Central Bank of St. Louis
There are several differences between a HELOC and Home Equity Loan that may sway you either way. For instance, home equity lines of credit often have more flexible repayment terms than a standard home equity loan. And, home equity loan payments are typically fixed over the repayment period, while home equity lines of credit can offer interest-only payment terms or outstanding balances can be repaid using a variety of repayment strategies. Calculate your estimated payment below and decide what will work best for you.