This Loan Payment Calculator helps determine your loan or home equity line of credit payment. For a loan payment, select fixed term loan. For a line of credit payment, you can choose 2%, 1.5% , 1.0% of the outstanding balance or interest only.
Loan amount - Total dollar amount of your home equityloan.
Interest rate (APR) - The annual percentage rate APR for this loan or line of credit.
Term in months - Number of months for this loan or line of credit.
Fixed loan term - Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.
2%, 1.5% or 1% of balance - Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
100% of interest owed - For lines of credit paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.>
A home equity loan is basically just a "second mortgage". The terms home equity loan, line of credit and second mortgage are often used interchangeably, and almost any mortgage calculator can be used for a home equity loan. This home equity calculator evaluates a fixed-rate loan as well as multiple other payment options.
How much can I borrow?
Use the Home Equity Calculator to estimate how much money you can borrow based upon what you still owe on other mortgage(s) and loans.
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