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Home Equity Line of Credit Comparison

This calculator is designed compare the monthly payments and payoff schedule of an existing home equity loan to a new one.

Home Equity Line of Credit Comparison Definitions

Home equity loan amount
Original or expected balance for your home equity loan. The default amount will be the total of all of your debts. You can increase or decrease this amount as needed. Changing the loan amount automatically changes the monthly payment, and vice versa.
Monthly payment
Monthly principal and interest payment (PI) for your home equity loan. Changing the monthly payment automatically changes the loan amount, and vice versa.
Repayment term
Choose the product type for your home equity loan. Your choices are a 5 Year Fixed Rate, 10 Year Fixed Rate, or a 5/1 ARM (30 year).
Interest rate
Annual interest rate for this home equity loan.
Current balance
Your current home equity loan balance.
Interest rate
The annual percentage rate you pay for your current home equity loan.
Loan payment
Enter the actual monthly payment for your loan. We use this to determine your payment totals and to calculate the remaining payments.
Payments remaining
The number of payments remaining on your current loan. We assume a 10 year repayment term, which is a 120 monthly payments.