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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
- 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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