Navy Federal HELOC Payment Structure Help
Hello All!
I haven't been able to find a clear and concise explanation; so I'm hoping those with an NFCU HELOC could explain. I understand that the payments on Navy Federal fixed and/or variable rates HELOCs are $100 or 1% (whichever is greater) of the HELOC balance. However, does this include interest?
For example, if I had a variable rate HELOC with interest at 7.5%; and if I pull 50k to use; would be payment then be $500.00 + interest on the $50,000? (interest would be around $318)
I feel like my math is off here. The payment wouldn't be $818 dollars correct?