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

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September 8, 2026 / 3:55 PM EDT / CBS News

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…

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