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Calculate a Home Equity Loan Payment

Home Equity Loan Payment Calculator

Repayment of a home equity loan requires that the borrower makes a monthly payment to the lender. That monthly payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases. Use this First Merchants home equity loan payment calculator to help you to estimate the monthly payment amount of a home equity loan to the lender.