COMPARE HOME EQUITY LOAN OR LINE OF CREDIT
IS A LOAN OR A LINE OF CREDIT YOUR BEST OPTION?
A line of credit often is interest-only during the draw period (often as long as ten years) and that can make it hard to see the impact on your total cost. This calculator helps show that difference by displaying the monthly payment needed to pay off a HELOC balance in the same amount of time as a home equity loan.
As a line of credit can be drawn on over time during the draw period, it is hard to get a true cost comparison to the home equity loan option as the loan is withdrawn all at once at the beginning of the term.
This calculator can give you a general idea, but please contact us if you would like to get more guidance on comparing your options.
Home Equity/Manufactured - Park Model Rates
| Effective date: August 9, 2023 | APR** | Months | Periodic Rate Range |
|---|---|---|---|
| Home Equity Loan | 8.50% - 10.50% | *Up to 240 Months | 0.023288% to 0.028767% |
| Home Equity Fixed For Five Years | 8.50% - 10.00% | 0.023288% to 0.027397% | |
| Plus Line - Variable Rate Terms | 8.50% - 10.25% | 0.023288% to 0.028082% | |
| Plus Line - Fixed Rate Terms | 8.75% - 11.25% | 0.023973% to 0.030822% | |
| Manufactured - Park Model | 8.50% - 10.00% | 0.023288% to 0.027397% |
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