Paying Off a Home Equity Loan or Line of Credit | Financial Calculators for IH Mississippi Valley Credit Union

Home Equity Payoff Summary

Monthly Payment

$ 375

Total Interest

$ 1,954

Months to Pay Off

52

Month	Ending Balance
0	17500.00
1	17196.46
2	16891.68
3	16585.65
4	16278.38
5	15969.85
6	15660.06
7	15349.00
8	15036.68
9	14723.08
10	14408.20
11	14092.03
12	13774.57
13	13455.82
14	13135.76
15	12814.40
16	12491.73
17	12167.73
18	11842.42
19	11515.78
20	11187.80
21	10858.48
22	10527.82
23	10195.81
24	9862.44
25	9527.71
26	9191.62
27	8854.15
28	8515.30
29	8175.08
30	7833.46
31	7490.44
32	7146.03
33	6800.21
34	6452.98
35	6104.33
36	5754.25
37	5402.75
38	5049.81
39	4695.43
40	4339.60
41	3982.32
42	3623.58
43	3263.38
44	2901.71
45	2538.56
46	2173.92
47	1807.80
48	1440.18
49	1071.06
50	700.43
51	328.29
52	0.00

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The length of time it will take to pay off a home equity loan or line of credit is primarily driven by the interest rate being paid on the outstanding balance, how much you continue to use the line of credit and what monthly payment is made each month. Decreasing any additional spending and increasing monthly payments are an effective strategy for paying off the outstanding balance in a shorter period.

Financial calculators are for educational purpose only, and are provided to assist you in estimating the approximate costs associated with any financial activity. Your actual costs may vary.