Money.com reported an average home equity loan rate of 8.14% in September 2026, with monthly payments varying by loan size and term. A $200,000 loan would cost approximately $2,441.37 over 10 years or $1,927.50 over 15 years based on the September 8 report, while an $80,000 loan would cost $976.55 or $771.00 over the same terms based on the September 9 report. Home equity loans generally offer lower rates than personal loans and credit cards, along with fixed payments that can simplify budgeting, but the borrower’s home serves as collateral and missed payments could lead to foreclosure. Recent payment figures have changed little from late 2025, after the Federal Reserve’s last rate cut in December, so borrowers may benefit from comparing lenders while current offers remain available. A HELOC may have a slightly lower initial rate but carries variable payments, while a future rate decline could allow refinancing.