Equity Line of Credit Payments

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.

Your first monthly interest only payment will be MONTHLY_PAYMENT.

This payment is for a LOAN_AMOUNT LOAN_TYPE_LABEL. **GRAPH**
Equity Line Summary
Payment optionPAYMENT_OPTION
1st monthly paymentMONTHLY_PAYMENT
Loan amountLOAN_AMOUNT
Annual Percentage RateINTEREST_RATE
TermTERM months
Total paymentsTOTAL_OF_PAYMENTS
Total interestINTEREST_PAID
Ending balanceENDING_BALANCE

Additional Principal Payment Option

During the Draw Period, you can make optional principal payments. Additional principal payments can save you a great deal of interest. They can also shorten the time it takes to pay off your line, in many cases, by several years.

Additional Principal Payment Summary
AmountPREPAY_AMOUNT PREPAY_TYPE
Start with paymentPREPAY_STARTS_WITH 
Total paymentsPREPAY_TOTAL_OF_PAYMENTS 
Total interestPREPAY_INTEREST_PAID 
Interest savingsPREPAY_INTEREST_SAVINGS 
Ending balancePREPAY_ENDING_BALANCE 

Payment schedule

**REPEATING GROUP**

Equity Line of Credit Payments 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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