Paying off Your Home Equity Loan

Want to know the time it will take you to pay off a home equity loan or line of credit? It is largely driven by the interest rate being paid on your outstanding balance, how much you continue to use the line of credit, and what monthly payment is made each month.

Increasing monthly payments are an effective strategy for paying off the outstanding balance in a shorter time period. What will your payment strategy on your home equity loan or line of credit be?

 

 

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.