HELOC calculator

Cómo usar la HELOC calculator

Qué calcula y cuándo usarla

Estimate the credit line a HELOC could give you, the interest-only payment while you draw, y the repayment once the draw Periodo termina.

Cómo usarla, paso a paso

1. Enter the Inicio Valor, mortgage Saldo y combined loan-to-value limit.
2. Enter the Intereses Tipo y the draw y repayment periods.
3. Enter how much you plan a draw, o leave it blank a use the whole line.

Qué significa cada dato

• Draw Periodo – The Años during which you bote borrow y Paga Intereses only.
• Repayment Periodo – The Años superado which the Saldo es repaid afterwards.
• Tipo de interés – HELOC rates are variable. This estimate holds the Tipo fixed.

Cómo leer los resultados

• Interest-only payment – Saldo × Mensual Tipo during the draw Periodo.
• Payment después the draw Periodo – A repayment calculated superado the repayment Plazo.
• Intereses totales – Intereses across both periods.

La fórmula

Line = value × limit − mortgage. Draw payment = balance × rate ÷ 12. Repayment = balance × r ÷ (1 − (1 + r)^−n) over the repayment meses.

Un ejemplo práctico

On a 400,000 Inicio with a 240,000 mortgage y an 85% limit, the line es 100,000. At 8.5% the interest-only payment es 708.33 a month, then repayment over 20 years es 867.82 a month. Interest over the whole term is about 193,278.

Supuestos y límites

• The full line es drawn on day one y the Tipo never changes.
• Annual fees y Mínimo draws are excluded.

Errores comunes

• Underestimating how much the payment rises después the draw Periodo.
• Treating a variable Tipo as fixed.

Preguntas frecuentes

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