What are the monthly payments on a $250,000 home equity loan if opened this September?

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September 14, 2026 / 2:00 PM EDT / CBS News

With approximately $11 trillion in home equity that's considered borrowable, according to a report released earlier this year, homeowners in need of extra financing this September may increasingly find themselves turning to home equity loans as a viable option. With inflation unmoving and an interest rate hike likely this month — the first from the Federal Reserve since 2023 — many homeowners find themselves in need of prompt financial assistance. One of the better ways to secure it is by simply leveraging the equity they have already accumulated in their homes, and one of the most affordable ways to access it is with a home equity loan, specifically.

The average home equity loan interest rate is just 8.14% now, according to Money.com, making it considerably less expensive than personal loans (over 12%) and credit cards (over 20%). And with so much equity readily available, even those borrowers who need large, six-figure sums such as $250,000 may find it easiest and cheapest to withdraw it from their home.

At the same…

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