Home equity loan calculations depend on the type of loan. For a fixed loan, you can treat it like a regular mortgage and use the calculators that were presented in Chapter 8, “Understanding Mortgages—And Getting the One That’s Best for You.”
For a line of credit home equity loan, however, things are a bit more complex because the payment is not fixed. As the balance changes and the interest rate is adjusted, your payment can go up or down each month. As a result of these uncertainties, it is impossible to predict exactly what your payment will be.