Navy Federal HELOC Payment Structure Help

[Brandon C.J. Grimes]

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?

[Daniel Desrosiers]

Quote from @Brandon C.J. Grimes:

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?

 your payment is 1% so its 500 which is then split up between p&i.