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