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  2. How to calculate loan payments and costs - AOL

    The formula for calculating your loan payment depends on whether you choose an amortizing or interest-only loan. Examples of amortizing loans include car loans, mortgages and personal loans.

  3. What is the draw period on a HELOC and how does it work? - AOL

    Because you’re only charged for your outstanding balance at the end of your draw period, your monthly repayment amount depends on how much you borrow and your HELOC’s interest rate.

  4. Should you use a HELOC to pay off your mortgage? - AOL

    Alternatives to the HELOC strategy to pay off a mortgage include home equity loans or just making bigger or extra payments on your existing mortgage.

  5. How to shop for a HELOC: 10 ways to get the best HELOC rate - AOL

    For example: On a $50,000 HELOC, your monthly payment would be around $563, assuming a 9.31 percent variable APR, a 10 year draw period and 20 year repayment period.

  6. What is a HELOC? - AOL

    A HELOC (home equity line of credit) is a revolving form of credit with a variable interest rate, similar to a credit card. The line of credit is tied to the equity in your home.

  7. Fixed-rate mortgage - Wikipedia

    This monthly payment formula is easy to derive, and the derivation illustrates how fixed-rate mortgage loans work. The amount owed on the loan at the end of every month equals the amount owed from the previous month, plus the interest on this amount, minus the fixed amount paid every month.

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