HELOC worksheet

1. Monthly payment in the repayment period: $441.21

1. Find your credit limit. All loans on the home can reach 90% of its value, so subtract what you already owe

   $\mathrm{\$400,000.00}\times \mathrm{90\%}-\mathrm{\$275,000.00}$$=\mathrm{\$85,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$38,000.00}\times \mathrm{7\%}}{12}$$=\mathrm{\$221.67}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 120 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$38,000.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-120}}}$$=\mathrm{\$441.21}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$441.21}-\mathrm{\$221.67}$$=\mathrm{\$219.55}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$221.67}\times 60+\mathrm{\$441.21}\times 120-\mathrm{\$38,000.00}$$=\mathrm{\$28,245.47}$

6. Try the what-if. At 9% the interest-only payment becomes this

   $\frac{\mathrm{\$38,000.00}\times \mathrm{9\%}}{12}$$=\mathrm{\$285.00}$

7. At 9% the repayment payment becomes this

   $\frac{\mathrm{\$38,000.00}\times 0.0075}{1-{\left(1+0.0075\right)}^{\mathrm{-120}}}$$=\mathrm{\$481.37}$

2. Monthly payment in the repayment period: $495.94

1. Find your credit limit. All loans on the home can reach 100% of its value, so subtract what you already owe

   $\mathrm{\$400,000.00}\times \mathrm{100\%}-\mathrm{\$260,000.00}$$=\mathrm{\$140,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$40,000.00}\times \mathrm{8.5\%}}{12}$$=\mathrm{\$283.33}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 120 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$40,000.00}\times 0.00708333}{1-{\left(1+0.00708333\right)}^{\mathrm{-120}}}$$=\mathrm{\$495.94}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$495.94}-\mathrm{\$283.33}$$=\mathrm{\$212.61}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$283.33}\times 60+\mathrm{\$495.94}\times 120-\mathrm{\$40,000.00}$$=\mathrm{\$36,513.13}$

6. Try the what-if. At 10.5% the interest-only payment becomes this

   $\frac{\mathrm{\$40,000.00}\times \mathrm{10.5\%}}{12}$$=\mathrm{\$350.00}$

7. At 10.5% the repayment payment becomes this

   $\frac{\mathrm{\$40,000.00}\times 0.00875}{1-{\left(1+0.00875\right)}^{\mathrm{-120}}}$$=\mathrm{\$539.74}$

3. Monthly payment in the repayment period: $792.90

1. Find your credit limit. All loans on the home can reach 92% of its value, so subtract what you already owe

   $\mathrm{\$450,000.00}\times \mathrm{92\%}-\mathrm{\$350,000.00}$$=\mathrm{\$64,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$60,000.00}\times \mathrm{10\%}}{12}$$=\mathrm{\$500.00}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 120 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$60,000.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-120}}}$$=\mathrm{\$792.90}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$792.90}-\mathrm{\$500.00}$$=\mathrm{\$292.90}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$500.00}\times 120+\mathrm{\$792.90}\times 120-\mathrm{\$60,000.00}$$=\mathrm{\$95,148.53}$

6. Try the what-if. At 12% the interest-only payment becomes this

   $\frac{\mathrm{\$60,000.00}\times \mathrm{12\%}}{12}$$=\mathrm{\$600.00}$

7. At 12% the repayment payment becomes this

   $\frac{\mathrm{\$60,000.00}\times 0.01}{1-{\left(1+0.01\right)}^{\mathrm{-120}}}$$=\mathrm{\$860.83}$

4. Monthly payment in the repayment period: $242.31

1. Find your credit limit. All loans on the home can reach 100% of its value, so subtract what you already owe

   $\mathrm{\$600,000.00}\times \mathrm{100\%}-\mathrm{\$200,000.00}$$=\mathrm{\$400,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$32,500.00}\times \mathrm{6.5\%}}{12}$$=\mathrm{\$176.04}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 240 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$32,500.00}\times 0.00541667}{1-{\left(1+0.00541667\right)}^{\mathrm{-240}}}$$=\mathrm{\$242.31}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$242.31}-\mathrm{\$176.04}$$=\mathrm{\$66.27}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$176.04}\times 60+\mathrm{\$242.31}\times 240-\mathrm{\$32,500.00}$$=\mathrm{\$36,217.20}$

6. Try the what-if. At 8.5% the interest-only payment becomes this

   $\frac{\mathrm{\$32,500.00}\times \mathrm{8.5\%}}{12}$$=\mathrm{\$230.21}$

7. At 8.5% the repayment payment becomes this

   $\frac{\mathrm{\$32,500.00}\times 0.00708333}{1-{\left(1+0.00708333\right)}^{\mathrm{-240}}}$$=\mathrm{\$282.04}$

5. Monthly payment in the repayment period: $606.64

1. Find your credit limit. All loans on the home can reach 60% of its value, so subtract what you already owe

   $\mathrm{\$450,000.00}\times \mathrm{60\%}-\mathrm{\$200,000.00}$$=\mathrm{\$70,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$50,000.00}\times \mathrm{8\%}}{12}$$=\mathrm{\$333.33}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 120 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$50,000.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-120}}}$$=\mathrm{\$606.64}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$606.64}-\mathrm{\$333.33}$$=\mathrm{\$273.30}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$333.33}\times 120+\mathrm{\$606.64}\times 120-\mathrm{\$50,000.00}$$=\mathrm{\$62,796.56}$

6. Try the what-if. At 10% the interest-only payment becomes this

   $\frac{\mathrm{\$50,000.00}\times \mathrm{10\%}}{12}$$=\mathrm{\$416.67}$

7. At 10% the repayment payment becomes this

   $\frac{\mathrm{\$50,000.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-120}}}$$=\mathrm{\$660.75}$

6. Monthly payment in the repayment period: $469.90

1. Find your credit limit. All loans on the home can reach 74% of its value, so subtract what you already owe

   $\mathrm{\$400,000.00}\times \mathrm{74\%}-\mathrm{\$220,000.00}$$=\mathrm{\$76,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$45,000.00}\times \mathrm{9.5\%}}{12}$$=\mathrm{\$356.25}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 180 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$45,000.00}\times 0.00791667}{1-{\left(1+0.00791667\right)}^{\mathrm{-180}}}$$=\mathrm{\$469.90}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$469.90}-\mathrm{\$356.25}$$=\mathrm{\$113.65}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$356.25}\times 60+\mathrm{\$469.90}\times 180-\mathrm{\$45,000.00}$$=\mathrm{\$60,957.20}$

6. Try the what-if. At 11.5% the interest-only payment becomes this

   $\frac{\mathrm{\$45,000.00}\times \mathrm{11.5\%}}{12}$$=\mathrm{\$431.25}$

7. At 11.5% the repayment payment becomes this

   $\frac{\mathrm{\$45,000.00}\times 0.00958333}{1-{\left(1+0.00958333\right)}^{\mathrm{-180}}}$$=\mathrm{\$525.69}$

7. Monthly payment in the repayment period: $447.69

1. Find your credit limit. All loans on the home can reach 78% of its value, so subtract what you already owe

   $\mathrm{\$525,000.00}\times \mathrm{78\%}-\mathrm{\$195,000.00}$$=\mathrm{\$214,500.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$32,500.00}\times \mathrm{11\%}}{12}$$=\mathrm{\$297.92}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 120 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$32,500.00}\times 0.00916667}{1-{\left(1+0.00916667\right)}^{\mathrm{-120}}}$$=\mathrm{\$447.69}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$447.69}-\mathrm{\$297.92}$$=\mathrm{\$149.77}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$297.92}\times 120+\mathrm{\$447.69}\times 120-\mathrm{\$32,500.00}$$=\mathrm{\$56,972.50}$

6. Try the what-if. At 13% the interest-only payment becomes this

   $\frac{\mathrm{\$32,500.00}\times \mathrm{13\%}}{12}$$=\mathrm{\$352.08}$

7. At 13% the repayment payment becomes this

   $\frac{\mathrm{\$32,500.00}\times 0.01083333}{1-{\left(1+0.01083333\right)}^{\mathrm{-120}}}$$=\mathrm{\$485.26}$

8. Monthly payment in the repayment period: $627.72

1. Find your credit limit. All loans on the home can reach 90% of its value, so subtract what you already owe

   $\mathrm{\$440,000.00}\times \mathrm{90\%}-\mathrm{\$220,000.00}$$=\mathrm{\$176,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$47,500.00}\times \mathrm{10\%}}{12}$$=\mathrm{\$395.83}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 120 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$47,500.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-120}}}$$=\mathrm{\$627.72}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$627.72}-\mathrm{\$395.83}$$=\mathrm{\$231.88}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$395.83}\times 60+\mathrm{\$627.72}\times 120-\mathrm{\$47,500.00}$$=\mathrm{\$51,575.92}$

6. Try the what-if. At 12% the interest-only payment becomes this

   $\frac{\mathrm{\$47,500.00}\times \mathrm{12\%}}{12}$$=\mathrm{\$475.00}$

7. At 12% the repayment payment becomes this

   $\frac{\mathrm{\$47,500.00}\times 0.01}{1-{\left(1+0.01\right)}^{\mathrm{-120}}}$$=\mathrm{\$681.49}$

9. Monthly payment in the repayment period: $401.49

1. Find your credit limit. All loans on the home can reach 88% of its value, so subtract what you already owe

   $\mathrm{\$550,000.00}\times \mathrm{88\%}-\mathrm{\$250,000.00}$$=\mathrm{\$234,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$48,000.00}\times \mathrm{8\%}}{12}$$=\mathrm{\$320.00}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 240 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$48,000.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-240}}}$$=\mathrm{\$401.49}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$401.49}-\mathrm{\$320.00}$$=\mathrm{\$81.49}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$320.00}\times 60+\mathrm{\$401.49}\times 240-\mathrm{\$48,000.00}$$=\mathrm{\$67,557.90}$

6. Try the what-if. At 10% the interest-only payment becomes this

   $\frac{\mathrm{\$48,000.00}\times \mathrm{10\%}}{12}$$=\mathrm{\$400.00}$

7. At 10% the repayment payment becomes this

   $\frac{\mathrm{\$48,000.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-240}}}$$=\mathrm{\$463.21}$

10. Monthly payment in the repayment period: $573.39

1. Find your credit limit. All loans on the home can reach 80% of its value, so subtract what you already owe

   $\mathrm{\$500,000.00}\times \mathrm{80\%}-\mathrm{\$300,000.00}$$=\mathrm{\$100,000.00}$

2. Find the draw-period payment. You pay only one month's interest: the balance times the yearly rate, divided by 12

   $\frac{\mathrm{\$60,000.00}\times \mathrm{8\%}}{12}$$=\mathrm{\$400.00}$

3. Find the repayment payment. A standard formula gives the one amount that clears the balance in 180 months, using the monthly rate (the yearly rate divided by 12)

   $\frac{\mathrm{\$60,000.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-180}}}$$=\mathrm{\$573.39}$

4. Find the payment jump: how much more you pay each month once repayment starts

   $\mathrm{\$573.39}-\mathrm{\$400.00}$$=\mathrm{\$173.39}$

5. Add up the interest: the interest-only payments, plus the repayment payments minus the balance

   $\mathrm{\$400.00}\times 120+\mathrm{\$573.39}\times 180-\mathrm{\$60,000.00}$$=\mathrm{\$91,210.43}$

6. Try the what-if. At 10% the interest-only payment becomes this

   $\frac{\mathrm{\$60,000.00}\times \mathrm{10\%}}{12}$$=\mathrm{\$500.00}$

7. At 10% the repayment payment becomes this

   $\frac{\mathrm{\$60,000.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-180}}}$$=\mathrm{\$644.76}$