Calculate a Home Equity Line of Credit Payment
Repayment of a home equity line of credit requires that the borrower makes a monthly payment to the lender. For some home equity lines of credit, borrowers can make interest-only payments for a defined period, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate. During the repayment period, the payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments for the repayment period are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases.
NOTICE: ANB Bank is not responsible for nor has control over the content of any linked site. The inclusion of a link does not imply or constitute an endorsement by ANB Bank, its ownership or management, the products or services it offers, or any advertisers or sponsors appearing on the linked site.