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HELOC payment calculation

How are the Home Equity Line of Credit (HELOC) payments calculated?

Delta Community offers two minimum monthly payment options; a principal and interest payment option or an interest only payment option. The minimum payment for the principal and interest payment option is 1.5% of the outstanding loan balance. The minimum payment for the interest only option is the greater of actual accrued interest or $100. There is no prepayment penalty with either option if the loan balance is paid in full. The interest only HELOC may be appropriate if you prefer a low monthly payment and flexibility to pay the principal balance at your convenience. More information on Interest Only HELOC.

HELOC payment calculation

How are the Home Equity Line of Credit (HELOC) payments calculated?

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EHL

Equal Housing Lender

NCUA

National Credit Union Administration, a U.S. Government Agency