This Home Equity Line of Credit (HELOC) calculator will help you the interest payments that will be required during the initial phase of your HELOC. During this phase, known as the draw period, you may borrow against your line of credit and pay only the interest charges on the amount borrowed. The calculator will show the monthly interest payment for the total amount borrowed and interest rate.
The calculator will also show the effects of making additional payments toward principal on a monthly, yearly or one-time basis. The "Principal Balances" chart shows the remaining balances owed every 12 months after the first additional payment. Click "view report" to see the full breakdown.
An equity line of credit is a revolving line of credit that is secured by your home. Equity lines of credit are usually in second-lien position on your home after your first mortgage. An equity line of credit is usually open for a 10-year period, but this may vary from lender to lender. Each month you will be required to make an interest only minimum payment. In order to reduce and pay off the equity line balance you will need to make more than the interest only payment. Any amount paid above and beyond the interest payment will directly be deducted from the principal balance.
Mortgage Loan Directory and Information, LLC or Mortgageloan.com does not offer loans or mortgages. Mortgageloan.com is not a lender or a mortgage broker. Mortgageloan.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through representatives or agents. We do not engage in direct marketing by phone or email towards consumers. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.
Mortgageloan.com is a news and information service providing editorial content and directory information in the field of mortgages and loans. Mortgageloan.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers.