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