Paying off interest-only home equity loan
Loan amount … 124000 Loan amount … 124000
Interest rate … 8.00% Interest rate … 8.00%
Monthly payment … 1800 Monthly payment … varies
Final loan balance … 0 Final loan balance … 0
Loan period … 92.529  months Loan period … 124  months
Scenario 1   Scenario 2  
Month Opening balance Interest Repay Closing balance Principal paid Month Opening balance Interest Repay Closing balance Principal paid
1 124000 827 -1800 123027 973 1 124000.00 826.67 -1826.67 123000.00 1000.00
2 123027 820 -1800 122047 980 2 123000.00 820.00 -1820.00 122000.00 1000.00
3 122047 814 -1800 121061 986 3 122000.00 813.33 -1813.33 121000.00 1000.00
4 121061 807 -1800 120068 993 4 121000.00 806.67 -1806.67 120000.00 1000.00
5 120068 800 -1800 119068 1000 5 120000.00 800.00 -1800.00 119000.00 1000.00
6 119068 794 -1800 118062 1006 6 119000.00 793.33 -1793.33 118000.00 1000.00
7 118062 787 -1800 117049 1013 7 118000.00 786.67 -1786.67 117000.00 1000.00
8 117049 780 -1800 116029 1020 8 117000.00 780.00 -1780.00 116000.00 1000.00
9 116029 774 -1800 115003 1026 9 116000.00 773.33 -1773.33 115000.00 1000.00
10 115003 767 -1800 113970 1033 10 115000.00 766.67 -1766.67 114000.00 1000.00
11 113970 760 -1800 112930 1040 11 114000.00 760.00 -1760.00 113000.00 1000.00
12 112930 753 -1800 111883 1047 12 113000.00 753.33 -1753.33 112000.00 1000.00
13 111883 746 -1800 110829 1054 13 112000.00 746.67 -1746.67 111000.00 1000.00
14 110829 739 -1800 109768 1061 14 111000.00 740.00 -1740.00 110000.00 1000.00
15 109768 732 -1800 108700 1068 15 110000.00 733.33 -1733.33 109000.00 1000.00
16 108700 725 -1800 107625 1075 16 109000.00 726.67 -1726.67 108000.00 1000.00
17 107625 718 -1800 106543 1082 17 108000.00 720.00 -1720.00 107000.00 1000.00
18 106543 710 -1800 105453 1090 18 107000.00 713.33 -1713.33 106000.00 1000.00
19 105453 703 -1800 104356 1097 19 106000.00 706.67 -1706.67 105000.00 1000.00
20 104356 696 -1800 103252 1104 20 105000.00 700.00 -1700.00 104000.00 1000.00
21 103252 688 -1800 102140 1112 21 104000.00 693.33 -1693.33 103000.00 1000.00
22 102140 681 -1800 101021 1119 22 103000.00 686.67 -1686.67 102000.00 1000.00
23 101021 673 -1800 99894 1127 23 102000.00 680.00 -1680.00 101000.00 1000.00
24 99894 666 -1800 98760 1134 24 101000.00 673.33 -1673.33 100000.00 1000.00
25 98760 658 -1800 97618 1142 25 100000.00 666.67 -1666.67 99000.00 1000.00
26 97618 651 -1800 96469 1149 26 99000.00 660.00 -1660.00 98000.00 1000.00
27 96469 643 -1800 95312 1157 27 98000.00 653.33 -1653.33 97000.00 1000.00
28 95312 635 -1800 94147 1165 28 97000.00 646.67 -1646.67 96000.00 1000.00
29 94147 628 -1800 92975 1172 29 96000.00 640.00 -1640.00 95000.00 1000.00
30 92975 620 -1800 91795 1180 30 95000.00 633.33 -1633.33 94000.00 1000.00
31 91795 612 -1800 90607 1188 31 94000.00 626.67 -1626.67 93000.00 1000.00
32 90607 604 -1800 89411 1196 32 93000.00 620.00 -1620.00 92000.00 1000.00
33 89411 596 -1800 88207 1204 33 92000.00 613.33 -1613.33 91000.00 1000.00
34 88207 588 -1800 86995 1212 34 91000.00 606.67 -1606.67 90000.00 1000.00
35 86995 580 -1800 85775 1220 35 90000.00 600.00 -1600.00 89000.00 1000.00
36 85775 572 -1800 84547 1228 36 89000.00 593.33 -1593.33 88000.00 1000.00
37 84547 564 -1800 83311 1236 37 88000.00 586.67 -1586.67 87000.00 1000.00
38 83311 555 -1800 82066 1245 38 87000.00 580.00 -1580.00 86000.00 1000.00
39 82066 547 -1800 80813 1253 39 86000.00 573.33 -1573.33 85000.00 1000.00
40 80813 539 -1800 79552 1261 40 85000.00 566.67 -1566.67 84000.00 1000.00
41 79552 530 -1800 78282 1270 41 84000.00 560.00 -1560.00 83000.00 1000.00
42 78282 522 -1800 77004 1278 42 83000.00 553.33 -1553.33 82000.00 1000.00
43 77004 513 -1800 75717 1287 43 82000.00 546.67 -1546.67 81000.00 1000.00
44 75717 505 -1800 74422 1295 44 81000.00 540.00 -1540.00 80000.00 1000.00
45 74422 496 -1800 73118 1304 45 80000.00 533.33 -1533.33 79000.00 1000.00
46 73118 487 -1800 71805 1313 46 79000.00 526.67 -1526.67 78000.00 1000.00
47 71805 479 -1800 70484 1321 47 78000.00 520.00 -1520.00 77000.00 1000.00
48 70484 470 -1800 69154 1330 48 77000.00 513.33 -1513.33 76000.00 1000.00
49 69154 461 -1800 67815 1339 49 76000.00 506.67 -1506.67 75000.00 1000.00
50 67815 452 -1800 66467 1348 50 75000.00 500.00 -1500.00 74000.00 1000.00
51 66467 443 -1800 65110 1357 51 74000.00 493.33 -1493.33 73000.00 1000.00
52 65110 434 -1800 63744 1366 52 73000.00 486.67 -1486.67 72000.00 1000.00
53 63744 425 -1800 62369 1375 53 72000.00 480.00 -1480.00 71000.00 1000.00
54 62369 416 -1800 60985 1384 54 71000.00 473.33 -1473.33 70000.00 1000.00
55 60985 407 -1800 59592 1393 55 70000.00 466.67 -1466.67 69000.00 1000.00
56 59592 397 -1800 58189 1403 56 69000.00 460.00 -1460.00 68000.00 1000.00
57 58189 388 -1800 56777 1412 57 68000.00 453.33 -1453.33 67000.00 1000.00
58 56777 379 -1800 55356 1421 58 67000.00 446.67 -1446.67 66000.00 1000.00
59 55356 369 -1800 53925 1431 59 66000.00 440.00 -1440.00 65000.00 1000.00
60 53925 360 -1800 52485 1440 60 65000.00 433.33 -1433.33 64000.00 1000.00
61 52485 350 -1800 51035 1450 61 64000.00 426.67 -1426.67 63000.00 1000.00
62 51035 340 -1800 49575 1460 62 63000.00 420.00 -1420.00 62000.00 1000.00
63 49575 331 -1800 48106 1469 63 62000.00 413.33 -1413.33 61000.00 1000.00
64 48106 321 -1800 46627 1479 64 61000.00 406.67 -1406.67 60000.00 1000.00
65 46627 311 -1800 45138 1489 65 60000.00 400.00 -1400.00 59000.00 1000.00
66 45138 301 -1800 43639 1499 66 59000.00 393.33 -1393.33 58000.00 1000.00
67 43639 291 -1800 42130 1509 67 58000.00 386.67 -1386.67 57000.00 1000.00
68 42130 281 -1800 40611 1519 68 57000.00 380.00 -1380.00 56000.00 1000.00
69 40611 271 -1800 39082 1529 69 56000.00 373.33 -1373.33 55000.00 1000.00
70 39082 261 -1800 37543 1539 70 55000.00 366.67 -1366.67 54000.00 1000.00
71 37543 250 -1800 35993 1550 71 54000.00 360.00 -1360.00 53000.00 1000.00
72 35993 240 -1800 34433 1560 72 53000.00 353.33 -1353.33 52000.00 1000.00
73 34433 230 -1800 32863 1570 73 52000.00 346.67 -1346.67 51000.00 1000.00
74 32863 219 -1800 31282 1581 74 51000.00 340.00 -1340.00 50000.00 1000.00
75 31282 209 -1800 29691 1591 75 50000.00 333.33 -1333.33 49000.00 1000.00
76 29691 198 -1800 28089 1602 76 49000.00 326.67 -1326.67 48000.00 1000.00
77 28089 187 -1800 26476 1613 77 48000.00 320.00 -1320.00 47000.00 1000.00
78 26476 177 -1800 24853 1623 78 47000.00 313.33 -1313.33 46000.00 1000.00
79 24853 166 -1800 23219 1634 79 46000.00 306.67 -1306.67 45000.00 1000.00
80 23219 155 -1800 21574 1645 80 45000.00 300.00 -1300.00 44000.00 1000.00
81 21574 144 -1800 19918 1656 81 44000.00 293.33 -1293.33 43000.00 1000.00
82 19918 133 -1800 18251 1667 82 43000.00 286.67 -1286.67 42000.00 1000.00
83 18251 122 -1800 16573 1678 83 42000.00 280.00 -1280.00 41000.00 1000.00
84 16573 110 -1800 14883 1690 84 41000.00 273.33 -1273.33 40000.00 1000.00
85 14883 99 -1800 13182 1701 85 40000.00 266.67 -1266.67 39000.00 1000.00
86 13182 88 -1800 11470 1712 86 39000.00 260.00 -1260.00 38000.00 1000.00
87 11470 76 -1800 9746 1724 87 38000.00 253.33 -1253.33 37000.00 1000.00
88 9746 65 -1800 8011 1735 88 37000.00 246.67 -1246.67 36000.00 1000.00
89 8011 53 -1800 6264 1747 89 36000.00 240.00 -1240.00 35000.00 1000.00
90 6264 42 -1800 4506 1758 90 35000.00 233.33 -1233.33 34000.00 1000.00
91 4506 30 -1800 2736 1770 91 34000.00 226.67 -1226.67 33000.00 1000.00
92 2736 18 -1800 954 1782 92 33000.00 220.00 -1220.00 32000.00 1000.00
93 954 6 -960 0 954 93 32000.00 213.33 -1213.33 31000.00 1000.00
Total … 42560     124000 94 31000.00 206.67 -1206.67 30000.00 1000.00
95 30000.00 200.00 -1200.00 29000.00 1000.00
Total interest paid .. 42,560 96 29000.00 193.33 -1193.33 28000.00 1000.00
Total principal paid .. 124,000 97 28000.00 186.67 -1186.67 27000.00 1000.00
Total paid .. 166,560
98 27000.00 180.00 -1180.00 26000.00 1000.00
99 26000.00 173.33 -1173.33 25000.00 1000.00
Double check: 100 25000.00 166.67 -1166.67 24000.00 1000.00