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Payoff your home in 5-7 years using a HELOC. TRUE OR SCAM?Use this calculator to find out how much money you might be able to borrow with a home equity loan and how much it might cost. Repayment of a home equity loan requires that the borrower makes a monthly payment to the lender. That monthly payment includes both repayment of the loan. Use this First Merchants home equity loan payment calculator to help you to estimate the monthly payment amount of a home equity loan to the lender.