What are the monthly payments on a $25,000 home equity loan after the December Fed rate cut?

Monthly home equity loan costs have declined alongside a cooler Federal funds rate this year. Virojt Changyencham/Getty Images

If you find yourself in need of extra financing right now and interest rates on personal loans or credit cards make you uncomfortable with using either product, you may want to consider a unique funding source: your home equity . While a home equity loan will need to be managed carefully, considering the funding source, accessing an amount like $25,000 should be relatively easy to do. Considering that the average home equity amount is worth hundreds of thousands of dollars right now, and that home equity levels in the country reached a record high earlier this year, this amount should be accessible for even relatively new homeowners.

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