HELOC vs Home Equity Loan Comparison
Compare the costs and benefits of a Home Equity Line of Credit (HELOC) versus a traditional home equity loan.
Loan Details
Enter the basic loan parameters for comparison
HELOC Terms
Costs and Fees
Cost Comparison
$0
HELOC Total Cost
$0
Loan Total Cost
Cost Difference:$0
Interest Difference:$0
HELOC appears to be the more cost-effective option for your situation.
Cost Breakdown
Feature Comparison
Sensitivity Analysis
| Scenario | HELOC Cost | Loan Cost | Difference | Better Option |
|---|
HELOC Advantages
- Access funds as needed during draw period
- Interest-only payments during draw period
- Pay interest only on amount used
- Flexible repayment options
- Can repay and re-borrow during draw period
Home Equity Loan Advantages
- Fixed interest rate provides payment stability
- Receive full amount upfront
- Protection from rising interest rates
- Structured repayment builds discipline
- Often lower closing costs than HELOC