How much will an $80,000 HELOC cost monthly now that the Fed has reduced interest rates?

Homeowners should carefully review their HELOC options before borrowing $80,000 in today's cooler interest rate climate. Getty Images/iStockphoto

With the average home equity level in the country sitting just under $320,000 now, borrowing $80,000 could be one of the easier ways to meet your financial goals. And, after the Federal Reserve issued another interest rate cut in September , it's one of the cheapest ways to do so, too.

Not only will an $80,000 HELOC leave approximately 75% of your existing home equity untouched, but if you act now, you'll secure the line of credit with a rate under 8% . That makes HELOCs cheaper than home equity loans, personal loans and credit cards. And, thanks to the variable rate the HELOC comes with, borrowers who act now will be well-pos