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CALCULATORS - get a better idea. Home equity & credit line calculator

This calculator helps figure tax savings on home equity loans or credit lines with tax deductible interest payments. For a home equity loan, select Payment option fixed term loan. For a credit line, choose Payment option 2%, 1.5%, 1.0% of the outstanding balance or interest only.
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Definitions

Loan amount

Total dollar amount of your loan or line of credit.

Interest rate (APR)

The annual percentage rate for this loan or line of credit.

Term in months

Number of months for this loan or line of credit.

Federal tax rate:

The marginal federal tax rate you expect to pay.

State tax rate:

The marginal state tax rate you expect to pay.

Fixed loan term

Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.

2%, 1.5% or 1% of balance

Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.

100% of interest owed

For lines paying interest owed, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.