Home Equity Loan - Rate and Payment Information

Home equity loan payment example

Loan amount $100,000
Fixed annual percentage rate (APR) 5.99%
Monthly payment amount 10 years = 120 months $1,109.70
Effective date 10/18/2018

Related Information

Rate information is for California (read Rates to the right for details).

Rates

The sample variable Annual Percentage Rate (APR) and monthly fixed-rate payment amount shown in the home equity loan payment example table are for illustrative purposes only and assume a new home equity loan in second lien position, a 10-year term, combined loan to value (CLTV) ratio of less than 60% on a 1- to 2-unit owner-occupied primary residence, and a borrower with excellent credit. The minimum loan amount is $30,000. Rate and payment amount may vary based on property value, loan amount, and other factors. Your actual rate and payment amount may be higher or lower than advertised rate and payment amount. Property insurance is always required and flood insurance is required where necessary.

General Information for Home Equity Loans Nationwide (Except Texas and Michigan)

  • To obtain a home equity loan from Axos Bank, a security interest will be taken on borrower's 1- to 2-unit owner-occupied primary residence as collateral. The home equity loan must be no more than second lien position. Mobile homes, manufactured homes, cooperatives, investment properties, rental properties, second homes, and condominiums are not eligible collateral. Primary borrower must be a title holder on collateral.
  • Closing fees may be paid to Axos Bank or third parties and range from $0 to $4,000 depending on the property type, the state in which the property is located, and the amount of credit extended and include applicable state or local mortgage taxes. Axos Bank will pay up to $750 in closing costs. Borrower will pay any closing costs in excess of $750.
  • There is no early closure fee.
  • The minimum home equity loan amount is $30,000.
  • The maximum line amount is $250,000.
  • 10 and 15 year fixed rate terms are available for home equity loans.

Tax Deductibility

Please consult your tax advisor regarding interest deductibility.

Debt Consolidation

The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments toward the new lower-interest-rate loan in an amount equal to or greater than what you previously paid toward the high-rate debt(s) being consolidated. To prevent repeating the same adverse debt scenario in the future, don’t add new balances to the credit accounts being consolidated.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. All approvals are subject to underwriting guidelines. Programs, rates, terms, and conditions are subject to change without notice.