Loan & Credit Line Inputs: |
Additional principal payments: |
Principal Balances |
Total dollar amount of your equity line.
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.
The number of years over which you will repay this equity line. This calculator assumes a 20 year draw period.
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.
The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Amount that will be prepaid on your line of credit. This amount will be applied to the principal balance based on the prepayment type.
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.
Total amount of interest you will save by prepaying your equity line.