd here's what it cost last September, when rates were even higher:10-year home equity loan at 8.34%: $1,846.97 per month15-year home equity loan at 8.21%: $1,451.72 per monthMonthly payments are improved from what they were last November and even lower than they were year-over-year. But with the November and September 2025 payments calculated following Fed rate cuts at the time and with the possibility of the Fed actually raising interest rates when it meets this September, homeowners should seriously consider the merits of locking in an affordable home equity loan rate now, while still readily available. While banks won't follow the Fed's actions in direct proportion, they do take guidance from the central bank and some may even raise their rate offers in advance of a looming rate hike. Locking in an affordable home equity loan rate now, however, before that becomes a reality, will circumvent that growing possibility.Get started with a home equity loan online today.The bottom lineA $150,000 home equity loan comes with monthly payments ranging from $1,831 to $1,446 if secured by qualified borrowers now. With the chances of rates rising in the weeks ahead not insignificant, however, homeowners who are set on using this form of funding are encouraged to start shopping around promptly. Remember, too, that while your current mortgage servicer may be offering competitive home equity financing, you don't necessarily have to use the servicer. Instead, thoroughly shop for rates and lenders to see what else you qualify for before making a final commitment. Edited by Angelica Leicht