# home equity line of credit amortization calculator

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## HELOC Payment Calculator — Home Equity Loan Calculator

See what a HELOC costs per month Repaying a Home Equity Line of Credit (HELOC) requires payment to the lender, which typically includes both repayment of the loan principal plus monthly interest on the outstanding balance. Some HELOCs allow you to make interest-only payments for a defined period of time, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate.

## Calculate a Home Equity Line of Credit payment

See what a HELOC costs per month

Repaying a Home Equity Line of Credit (HELOC) requires payment to the lender, which typically includes both repayment of the loan principal plus monthly interest on the outstanding balance. Some HELOCs allow you to make interest-only payments for a defined period of time, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate.

Loan payments for the repayment period are amortized so that the monthly payment remains the same throughout the repayment period, but during that period, the percentage of the payment that goes toward principal will increase as the outstanding mortgage balance decreases. Find out how much a HELOC will cost per month.

Source : **www.investorsbank.com**

## Home Equity Line of Credit Calculator

Use our home equity line of credit (HELOC) payoff calculator to find out how much you would owe on your home equity-based line each month, depending on different variables.

## Home Equity Line Of Credit Payoff Calculator

Use our home equity line of credit (HELOC) payoff calculator to find out how much you would owe on your home equity-based line each month, depending on different variables. This is a handy tool to help you achieve your financial goals.

For HELOCs, use the calculator to find out:

How much interest you’ll pay over the life of your line of credit

What your payments will be, and how much interest you’ll save, if you pay off your line of credit faster

What different interest rates mean for your monthly payment

How much you could save by locking in your rate with a home equity

You can input data including payoff goal, current interest rate, yearly rate changes and annual fees to get accurate totals.

HELOCs are variable rate loans, which means your interest rate will adjust periodically. If you’re worried about rising rates, see how much a fixed rate home equity loan could save you by keeping the rate change field at 0%.

## View home equity line of credit rates

Explore Bankrate's expert picks for the best home equity lines of credit.

VIEW RATES

$193 per month will payoff credit line in 24 months

Line of credit information:

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[-] $0 $10k $100k $1m 0% 10% 20% 30% -2% 0% 2% 5% 1 120 240 360 $0 $1k $10k $100k $0 $1k $10k $100k $0 $66 $133 $200

Future draws from line:

Press spacebar to show inputs

$0 [+]

Please view the report to see detailed results in tabular form.

Credit Line Payoff by Month

press spacebar to hide graph

[-]

Please view the report to see detailed results in tabular form.

Alternate Payoff Scenarios

press spacebar to show graph

[+]

## Definitions

CURRENT BALANCE

Current outstanding balance on your line of credit.

PAYOFF GOAL (IN MONTHS)

Your goal for paying off this line of credit. This is the number of months by which you would like to have completely paid off this line of credit balance.

CURRENT MONTHLY PAYMENT

The amount you are currently paying per month on this line of credit. Please enter the amount you actually pay, not the minimum payment. This amount is used to calculate how long it will take you to payoff your balance.

NEW CHARGES PER MONTH

Total new charges you expect to put on this line of credit per month.

RATE CHANGE (PER YEAR)

If you expect the interest to change in the next year, use this to indicate how much. For decreasing rates, enter negative numbers.

INTEREST RATE (APR)

The annual percentage rate for this line of credit.

ANNUAL FEE

Your annual fee for this line of credit.

DRAW

Amount to draw from this line of credit.

MONTHS FROM NOW

Number of months from now before your draws will occur.

### Refinancing your HELOC into a Home Equity Loan

HELOC payments tend to get more expensive over time. There are two reasons for this: adjustable rates and entering the repayment phase of the loan.

HELOCs are variable rate loans, which means your interest rate will adjust periodically. In a rising-rate environment, this could mean larger monthly payments.

Additionally, once the draw period ends borrowers are responsible for both the principal and interest. This steep rise in the monthly HELOC payment can be a shock to borrowers who were making interest-only payments for the first 10 or 15 years. Sometimes the new HELOC payment can double or even triple what the borrower was paying for the last decade.

To save money, borrowers can refinance their HELOC. Here we’ll take a look at two options and how they work.

### Home Equity Loan

You can take out a home equity loan, which has a fixed rate, and use this new loan to pay off the HELOC. The advantage of doing this is that you could dodge those rate adjustments. The disadvantage is that you would be responsible for paying closing costs.

### New HELOC

Apply for a new HELOC to replace the old one. This allows you to avoid that principal and interest payment while keeping your line of credit open. If you have improved your credit since you got the first HELOC, you might even qualify for a lower interest rate.

If you’re interested in refinancing with a HELOC or home equity loan, use Bankrate’s home equity loan rates table to see current rates.

### Home equity loans vs. HELOCs

Home equity loans and home equity lines of credit, or HELOCs, are two types of loans that use the value of your house as collateral. They’re both considered second mortgages.

The main difference between them is that with home equity loans you get one lump sum of money whereas HELOCs are lines of credit which you can draw from as needed.

### Paying off a home equity loan

The faster pay off your loan, the less interest you’ll pay. You might even be able to reduce your interest rate by refinancing your loan to a shorter term. Often, lenders will reward shorter terms with lower interest rates, so it’s worth investigating if you want to pay off your loan faster.

Before you get the loan, find out if there’s a penalty for paying it off early. If there is a penalty, factor that amount into your calculations.

## Home Equity Line of Credit Payoff Calculator

## Revolving Line Of Credit Payment Calculator

When will your line of credit be paid off? Use this calculator to see what it will take to payoff your line of credit, and what you can change to meet your repayment goals.

### See Current Rates

For your convenience we publish current **HELOC & home equity loan rates** & ** mortgage refinance rates** which you can use to estimate your payments and find a local lender.

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.

$193 per month will payoff credit line in 24 months

*indicates required.

## Line Of Credit Information:

Line Of Credit Information: Future Draws From Line:

$0

Credit Line Payoff by Month

Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

## Credit Line Payoff By Month

Alternate Payoff Scenarios

Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

## Alternate Payoff Scenarios

Alternate Payoff Scenarios Definitions

### Current Balance

Current outstanding balance on your line of credit.

### Payoff Goal (In Months)

Your goal for paying off this line of credit. This is the number of months by which you would like to have completely paid off this line of credit balance.

### Current Monthly Payment

The amount you are currently paying per month on this line of credit. Please enter the amount you actually pay, not the minimum payment. This amount is used to calculate how long it will take you to payoff your balance.

### New Charges Per Month

Total new charges you expect to put on this line of credit per month.

### Rate Change (Per Year)

If you expect the interest to change in the next year, use this to indicate how much. For decreasing rates, enter negative numbers.

### Interest Rate (APR)

The annual percentage rate for this line of credit.

### Annual Fee

Your annual fee for this line of credit.

### Draw

Amount to draw from this line of credit.

### Months From Now

Number of months from now before your draws will occur.

## Current Local Mortgage Rates

The following table shows current local 30-year mortgage rates. You can use the menus to select other loan durations, alter the loan amount, change your down payment, or change your location. More features are available in the advanced drop down

## Homeowners: Leverage Your Home Equity Today

Our rate table lists current home equity offers in your area, which you can use to find a local lender or compare against other loan options. From the [loan type] select box you can choose between HELOCs and home equity loans of a 5, 10, 15, 20 or 30 year duration.

## Getting The Most From Your Bank: Learn About A Home Equity Line Of Credit

While most families consider taking out a second or third mortgage on their home, there are other options available that may be more beneficial in the long run. Few know all of the details about a home equity line of credit, so this option is often overlooked as a possibility. This article seeks to answer some of the most common questions surrounding the two options, offering comparisons and details that may not be otherwise known about these two sources of credit.

**There Are Differences Between A Home Equity Loan And A Home Equity Line of Credit (HELOC)**

The first step in considering one's best option in borrowing funds is to look at the specific details of each option. In this case, defining the differences between a home equity loan and a line of credit is essential, before looking at the particular advantages and drawbacks of each option. Discover offers a thorough definition for each choice, creating a great starting point for evaluating each homeowner's best choice.

Home Equity Loan

This alternative is just what one might assume. The bank will allow for a loan in a specified amount to be repaid in payments. The homeowner may choose the amount, but the bank will first determine how much the individual may be qualified to receive through an evaluation of one's assets and credit. Specifically, the loan to value ratio, payment term, credit rating, and verifiable sources of income will all be considered. This type of loan provides a sense of stability, as it will involve a fixed interest rate, fixed payment term, and fixed monthly payment. In the past interest on home equity loans was tax deductible, but this changed with the 2018 tax law. Under the new law only interest expense on a first mortgage is generally considered tax deductible, up to a limit of $750,000 in mortgage debt. Debt which is taken on in the form of a second mortgage must be used to build or substantially improve the dwelling to be considered tax deductible.

Home Equity Line of Credit

This option adds more flexibility for the homeowner, giving the individual a greater sense of maneuverability than is the case with a loan. Using one's home as collateral, the homeowner can borrow as much or as little as he/she needs, though, like the loan, the bank will per-determine a borrowing limit. In this case, the credit limit is arrived at through an analysis of the property's appraised value, minus the amount owed on the mortgage. The bank also may consider the homeowner's verifiable income, debts, and credit history as additional factors in establishing the credit limit.

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