How much does a $60,000 home equity loan cost monthly now that interest rates have been cut?

Home equity loan borrowing costs are declining again now that the Fed cut interest rates. Getty Images/iStockphoto

If you need to borrow a large amount of money and don't want to deal with the headache of a product that has a variable interest rate , a home equity loan could make sense for you. And, now that the Federal Reserve has issued a rate cut again, and can potentially issue additional ones in their next meetings in October and December, this unique product is positioned to become even more affordable for homeowners.

At the same time, the affordability here is largely tied to the collateral in the exchange — namely, your home. So it's critical that you only borrow an amount that you can comfortably afford to repay or you could risk foreclosure on the property you