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.

Homeowners looking to borrow $60,000 worth of home equity should crunch the monthly costs. Here's what it costs now.

Home equity rates did the slightest of dips in the most recent week. The $30,000 home equity line of credit (HELOC) fell one basis point to 8.28 percent, trading near its lowest level in more than a year and a half,