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.
Paying Off a Home Equity Loan or Line of Credit
Home Equity Payoff Summary
Months to Pay Off
This calculator is for illustrative purposes only, and is based on information you provided. Actual payment, interest rate, and loan amortization schedule will be determined at time of loan approval.