HELOC calculator

Come usare il HELOC calculator

Cosa calcola e quando usarlo

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

Come si usa, passo dopo passo

1. Enter the home Valore, mortgage Saldo e combined loan-to-value limit.
2. Enter the Interessi Tasso e the draw e repayment periods.
3. Enter how much you plan a draw, o leave it blank a use the whole line.

Cosa significa ogni dato

• Draw Periodo – The Anni during which you barattolo borrow e Paga Interessi only.
• Repayment Periodo – The Anni superato which the Saldo è repaid afterwards.
• Tasso di interesse – HELOC rates are variable. This estimate holds the Tasso fixed.

Come leggere i risultati

• Interest-only payment – Saldo × Mensile Tasso during the draw Periodo.
• Payment dopo the draw Periodo – A repayment calculated superato the repayment Durata.
• Interessi totali – Interessi across both periods.

La formula

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

Un esempio pratico

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

Ipotesi e limiti

• The full line è drawn on day one e the Tasso never changes.
• Annual fees e Minimo draws are excluded.

Errori comuni

• Underestimating how much the payment rises dopo the draw Periodo.
• Treating a variable Tasso as fixed.

Domande frequenti

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