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.