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Home Equity Line of Credit Calculator

Line of Credit Amounts: $10,000 to $500,000

Interest Rate: Prime Rate + 0.75%

As of today, the Prime Interest Rate is equivalent to a rate of 7.00% APR, and 0.75% over the Prime Interest Rate is equivalent to a rate of 7.75% APR. The Prime Interest Rate use is the prime rate as quoted in the Wall Street Journal. APR is the Annual Percentage Rate, as computed under applicable federal regulations. The interest rate is subject to monthly adjustment, as the Prime rate changes. However, the APR will never exceed 24%.

Your payments for the first six-months of the line of credit are 3.875% APR on the amount you have drawn from your line. To calculate payments for the first six months,

Enter the total amount drawn from the line of credit

Your payment during the first 6-months would be:

Once the introductory period is over your payment is interest only on the current amount drawn on the line at the current published rate. This is called the “draw period” and you can continue to access your line of credit throughout this period.
Your payment during the remaining draw period would be:

Once the draw period is over you enter the repayment period. During this period your payments would be both interest and principal.
Your principle amount would be:

Your first monthly principal payment during the repayment period would be.
Total First Monthly Payment (P + I)

 

For Home Equity Line inquiries call: (800) 808-1424 extension 3 or Apply Online.

This application is intended only to assist you with financial decisions by providing information based on our editorial content. However, by its nature, such information is broad in scope and does not consider your personal financial situation. Your financial situation is unique and our information may not be appropriate for your situation. It is strongly recommended that you obtain different opinions and seek the advice of your accountant and other financial advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. You should not rely on this application or any information or advice you obtain on this site to make your financial decisions. Any reliance by you on this application or such information or advice will be at your own risk. You are responsible for your own financial decisions.

Last Modifications: 11/10/2022 5:04:18 PM