Home Equity Loans and Lines Comparison Chart
| |
Home Equity Line of Credit
 |
Home Equity Loan
 |
| Interest Rate |
Variable |
Fixed |
| Auto Debit Discount? |
No |
Yes |
| Pay interest only on amount used? |
Yes |
No |
| Maximum Term |
2 Plans:
15 year with 7 year draw. Interest only payments during draw.
10 year with 8 year draw. Principle plus interest payments during draw. |
up to 15 years. |
Tax advantages
(Ask your tax advisor) |
Interest may be tax-deductible. |
Interest may be tax-deductible. |
Click here for
assumptions and examples.
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