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Equity Line of Credit Payments Calculator
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For a ten year draw period, this calculator helps determine both your interest only
payments and the impact of choosing to make additional principal payments.
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Definitions
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- Outstanding balance
- Total dollar amount of your equity line.
- Interest rate
- Annual interest rate for this equity line. Please keep in
mind that this is a variable rate product and that this calculator can only assume
one rate for the draw period.
- Draw period
- The number of years over which you will repay this equity
line. This calculator assumes a 10 year draw period.
- Minimum monthly payment
- The minimum monthly payment for the balance on
your equity line. The minimum monthly payment is calculated as 100% of the interest
owed for the period.
- Principal payment type
- The frequency of prepayment. The options are: none,
monthly, yearly, and one-time payment.
- Principal payment amount
- Amount that will be prepaid on your line of credit.
This amount will be applied to the principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will
begin with. For a one time payment, this is the payment number that the single prepayment
will be included in. All prepayments of principal are assumed to be received by
your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your equity
line.
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Information and interactive calculators are made available
to you as self-help tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their applicability or accuracy
in regards to your individual circumstances. All examples are hypothetical and are
for illustrative purposes. We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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