The length of time it takes to pay off a home equity loan or line of credit is largely driven by the interest rate paid on the outstanding balance, how much you continue to use the line of credit and what monthly payment is made each month. Decreasing any additional charges to your line and increasing monthly payments are an effective strategy for paying off the outstanding balance in a shorter time period.
Home equity optionsUse this calculator to find out how long it will take to pay off your home equity loan or line of credit.
Change the numbers in each input field by entering a new number or adjusting the sliders. After entering your data into each input field, the calculator results will automatically update the summary statement and chart.
