- Outstanding balance
- Outstanding amount on the equity line of credit.
- Interest rate
- Rate of interest charged annually on the line of credit by the lending institution. Though the rate is variable in reality, it is assumed to be fixed for the ease of calculation while using this calculator.
- Draw period
- Term length over which you will pay off the loan. A 10 years draw period is assumed by the calculator.
- Minimum monthly payment
- Minimum amount that you need to pay each month to repay the loan. This monthly payment amount is equal of this period’s amount of interest owed.
- Principal payment type
- How regular your prepayments will occur. This calculator allows you to calculate for monthly, yearly, or a one-time prepayment.
- Principal payment amount
- Amount that you pay as the prepayment of the principal amount only.
- Start with payment
- When the prepayment will begin? For example, if you enter zero, prepayment will begin before your first scheduled payment. Likewise, if you enter one, prepayment will start with the first scheduled payment.
- Savings
- Amount of interest you can save by making additional payments of principal for the equity line of credit.