IS A LOAN OR A LINE OF CREDIT YOUR BEST OPTION?
A line of credit often is interest-only during the draw period (often as long as ten years) and that can make it hard to see the impact on your total cost. This calculator helps show that difference by displaying the monthly payment needed to pay off a HELOC balance in the same amount of time as a home equity loan.
WHY USE OUR CALCULATOR TO COMPARE HOME EQUITY LOAN TO A HELOC
As a line of credit can be drawn on over time during the draw period, it is hard to get a true cost comparison to the home equity loan option as the loan is withdrawn all at once at the beginning of the term.
This calculator can give you a general idea, but please contact us if you would like to get more guidance on comparing your options.
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Don’t forget that Central Willamette can help you tap into the equity in your home with our Home Equity Line of Credit.