How many monthy home equity bank loan payments can one make on interest only?

Answer 1

Any number you want. Once you have paid the interest for that month all additional payments will be treated as paying back some of the principle.

Answer 2

The only way to know is to review your own documents, or call the banker you worked with in getting the loan.

Equity lines of credit can vary widely. I've seen some where you can draw for 5 years, then have 10 years to repay the money. I've seen some where you can draw money for 40 years! And everything in between.

Most common is probably one where you can draw against the line for 10 years, then you have 20 years to repay the loan. Generally, the client would go back to the bank in 10 years and have them re-cast the loan for another 10 years.

Look for words like "initial draw period", that's the normal term for how long you can draw the money, and how long the interest-only period would also last.

Those line of credit agreements can be confusing, so you could also take the agreement to any local branch of the bank and ask a banker to review it with you. Anyone should be happy to do so.

Answer 3

Depends on the loan (documents). Generally it is 10 years.