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If you've ever tried applying for a or a credit card line valued at close to $100,000, you already know how difficult it can be to get approved. You'll likely have to provide significant amounts of paperwork, be willing to have your credit checked (perhaps multiple times) and the time to be approved could be lengthy.

If you're a homeowner, however, particularly right now, you're in luck. With the sitting around $300,000 now, borrowing an amount like $90,000 is relatively simple. And, thanks to a cooling interest rate climate encouraged by the , it's also less expensive than using a personal loan or credit card.

That noted, this is still a substantial amount to borrow, no matter the source, and it should be done judiciously if it comes from your home. You can  if you ultimately become unable to make your payments. Before getting started, then, it helps to calculate the monthly costs of a home equity loan of this size now that the Fed cut interest rates. Below, we'll break down the math you need to know.

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Home equity loans are typically repaid over 10- or 15-year periods. Here's what a $90,000 home equity loan will cost monthly now, calculated using :

For comparison, here's what that same $90,000 home equity loan would have cost monthly :

Going back around one year, here's what it would have cost in :

A $90,000 home equity loan is both less expensive than it was at the beginning of the year and also cheaper than it was around this point one year ago. But the costs haven't come down so drastically that they make this an obvious choice, either. And with rates on comfortably , homeowners should also consider that borrowing product before deciding on their next steps.

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With for the Fed's next two meetings in October and December, it's tempting to wait for those to be formalized before securing a home equity loan. And, for some homeowners, this can be a savvy move if they can afford to wait. Others, however, may find it easier to secure the funding now, while rates are still comparatively lower than they've been over the past year. Home equity loans can be , should rates be materially lower then. But that will require paying closing costs all over again. So, there's a lot to consider when trying to determine if prompt action is worth taking.

A $90,000 home equity loan comes with monthly payments that are less expensive than what borrowers could have secured at multiple points in recent history. But rates haven't fallen so dramatically, either, to make this a clearly better choice than a HELOC. Take the time to consider both closely and be realistic about your ability to make payments. With your home functioning as collateral, you'll want to ensure that numbers work in your favor both now and for the foreseeable future.