Repayment of a home equity loan requires that the borrower make a monthly payment to the lender. That monthly payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments are amortized so that the monthly payment remains the same throughout the repayment period, but during that period, the percentage of the payment that goes towards principal will increase as the outstanding mortgage balance decreases.
Wellness category
Wellness category
Calculate a Home Equity Loan Payment
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