Home Equity Loan Terms
Sometimes fitting your new home equity payment into your monthly budget can be a challenge, especially if you're borrowing a significant amount of money. That's why Principal Bank offers both fully amortizing and balloon home equity loans.
To find out what your payments would be over 5, 10, 15, or 20 years, click here for our home equity payment calculator.
At Principal Bank, we offer the following home equity loan terms:
- 5-year loan with a fixed interest rate for the full 5 years. Your monthly payments will stay the same for the entire loan and your loan will be completely paid off at the end of 5 years. Apply here.
- 10-year loan. This loan features a fixed interest rate and the same monthly payment for 10 years. At the end of 10 years, your loan will be completely paid off. Apply here.
- 5-year/ 15-year amortization. This loan features a fixed interest rate and fixed monthly payments for the first 5 years. The monthly payment is calculated over 15 years, which reduces the payment amount. At the end of 5 years, you will need to pay off the remaining balance or refinance it. Apply here.
- 5-year/ 20-year amortization. This loan also offers a fixed interest rate and payment amount for the first 5 years. The monthly payment is calculated over 20 years. At the end of 5 years, the remaining balance will need to be paid off or refinanced. Apply here.
To compare payments for different terms, click here for our home equity loan payment calculator.
