HELOC Calculator is used to calculate the monthly payment and payoff date for your home equity line of credit. The HELOC payment calculator generates an HELOC amortization schedule that shows the interest only payments and the principal payments during repayment period.
How to Use the HELOC Payment Calculator?
Current HELOC Balance - The amount the borrower uses on his HELOC.
Interest Rate - The interest rate of the HELOC.
Interest Only Period - The period where the borrower is allowed to pay only interest.
Repayment Period - The period where the borrower is required to pay interest plus principal.
First Payment Date - The date when the borrower starts making payments.
Amortization Schedule - The borrower can view the HELOC amortization schedule monthly or annually.
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