How to Start Your Finance/Refinance Process?

Forms


	Amortizing Loan Calculator
	Alternative Payment Frequencies
	Debt Consolidation Calculator
	Credit Line
	Loan & Line Payment
	Loan Comparison Calculator
	Loan & Credit Line Tax Savings
	Enhanced Loan Calculator
	Line of Credit Payoff
	Existing Loan Calculator
	Equity Line of Credit Payments
	Balloon Loan Calculator
	Loan Prequalification Calculator

What will my monthly payments be for an equity line of credit?

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.

Equity line of credit payments

Your first monthly interest only payment will be MONTHLY_PAYMENT.
This payment is for a LOAN_AMOUNT LOAN_TYPE_LABEL. LOAN_TYPE_MSG

Equity Line Summary

Payment option PAYMENT_OPTION

Interest only payment MONTHLY_PAYMENT

Equity line of credit LOAN_AMOUNT

Annual Percentage Rate INTEREST_RATE

Term TERM months

Total payments TOTAL_OF_PAYMENTS

Total interest INTEREST_PAID

Ending balance ENDING_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

Amount PREPAY_AMOUNT PREPAY_TYPE

Start with payment PREPAY_STARTS_WITH&NBSP;

Total payments PREPAY_TOTAL_OF_PAYMENTS&NBSP;

Total interest PREPAY_INTEREST_PAID&NBSP;

Interest savings PREPAY_INTEREST_SAVINGS&NBSP;

Ending balance PREPAY_ENDING_BALANCE&NBSP;

Payment Schedule

**REPEATING GROUP**

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Once SUN's Java Plug-in is installed, you may need to refresh this page to see the financial calculator. (Pressing F5 will refresh the page.)

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.

Amortizing Loan Calculator

Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment. You can then examine your principal balances by payment, total of all payments made, and total interest paid. Press the report button to see a monthly payment schedule.

This Financial Calculator requires a Browser with Java Support

Definitions

Monthly payment: Monthly payment for this loan.
Interest rate: Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.
Term: Number of months for this loan.
Loan amount: Total amount of your loan.