Knowing the monthly costs of a $70,000 home equity loan now will help borrowers better determine its affordability.

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments.

Home equity loans, home equity lines of credit (HELOCs), cash-out refinances and reverse mortgages all offer homeowners viable ways to borrow from their accumulated home equity. And, right now, there's plenty to borrow from with the average homeowner in possession of around $320,