A HELOC, or home equity line of credit, is an important leverage tool for financing and building credit. Once a homeowner is approved for a HELOC, they can withdraw funds during a set period up to a certain amount. 

Similar to a credit card, HELOCs are revolving credit sources attached to variable interest rates. HELOCs are well known for offering low-interest rates and tax-deductible interest payments that maximize financing from all angles.

The following home equity loan calculator is designed to help you understand, calculate, research, and establish solid numbers related to the monthly cost of a personal HELOC loan payment.

 

 

HELOC Payment Calculator

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HELOC Calculator Terms

The following four terms are important fields for understanding HELOC calculator results. 

Home Value

The term ‘home value’ relates to the estimated valuation of your home. You will likely find this number by using a qualified realtor or online tool.

Mortgage Balance

Mortgage balance refers to the home loan amount still owed to a lender at present. It does not refer to the total cost of the mortgage or the amount that has been paid off. It may be difficult to calculate these numbers using estimates alone. Many mortgage balance calculators exist online that can determine your current numbers at the touch of a button.

Loan Amount

The loan amount added into the HELOC calculator means exactly that: the dollar amount of the loan you have been approved to receive. These amounts are determined using the current equity in your home. If you are not sure how much equity you currently have in your home, try using an online calculator.

Credit Score

Your credit score is the official estimation of your repayment history, debt to income ratio, and other important financial factors. It is represented by a three-digit number that falls within the 300-850 range. Credit scores are available from three major credit reporting agencies: Experian, Equifax, and Transunion.

Understanding HELOC Calculator Estimates

Getting quality data means making better, more educated decisions on everything related to home equity. 

1st Advantage FCU is proud to provide our members with the information they need to make the best financial moves for their family, future, and lifestyle.

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