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How are payments calculated on a home equity line of credit?

April 26, 2017calculated home equity line of credit PAYMENTS

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How are payments calculated on a home equity line of credit?

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Your minimum payment each month is calculated as an interest-only payment for the first 10 years of your loan. Thereafter, payments are calculated by multiplying the interest rate by the amount you owe, or the outstanding balance, and then dividing that total by 12. You may not obtain proceeds or withdraw funds from this account after 10 years.

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A. Your minimum payment each month is calculated as an interest-only payment for the first 10 years of your loan. Thereafter, payments are calculated by multiplying the interest rate by the amount you owe, or the outstanding balance, and then dividing that total by 12. You may not obtain proceeds or withdraw funds from this account after 10 years.