Insights & Advice From Bank Of Tennessee

Advice

Calculate a Home Equity Loan Payment

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 toward the principal will increase as the outstanding mortgage balance decreases.

Please Note: Information and interactive calculators are made available only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.