Updated almost 6 years ago on . Most recent reply
Heloc Minimum Payments
Hello,
Curious as to how minimum payments work. Beginning is interest only.
Current Heloc is around 6% interest, and a minimum payment of $100.00.
Would it work like option a or b?
A:
$1,000 x .005 (.6/12)= $5.00 a month minimum payment
B: $1,000x.005 = $5.00 a month minimum payment, but the actual minimum is $100, of which 95 goes to principal and $5 to interest?