Hello Folks - Grasping at straws here but thought perhaps someone might beable to figure out. I will try to lay it out as basically as possible.
I currently have a $205,000 Home Equity Line Of Credit at 5% per annumwith the only requirement being that interest must be paid on amonthy basis on the outstanding balance with no principal necessary to be repaid until all funds have run out , necessitating sale ofhouse to repay the $205,000 in full). There is currently a zero balance.
My intention is to pull, from the line of credit, $1000 per month plus whatever interest dollar amount I have accumulated the previous month.
My question being, at what point will the whole available balance become zero and how much will I have fully realized / netted of the$205,000 along the lines of how much principal will I have obtained over the term and how much interest will I have paid? Trying to figure out how many months / years I can pull from the line of credit before I have to sell my house to pay off the line of credit.
Thanks for your help!
I currently have a $205,000 Home Equity Line Of Credit at 5% per annumwith the only requirement being that interest must be paid on amonthy basis on the outstanding balance with no principal necessary to be repaid until all funds have run out , necessitating sale ofhouse to repay the $205,000 in full). There is currently a zero balance.
My intention is to pull, from the line of credit, $1000 per month plus whatever interest dollar amount I have accumulated the previous month.
My question being, at what point will the whole available balance become zero and how much will I have fully realized / netted of the$205,000 along the lines of how much principal will I have obtained over the term and how much interest will I have paid? Trying to figure out how many months / years I can pull from the line of credit before I have to sell my house to pay off the line of credit.
Thanks for your help!