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.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing “Install ActiveX Control”.

    You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

    For more information about this Plug-in please visit: SUN's Java™ Plug-in
    For more information about these loan and amortization calculators please visit: Loan and Amortization Calculators from KJE Computer Solutions, LLC

Definitions

Outstanding balance
Total dollar amount of your equity line.

Interest rate
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.

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
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.

Savings
Total amount of interest you will save by prepaying your equity line.

Realize your dreams with an Equity Line of Credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.