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.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
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Additional Functions
Click this menu to access additional calculator functions including:
Reset to Defaults: Click the "Reset to Defaults" button to reload the default values for this calculator.
Clear all Fields: Click the "Clear all Fields" button to clear all entry fields and reset any radio buttons or drop downs to their default values.
Copy Link: Click to copy a link to this calculator and its current entries to the clipboard. This link can then be pasted into a browser, or another location such as an email or a document. When the link is followed, it will bring up the calculator and load the values that were entered when the link was created.
Email: Click to create an email. Your email program will open with a new email and a brief summary of the calculator results. A link will also be generated as part of the email. When this link is clicked, the calculator page and the values used to create the email will open in a internet browser tab.
Save a copy*: This allows you to save a copy of your entries. Up to 10 sets of data are allowed for each calculator. All data is stored locally and encrypted within your browser. The data is not transmitted over the Internet.
* Note: The "Save a Copy" function is temporary and will only retain information until you clear your browser's cache.
Loan & Credit Line Inputs: |
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.
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.
Additional principal payments: |
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.
Principal Balances |
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 20 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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