How much will a $200,000 home equity loan cost per month if opened this September?

If you find yourself in need of a large, six-figure amount of money this September – whether it’s used to pay down growing credit card balances, make delayed home repairs and renovations or pay for tuition or other larger expenses – your home equity merits serious consideration. Home equity loans, for example, have considerably lower interest rates than personal loans and credit cards do. And, unlike either of those two alternatives, you’ll find that gaining access to a large amount of money, such as $200,000, will be relatively easy and achievable.

Why securing a home equity loan is so simple, however, is because (unlike the other credit options) your home will serve as collateral in this exchange. That generally means lower interest rates but also heightened risk. Failure to repay your loan as agreed to can lead to foreclosure on the property in question. So it’s critical that you know precisely what to expect before formally applying for the loan. Fortunately, with a home equity loan, that will be easy to determine thanks to the loan’s fixed interest rate. How much will a $200,000 home equity loan cost per month if opened this September, then? That’s what we’ll break down below.

Start by seeing how much home equity you have to borrow here.

How much will a $200,000 home equity loan cost per month if opened this September?

The average home equity loan interest rate is 8.14% as of September 8, 2026, according to Money.com. Here’s how much a $200,000 home equity loan will cost per month, calculated against that rate, two common repayment periods and the assumption that the loan isn’t refinanced before being paid off:

• 10-year home equity loan at 8.14%: $2,441.37 per month
• 15-year home equity loan at 8.14%: $1,927.50 per month

For context, here’s how much the same-sized home equity loan cost in November 2025, when rates were slightly higher:

• 10-year home equity loan at 8.20%: $2,447.74 per month
• 15-year home equity loan at 8.15%: $1,928.66 per month

And here’s what it cost in September 2025, when rates were even higher:

• 10-year home equity loan at 8.34%: $2,462.63 per month
• 15-year home equity loan at 8.21%: $1,935.63 per month

So while payments may be lower than they were at multiple points over the past year, today’s rates and costs still aren’t so much lower as to negate the advantages of shopping around for a loan. You don’t necessarily have to use your current mortgage servicer when looking to borrow with a home equity loan. And you shouldn’t automatically use your current mortgage servicer if you can find materially better rates and terms with a competitor. 

Start by using an online marketplace, then, to compare all of your options in one location. Then consider returning to your current mortgage servicer to see if they can beat your best found offer.

Shop for home equity loans online now.

The bottom line

A $200,000 home equity loan comes with monthly payments ranging from $1,927 to $2,448, approximately, for qualified borrowers right now. That said, expect to see higher rates and larger payments if applying with average credit. If your credit score needs improving, then, consider working on it before leveraging your home equity. Then, start shopping around to see which rates and terms you qualify for at that stage. If you already have good credit, meanwhile, it may be worth locking in one of today’s lower home equity loan rates now. As can be seen compared to the recent past, today’s offers are better than they were but they may not stay this low for much longer. Instead, consider locking one in now and simply look for opportunities to refinance in the future.