<p>Our HELOC is not interest-only - the payment follows some sort of amortization schedule. It is different than a normal mortgage because the amount of interest that gets paid down varies depending on when in the month you make the payment. I just calculated it with our latest amount and it looks like a 10 year amortization.</p>
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If that ever happens, you can make the payment out of your HELOC. We’ve had the rare month were we’ve made the HELOC payment by writing a check out of the HELOC.</p>