More options$100,000 line, no draw fee
Your paymentestimate
$3,667.20 monthly
12 payments
Total cost $4,006 in interest, $44,006 in all
Shown at 18% APR, paid down over 12 months. Line rates move with your credit, revenue and the lender.
Real terms come from your file, after underwriting.
Details: what opens back up, and the schedule
- Interest only while drawn
- $600.00 a month
- Simple interest
- 10.0%
- Available right after the draw
- $60,000
Estimate at the rate you chose. Line rates move with your credit, revenue and the lender. Running numbers here never touches your credit.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $3,667.20 | $3,067.20 | $600.00 | $36,932.80 |
| 2 | $3,667.20 | $3,113.21 | $553.99 | $33,819.59 |
| 3 | $3,667.20 | $3,159.91 | $507.29 | $30,659.69 |
| 4 | $3,667.20 | $3,207.30 | $459.90 | $27,452.38 |
| 5 | $3,667.20 | $3,255.41 | $411.79 | $24,196.97 |
| 6 | $3,667.20 | $3,304.25 | $362.95 | $20,892.72 |
| 7 | $3,667.20 | $3,353.81 | $313.39 | $17,538.91 |
| 8 | $3,667.20 | $3,404.12 | $263.08 | $14,134.80 |
- Available
- Owed on the draw
| When | Available |
|---|---|
| Right after the draw | $60,000.00 |
| After payment 1 | $63,067.20 |
| After payment 2 | $66,180.41 |
| After payment 3 | $69,340.31 |
| After payment 4 | $72,547.62 |
| After payment 5 | $75,803.03 |
| After payment 6 | $79,107.28 |
| After payment 7 | $82,461.09 |
| After payment 8 | $85,865.20 |
| After payment 9 | $89,320.38 |
| After payment 10 | $92,827.38 |
| After payment 11 | $96,387.00 |
| After payment 12 | $100,000.00 |
FAQ
Common Questions
How is the payment on a line of credit calculated?
The calculator pays the draw down in equal monthly or weekly payments at the APR you set, over the months you choose. You pay interest only on what you draw, not on the full line.
What does interest only on the draw mean?
While a draw is outstanding, interest runs on the drawn balance alone. The calculator shows the monthly interest-only figure for the draw, so you can see the carrying cost before any principal goes back.
How much of the line is available after a draw?
Right after the draw, the line less the draw. As each payment brings the balance down that room opens back up, and the chart under the results tracks it payment by payment.
What rates do lines of credit carry?
Lines typically run about 7% to 25% APR. Your credit, your revenue and the lender set where yours lands, so the calculator lets you set the rate yourself.
Is there a fee to draw on a line?
Some lines charge a fee on each draw. Enter it as a percentage and the calculator takes it out of the draw, so you see the net that reaches your account.