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What are the payment terms on a home equity line of credit? |
if I borrow 20,000 how much will I be obligated to pay back each month? I have a 50,000 line of credit. Typically, with a line of credit you are only required to pay the interest. (Of course it would be a good idea to pay some principal down too.) On a line of credit, the interest is determined very simply: annual interest rate * amount borrowed divided by 12. So at 8% interest rate, your minimum line of credit payment would be $133. How long will the loan be for? What is the interest rate? Does your line of credit have a minimum percentage payment? If you borrow this amount for five years your payments should be around $375 or so. Phone your bank. |
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