How much will a $150,000 HELOC cost monthly if opened now?

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September 3, 2026 / 3:28 PM EDT / CBS News

If you've taken a look at your credit card statement recently and noticed the interest rate you're paying, you already know that continuing to use the card could be financially perilous. With the average credit card interest rate hovering around 22% right now and credit card debt balances growing each quarter, relying on plastic to make ends meet isn't necessarily the best financial strategy right now. That's especially true if you're in need of a large, six-figure line of credit such as $150,000 this September. Fortunately, if you're a homeowner, you have a viable alternative via a product that operates much the same way.

With a home equity line of credit (HELOC) you'll be able to leverage your existing equity as needed to make home repairs, pay off debt, or finance major expenses. Since it works like a credit card, you'll only need to pay back what you've borrowed – not the full line of credit you were approved for. Some lenders will simply mandate interest-only payments during the HELOC's…

Original source: https://www.cbsnews.com/moneywatch/