- Home equity loan/line amount
- Original or expected balance for your home equity loan or line of credit. The default amount will be the total of all of your debts. You can increase or decrease this amount as needed. Changing the loan/line amount automatically changes the monthly payment, and vice versa.
- Monthly payment
- Monthly principal and interest payment (PI) for your home equity loan/line. Changing the monthly payment automatically changes the loan/line amount, and vice versa.
- Repayment term
- Choose the product type for your home equity loan or line of credit. Be aware that selecting interest-only payments means you are not paying down the principal balance. In order to completely pay off your balance, it is recommended specifying a repayment term - either 5, 10, or 15 years.
- Interest rate
- Annual interest rate for this home equity loan or line of credit.
- Use minimum payment
- In the "Credit Card debt" section, if you checked the 'use credit card minimum payments' box, your monthly payment is calculated as 4% of your current outstanding balance and your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is a common method used by credit card companies to calculate minimum payments.)
- Credit Card Balance
- Your total current balance for this credit card.
- Credit Card Interest rate
- The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
- Credit Card Payment
- This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance and your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
- Loan balance
- Your total current balance for an installment loan.
- Loan interest rates
- The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. The tool uses this to calculate the interest you will pay on this loan and the number of payments that are remaining.
- Loan payment
- Enter the actual monthly payment for your loan. The tool uses this to determine your payment totals and to calculate the remaining payments.
- Payments remaining
- This is the calculated number of payments remaining for this loan installment. It is based on your current balance, payment and interest rate.
