Total dollar amount of your equity line.
Also referred to as the annual percentage rate, the interest rate is the 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 10 year draw period./P>
Minimum monthly payment
During the 10 year draw period, the minimum monthly payment is interest only. After the draw period, your payment will be 2% of the outstanding balance.
Principal payment type
The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Principal payment amount
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.
Total amount of interest you will save by prepaying your equity line.