Home equity lines of credit (HELOCs) are making a comeback with homeowners.
It’s estimated that there will be more than 10 million HELOCs taken out between now and 2022. While there isn’t one single contributing factor to HELOCs projected growth, market conditions hint as to why. Home values have risen 30% for the past year ending in 2017. With higher property values, homeowners see borrowing against their equity as an increasingly attractive option. As an added bonus, HELOC rates are looking better than in years past, so it’s no wonder many borrowers are looking to secure one in the next five years.
Whether you’re planning to take out a HELOC this year or in the near future, here are 4 HELOC payment calculators to help you make a more informed financial decision.
1. Bank of America: Home Equity Line of Credit Payment Calculator
If you need a quick estimated payment and rate, look no further than Bank of America’s HELOC payment calculator. Unsure of a term in the calculator? Each field contains a short explanation or exclusion that could come in handy when applying for your HELOC.
Liking the rates you’re seeing on the HELOC payment calculator? You can easily click over to start your HELOC application online.
2. Citi Home Equity Monthly Payment Calculator
If you decide to go the route of a home equity loan instead of a HELOC, Citi’s monthly payment calculator is a borrower’s favorite tool.
Choose your loan type (HELOC principal and interest draw period, HELOC interest-only draw period, or fixed rate home equity loan), enter in your desired line amount, variable rate, and the property state to get example monthly payments. By entering different interest rates, you’re able to quickly see how they’ll affect your monthly payment.
3. Bankrate: Line of Credit Payoff
Bankrate’s HELOC payment calculator is a perfect tool for the first-time homeowner. There are plenty of definitions, visuals, and alternate payoff scenarios that will help any borrower understand the finer nuances of taking out a HELOC.
What makes Bankrate’s HELOC calculator unique are the options for line of credit information. The calculator’s slider features can quickly show you monthly payment variations based upon rate changes, payoff goals, and annual fees. Best of all, you can generate a report that explains your payment in detail, including payment schedule.
4. Investor Bank: Calculate a Home Equity Line of Credit Payment
Investor Bank’s simple to use HELOC payment calculator uses sliders to show payoff schedules in real time. You can manipulate the loan amount, interest rate, interest-only period, and repayment period to learn how much your HELOC will cost you per month.
If you’re ready to take the next step in taking out a HELOC, you can quickly see Investor Bank’s current rates or opt to share your payment results with a spouse or co-homeowner.
Ready to take out a HELOC? Talk to your lender and head to Notarize to close on your HELOC online, anytime.
