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.

Line of Credit Payments Calculator Overview

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.

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