Showing Up for Our Communities
Through Frontwave Give360, we support local organizations and causes that strengthen the communities we call home.
HELOC Payment Calculator
Intro rate of 2.50% APR1 for the first 6 months
Your Home Has Value. Let’s Put it to Work.
Your home equity can be a powerful financial tool - whether you’re planning renovations, consolidating debt, or covering major expenses. Our HELOC Payment Calculator helps you estimate your monthly payment by factoring in your credit line amount, interest rate, and repayment terms. It’s an easy way to understand how tapping into your home’s equity could fit into your budget.
Definitions
- Mortgage amount: Original or expected balance for your mortgage.
- Term in years: The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Interest rate: Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
- Monthly payment: Monthly principal and interest payment (PI).
- Total payments: Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest: Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type: The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
- Prepayment amount: Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment: This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
- Savings: Total amount of interest you will save by prepaying your mortgage.
- Report amortization: Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.
Disclaimers
This calculator is for illustrative purposes only. The information shown is designed to provide basic information based upon your input and assumptions.
¹ APR=Annual Percentage Rate. Introductory APR is fixed for the first 6 months from account opening. After the introductory period, the APR will convert to a variable rate based on the Wall Street Journal Prime Rate plus a margin determined by creditworthiness and loan parameters. The APR may adjust monthly. Maximum APR is 12.00%.
² Maximum loan-to-value (LTV) is 85% and subject to credit approval and appraised property value. HELOCs are available only on owner-occupied properties in California and North Carolina, including single-family residences, condominiums, and two-unit properties. Manufactured homes and properties under construction are not eligible. Borrower is responsible for property taxes and homeowners insurance.
Frontwave Credit Union is an Equal Housing Lender. NMLS #445243
Additional information:
CFPB HELOC Brochure
HELOC Advance Truth in Lending Disclosure