How much does a $40,000 HELOC cost monthly after the Fed's October interest rate cut?

Homeowners should closely calculate their monthly HELOC costs before getting started with the line of credit. Getty Images/iStockphoto

A borrowing product with a variable interest rate is often considered a risky proposition for borrowers. But in the interest rate climate of recent years, in which rates were consistently rising , this made these sorts of products less desirable. When leveraging your home's equity , as a home equity line of credit (HELOC) does, these products became even more dangerous for homeowners unsure of their ability to make repayments.

But what about this November, in the current, cooler interest rate environment?

The Federal Reserve has cut interest rates twice this year, the latest coming in October, with another reduction widely expected