How much will a $40,000 home equity loan cost per month if opened this September?
While not as cheap as it was earlier in 2026, a $40,000 home equity loan opened in September can still be affordable.
A $40,000 home equity loan can cost anywhere from $386 to $488 per month, depending on the repayment period and current interest rate. With a fixed interest rate of 8.14%, a 10-year loan would amount to $488.27 monthly, while a 15-year loan would be $385.50 per month. However, these rates are higher than they were in April, when a similar loan would have cost $463.61 monthly for a 10-year term and $358.64 for a 15-year term.
Borrowers with good credit may qualify for even lower rates and better terms, making a home equity loan a worthwhile financing option despite the increased cost now.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
