How is the minimum payment calculated on my credit union line of credit account(s)?
Payment calculations by product are detailed below:
Safetyline of Credit or Business line of Credit
The minimum monthly payment amount is 2.5% of the balance of the line or $25, whichever is greater.
Personal Line of Credit (discontinued)
Your minimum monthly payment, calculated at the time of each advance, is as follows:
For each $100 or fraction of $100 of your unpaid balance, the calculation is as follows:
Amount Minimum Payment
$ 0 - 2,500 $2.60
$2,500 - 5,000 $2.20
$5,001 - over $1.70
PowerLine Home Equity Line of Credit
During your draw period (first 10 years of account opening), your minimum monthly payment will consist of the interest accrued on the outstanding balance of the line. After the draw period ends, your line moves into the repayment phase, at which time your minimum monthly payment consists of the interest accrued plus a fixed portion of the principal balance. See your Home Equity Loan Note for details.