HELOC भुगतान कैलकुलेटर
होम इक्विटी लाइन ऑफ क्रेडिट (HELOC) भुगतान निकालें।
Draw Period Payment (interest only)
$425.00
Draw Period Payment (interest only) vs Draw Period
सूत्र
## How a HELOC Works A HELOC has two phases: a draw period where you access funds and make interest-only payments, and a repayment period where you pay principal and interest. ### Draw Period **Monthly Payment = Balance x (Annual Rate / 12)** During this phase, you only pay interest on what you have borrowed. ### Repayment Period **Monthly Payment = P x r x (1+r)^n / ((1+r)^n - 1)** Once the draw period ends, the balance is amortized over the repayment period with fully amortizing payments. ### Key Considerations - HELOC rates are usually variable, tied to the prime rate - Your payment can increase significantly when shifting from draw to repayment - You can reduce the balance during the draw period to lower future payments
हल किया गया उदाहरण
A $100,000 HELOC with $60,000 drawn at 8.5% APR. 10-year draw period, 20-year repayment period.
- 01Monthly rate: 8.5% / 12 = 0.7083%
- 02Draw period payment: $60,000 x 0.007083 = $425.00/month (interest only)
- 03Total draw period interest: $425.00 x 120 months = $51,000
- 04Repayment period: 20 years = 240 months
- 05Repayment payment: $60,000 amortized over 240 months at 8.5% = $520.53/month
- 06Total repayment interest: $520.53 x 240 - $60,000 = $64,927
- 07Total interest cost: $51,000 + $64,927 = $115,927
अक्सर पूछे जाने वाले प्रश्न
What happens at the end of the draw period?
When the draw period ends, you can no longer borrow against the line. The outstanding balance converts to a fully amortizing loan repaid over the repayment period. Your payment typically increases because you now pay principal and interest.
Can I pay down a HELOC during the draw period?
Yes. Any principal payments during the draw period reduce your balance and future interest charges. You can also re-borrow paid amounts during the draw period, giving you flexibility.
How is a HELOC different from a home equity loan?
A HELOC is a revolving line of credit with variable rates and flexible draws. A home equity loan is a lump-sum with a fixed rate and fixed payments. HELOCs offer more flexibility; home equity loans offer more predictability.