How much does a $20,000 home equity loan cost per month after the Fed's October rate cut?

Home equity loan borrowing costs have been declining as interest rate cuts have been issued. Getty Images/iStockphoto

If you need to borrow $20,000 in today's economy, most of your options aren't great.

You can explore personal loans, although those come with interest rates over 12% now. Or you can ask for a credit card limit increase, although rates there are hovering around 20% now (and there's no guarantee that you'll be approved). If you're a homeowner with a relatively low mortgage rate, cash-out refinancing is now off the table as it will require the exchange of that rate for one of today's higher mortgage interest rates .

But what about borrowing it with a home equity loan ? This unique borrowing product won't require the alteration of your current mortgage lo