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Calculate a Home Equity Loan Payment

Is a home equity loan in your budget?

Home equity loan payments are due monthly and include 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 principal will increase as the outstanding mortgage balance decreases. Calculate your monthly payment based on loan amount.