Equity Line Payments (HELOC)
HELOCs typically have a draw period with interest-only payments, followed by a repayment period that amortizes the balance.
Line of credit
Results
Interest-only pmt (draw period)
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Amortizing pmt (repayment period)
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Interest paid during draw
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Total paid over repayment
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Lifetime cost of the HELOC
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HELOC rates are usually variable (prime + margin). When the draw period ends, payments often jump substantially — plan for the shift.