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If a company lends up to 75 percent for a HELOC is interest included in the loan payoff amount of the house?

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Wiki User
2006-08-23 02:42:57
2006-08-23 02:42:57

When a payoff is requested, it should be given in writing. This will include interest due up thru the day the HELOC will be paid off and any other fees that may be included (like a termination fee).

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You would first find the percent (if it was 5% interest (for example) on a calculator you would do the amount then multiply by 5, then click the percent, by hand: you would multiply the amount you paid for then multiply by 0.05 then you would get the interest; simple math :D

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$494.34 Interest= principal amount * time* simple interest %

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