How much does a $60,000 HELOC cost monthly now that rates were cut (and is it worth it)?

Homeowners shouldn't borrow $60,000 worth of home equity before calculating their potential monthly costs. Getty Images/iStockphoto

$60,000 can cover a wide range of expenses and purchases.

Whether you want to pay off high-rate credit card debt , make major home repairs and improvements or finance college education costs, $60,000 can cover most (or all) of what you need. And, if you're a homeowner in today's economy, you likely have many times that amount to borrow out of your accumulated home equity .

With the average home equity amount at about $300,000 now, borrowing $60,000 with a home equity line of credit (HELOC) isn't difficult to do, nor will it over-leverage your home in an unaffordable way. And, with a HELOC, in particular, qualified homeowners can borrow th