Fixed-Rate Home Equity Line of Credit Calculator
Fixed-Rate Home Equity Line of Credit Calculator
A HELOC allows you to borrow against the equity in your home, often at a lower interest rate than credit cards or personal loans. Unlike a standard loan, a HELOC has two phases:
- Draw Period - You can borrow, repay, and borrow again. You only pay interest on the amount you actually borrow, making these loans extremely flexible. Interest only payment applies to the draw period on fixed product only.
- Repayment Period - Borrowing ends. If you still have a balance, you pay off the remaining amount with regular principal and interest payments.
If you don't have a balance at the end of your draw period, you can simply apply for a new HELOC and start the process again.
APR = Annual Percentage Rate. All rates quoted are the lowest available rates. Actual interest rate will be based on overall creditworthiness. Other rates and terms available. Property insurance, including flood insurance, may be required. Rates are accurate as of and are subject to change without notice. Fixed Rate Home Equity Line of Credit: Rates are as low as % fixed APR for a 10-year repayment term. Includes a 5-year draw. Variable Rate Home Equity Line of Credit: Rates are as low as 3.99% APR for the first 12 months and Prime minus 0.50% thereafter (currently % APR), with a maximum APR of 14.90%. A 10-year draw period is included in the 25-year repayment term. APR may vary.
Title insurance may be required and is paid by the borrower. Closing costs are paid by Broadview on loan amounts up to and including $250,000. Those costs must be repaid by the borrower(s) if the HELOC is closed within the first 3 years of account opening. The most common amounts for closing costs are estimated between $0 and $6,500 but depending on location and other factors it could be higher. For loan amounts greater than $250,000, or total combined Broadview home equity loans exceeding $250,000, all closing costs will be paid by the borrowers at the time of closing.
All Lines of Credit require a minimum limit of $10,000 and are available in New York State and Pennsylvania counties of Susquehanna, Bradford or Wyoming. Broadview FCU NMLS Identifier: 458314. Broadview membership is required.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment, tax, financial, accounting or other professional advice. Broadview FCU and its affiliates cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
