Loan Calculator
For Home Equity Line of Credit, calculation for monthly payment is quite straight forward.
Since HELOC requires only interest payments for the first 10 years, to calculate the monthly
interest only payment, simply multiply the outstanding loan balance by the interest rate and
divide by 12 months. For example, suppose you have a HELOC of $100,000 with an interest
rate of Prime Rate plus 0.25%. Assuming the Prime is currently at 7.75%, the effective
interest rate would be 8% (7.75% + 0.25%). In a given month your outstanding balance is
$35,000. Since you only need to make payment for the interest accrued on the amount owed,
your payment for that month would be $233.33 ($35,000 X 8% divided by 12 months).
For Home Equity Loan, use the following calculator to calculate the fully amortized monthly
payments. Simply input the loan amount, the fixed interest rate, and the number of years of
the loan. If you plan to make addition payments over the required payment, input in the
"additional monthly payment" space to see how much interest you'd save and how much
sooner you'd pay off the loan.
Since HELOC requires only interest payments for the first 10 years, to calculate the monthly
interest only payment, simply multiply the outstanding loan balance by the interest rate and
divide by 12 months. For example, suppose you have a HELOC of $100,000 with an interest
rate of Prime Rate plus 0.25%. Assuming the Prime is currently at 7.75%, the effective
interest rate would be 8% (7.75% + 0.25%). In a given month your outstanding balance is
$35,000. Since you only need to make payment for the interest accrued on the amount owed,
your payment for that month would be $233.33 ($35,000 X 8% divided by 12 months).
For Home Equity Loan, use the following calculator to calculate the fully amortized monthly
payments. Simply input the loan amount, the fixed interest rate, and the number of years of
the loan. If you plan to make addition payments over the required payment, input in the
"additional monthly payment" space to see how much interest you'd save and how much
sooner you'd pay off the loan.
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Home Equity Line
Home Equity Line