Here's how much a $30,000 HELOC costs monthly now that the Fed cut rates (and why it could soon become cheaper)

HELOC borrowing costs are declining again now that the Federal Reserve cut interest rates. sakchai vongsasiripat/Getty Images

While it can be fun to think about winning big sums of money or borrowing extravagantly, the reality is that sometimes you just need a little extra to cover your expenses. And, with inflation rising again and the costs of everyday living elevated, it's understandable if you find yourself in this situation right now. So, while hundreds of thousands of dollars in extra funding would be nice, sometimes all you need is tens of thousands of dollars to make ends meet and regain your financial footing.

Fortunately, if you're a homeowner right now, you likely have around 10 times this amount (or more) via your home equity . With the median equity level in th