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If you take a $100,000 line of credit on an equity loan and only use 20,000 how do you figure the monthly paym |
If you take a $100,000 line of credit on an equity loan and only use 20,000 how do you figure the monthly paym it all depends on the interest rate and the terms of the loan.....if you only need the 20,000, then dont take the loan out for 100,000, because then you will be making payments off the loan size of 100,000 Source(s): myself....loan processor The monthly payment is based on the $20,000 that you have outstanding. You can use a financial calculator to take the amount borrowed, periodic interest & term to get your payment. This is a question for your bank or credit union. All banks and credit unions make their own rules and they are all different. In fact, if you don't ask enough questions and read the fine print, it's more likely you're going to be surprised later. You need to go down and find out what the rules are for your loan or for the loan you're preparing to apply for. Even different loans have different rules. In addition, I highly suggest you list all the questions before you go down there just to help you remember them all. Otherwise, you're guaranteed to walk out of there with a lot more unanswered questions than if you didn't. Modified 1 year ago |
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