See How a Home Equity Payment Fits in Your Budget

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If you have equity in your home, a Home Equity Line of Credit (HELOC) can be an important source of funds for home renovations, debt consolidation, or even educational expenses. 

Using our Home Equity Loan Calculator, enter the following information to determine what sort of monthly payment you'll be looking at based on the loan amount you're seeking to obtain based on your home equity:

  • Loan Amount: The amount you currently have or are seeking for your home equity loan.
  • Loan Term: Decide how many years you'll have to repay the loan. Loan terms can range anywhere from 5-30 years.
  • Interest Rate: The going market interest rate for your specific loan. Be sure to shop around to obtain the lowest interest rate.

Once you've entered your information, view an estimate of your monthly payment, loan payoff schedule, and an amortization schedule that will show you what portion of each monthly payment goes toward paying your principal and interest.

Home Equity Lines of Credit (HELOC): Pros and Cons

HELOC Pros

  • Borrow as little or as much as you need during your draw period.
  • During your draw period, you will only pay the interest on your balance, meaning you'll have lower payments initially.
  • HELOCs often have lower initial costs than home equity loans.

HELOC Cons

  • Since you're using your home as collateral for the loan, if you begin to miss payments you risk foreclosure on your home. 
  • Interest rates are market-dependent and can fluctuate over time, making payments unpredictable.
  • As with traditional credit cards, access to large funds without purpose can lead to overspending.
  • Once your draw period ends, payments will likely increase.


At UMCU, we offer HELOCS with attractive features such as low variable interest rates and completely fee-free. Learn more about your options and how we can help you use your home to access the funding you need today.