Loan & line payment
Monthly payment requirements can vary, depending on whether you have a fixed term loan or a line of credit that permits much smaller payments. Many lines of credit permit payments equal to one percent or two percent of the balance, and some require that only the interest be paid each month.
Home Equity Calculators
Definitions:
- Loan amount
- Total dollar amount of your loan.
- Interest rate
- The annual interest rate, often called an annual percentage rate (APR) for this loan or line of credit.
- Term in months
- Number of months for this loan or line of credit.
- Fixed loan term
- Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.
- 2%, 1.5% or 1% of balance
- Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
- 100% of interest owed
- For lines paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.
Home Equity
HOME EQUITY
- Tapping home equity is cheap, but qualifying for a loan is tough Home equity lines of credit are great to use for home renovations or to pay for college, but many homeowners don't qualify because they don't have enough equity built up.
- Our 10 most valuable home improvements are hammer ready Making your home bigger, or nicer, always makes it worth more. But some projects offer a better return than others.
- 10 most valuable home improvements Making your home bigger, or nicer, always makes it more valuable. But some projects offer a better return than others.
- What will our capital gains tax be on $1.5-million land sale? Your capital gain would be calculated as the selling price minus the original purchase price plus any capital improvements made to the land.
- What capital gains tax would apply to the sale of a home received as a gift? If you have held the home for less than a year, short-term capital gains rates would apply, figured on the tax basis of the home.
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