Home equity loan payment example
|Fixed annual percentage rate (APR)||5.99%|
|Monthly payment amount 10 years = 120 months||$1,109.70|
Rate information is for California (read Rates to the right for details).
The sample variable Annual Percentage Rate (APR) and monthly fixed-rate payment amount shown in the home equity loan payment example table are for illustrative purposes only and assume a new home equity loan in second lien position, a 10-year term, combined loan to value (CLTV) ratio of less than 60% on a 1- to 2-unit owner-occupied primary residence, and a borrower with excellent credit. The minimum loan amount is $30,000. Rate and payment amount may vary based on property value, loan amount, and other factors. Your actual rate and payment amount may be higher or lower than advertised rate and payment amount. Property insurance is always required and flood insurance is required where necessary.
Please consult your tax advisor regarding interest deductibility.
The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments toward the new lower-interest-rate loan in an amount equal to or greater than what you previously paid toward the high-rate debt(s) being consolidated. To prevent repeating the same adverse debt scenario in the future, don’t add new balances to the credit accounts being consolidated.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. All approvals are subject to underwriting guidelines. Programs, rates, terms, and conditions are subject to change without notice.