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Paying Off a Home Equity Loan or Line of Credit

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To repay a home equity line of credit, borrowers must make monthly payments to the lender. Some home equity lines of credit allow borrowers to make interest-only payments during a specified period, after which a repayment period commences. These interest-only payments are determined by the remaining loan balance and interest rate. Utilize Education First's Home Equity Line of Credit Payment Calculator to determine the draw period payment based solely on interest and the repayment period payment based on the credit's payoff.

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