What would a $200,000 home equity loan cost per month this September?

A $200,000 home equity loan opened this September would cost about $2,441.37 a month on a 10-year repayment schedule, or $1,927.50 a month over 15 years, based on an average interest rate of 8.14% as of September 8, 2026.

The calculations assume a fixed rate and that the loan is not refinanced before it is paid off. The article presents home equity loans as an option for borrowers seeking a large sum to pay down credit card balances, make home repairs or renovations, cover tuition, or meet other major expenses.

These loans generally carry lower interest rates than personal loans and credit cards. Borrowers can also access substantial amounts because their homes serve as collateral. That security for the lender, however, creates a serious risk for the homeowner: failing to make the agreed payments can lead to foreclosure.

The monthly payments are slightly lower than they were at earlier points in the year. A $200,000 loan at 8.20% over 10 years would have cost $2,447.74 a month in November 2025, while a 15-year loan at 8.15% would have cost $1,928.66. In September 2025, the comparable payments were $2,462.63 over 10 years at 8.34% and $1,935.63 over 15 years at 8.21%.

The article advises borrowers to compare lenders rather than automatically using their current mortgage servicer. An online marketplace can provide a starting point for comparing rates and terms.