Home Equity Loan or Line of Credit?

Loan Information
$
Equity Loan
%
Line of Credit
%
$
Home Equity Payment Summary
Loan and Line of Credit Payoff Comparison
YearHome Equity LoanHome Equity Line of Credit
0$ 30,000.00$ 30,000.00
1$ 27,616.15$ 22,077.13
2$ 25,112.83$ 16,246.66
3$ 22,484.06$ 11,955.99
4$ 19,723.54$ 8,798.46
5$ 16,824.68$ 6,474.83
6$ 13,780.54$ 4,764.85
7$ 10,583.84$ 3,506.48
8$ 7,226.94$ 2,580.43
9$ 3,701.80$ 1,898.95
10$ 0.00$ 1,397.45
Home equity lines of credit often have more flexible repayment terms than a standard home equity loan. Home equity loan payments are typically fixed over the repayment period, while home equity lines of credit can offer interest-only payment terms, or outstanding balances can be repaid using a variety of repayment strategies.