For a ten year draw period, this calculator helps determine both your interest-only payments and the impact of choosing to make additional principal payments.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



Financial Calculators from
Dinkytown.net

Financial Calculators ©1998-2024 KJE Computer Solutions, Inc.









Minimum payment is $220.67 per month
*indicates required.
Calculate:
Calculate
Total interest with normal payments:
$52,960.80
Principal Balances Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Definitions

Outstanding balance

Total dollar amount of your equity line.

Interest rate

Annual interest rate for this equity line. Please keep in mind that this is a variable rate product and that this calculator can only assume one rate for the draw period.

Draw period

The number of years over which you will repay this equity line. This calculator assumes a 20 year draw period.

Minimum monthly payment

The minimum monthly payment for the balance on your equity line. The minimum monthly payment is calculated as 100% of the interest owed for the period.

Principal payment type

The frequency of prepayment. The options are none, monthly, yearly and one-time payment.

Principal payment amount

Amount that will be prepaid on your line of credit. This amount will be applied to the principal balance based on the prepayment type.

Start with payment

This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.

Savings

Total amount of interest you will save by prepaying your equity line.