Time taken on paying off a home equity loan
The length of time it takes to pay off a home equity loan or line of credit is largely driven by the interest rate paid on the outstanding balance, how much you continue to use the line of credit and what monthly payment is made each month. Decreasing any additional charges to your line and increasing monthly payments are an effective strategy for paying off the outstanding balance in a shorter time period.
Use this calculator to find out how long it will take to pay off your home equity loan or line of credit.