2007-07-03 09:09:03 · 9 answers · asked by me 1 in Business & Finance ➔ Renting & Real Estate
If it's a monthly payment and a simple interest loan, multiply the amount due by the annual interest rate, and divide by 12.
2007-07-03 09:13:34 · answer #1 · answered by Ralfcoder 7 · 0⤊ 0⤋
Heloc Interest Calculator
2017-01-01 03:42:41 · answer #2 · answered by almendarez 3 · 0⤊ 0⤋
This Site Might Help You.
RE:
how do I calculate interest only payment on a home equity line?
2015-08-10 12:28:54 · answer #3 · answered by Brynn 1 · 0⤊ 0⤋
Interest Only Heloc Calculator
2016-11-16 02:21:55 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Current balance X current rate / (divided by) 12.
Example: $40,000 owed at Prime Rate + 1.5%. Prime now at 8.25%, so fully indexed rate is 9.75%.
$40,000 * 0.0975 = $3900
$3900/12 = $325 interest-only payment
This calculation only accounts for 360 days per year, not 365. Most, if not all, banks work from a 360 day year.
This is also assuming your balance didn't change the entire month.
They probably in reality do it more like credit cards, charging a daily fractional rate, or charging against average balance.
Only your line of credit agreement could tell you for sure.
2007-07-03 09:58:45 · answer #5 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
You take the principal balance (the amount you owe).
You then need to take the interest rate and divide it by 365 (days/year). You multiply that rate times the principal balance times the # of days in the payment period (30 days for example).
You can also go onto a bank's website such as BB&T and they will have a calculator feature that you can plug in the numbers. You can also call your bank and they can calculate it for you or you can check your figure with theirs. (www.bbandt.com)
2007-07-03 09:15:10 · answer #6 · answered by Unsub29 7 · 0⤊ 0⤋
Annual interest rate, times principal, divided by 12 to get monthly payment.
Be very careful when using interest-only loans - can be a real shock when the principal becomes due.
2007-07-03 09:16:12 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Go to a financial calculator on the internet for the rate and time period you need and look for a calculator that breaks out the interest from the principal payment. It is based on a regular mortgage except you dont have to pay the principal.
2007-07-03 09:27:30 · answer #8 · answered by hirebookkeeper 6 · 0⤊ 0⤋
RC says it all simply; but you must do that monthly each time to get the different balance/payment for the subsequent month.
2007-07-03 09:19:59 · answer #9 · answered by CW L 3 · 0⤊ 0⤋
That's arguable and there are actually several answers to the question..
2016-08-24 07:34:45 · answer #10 · answered by Anonymous · 0⤊ 0⤋