Hi Guys,

I'm trying to find a HELOC calculator that will tell me when it will be paid off if I pay more. It is an interest only loan and all I can find are calculators with standard amortization interest schedules.

Thanks!

can't you just called the mortgage company?

just come up with the amounts you wanna pay (say, three numbers) and just ask them the time to paid it off. I wonder the calculator that you find has the 'reverse' calculation.. (it's getting late, and all my proper vocabularies are gone)

http://mortgages.interest.com/content/calculators/additionalpayment.asp

I found this one that you might be able to use/modify to give you what you want. You can look at the amortization schedule part and subtract the principal part of the payment and add that to the additional amount you input to determine how early you pay it off.

biomajor,

Thanks for the link. I love the interest.com financial calculators, they're very useful.

Thanks Michelle. I found similiar calculators on the web.

I may have to dig out my old Finance book when I go home tonight. I was really just curious more than anything about how long it would take to pay off with X amount more than the minimum. The thing with the HELOC loan I have is that the minimum payment only pays the interest owed on the loan. If I don't pay any extra, the principle will never decrease.

For those interested, I found something close to what I was looking for here. (http://www.swbanktx.com/calculators/MortgageInterestOnly.html)

Ok, one more post. I found what I was looking for here. (http://www.mortgageloan.com/calculators/payoff.cgi)

For example, this will tell me when, how much interest paid, etc if I had owed $50,000 in an interest only loan and made a $500 a month payment. The payment is the same but the amount of interest and principle paid changes with each payment made.

Those numbers are just an example to try...