Fixed Rate Home Equity Loans

A Fixed Rate Home Equity Loan gives you a consistent monthly payment over a set period of time. It's made up of principal and interest, and remains the same throughout your loan term.

For details about home equity rates and other information, view important disclosures.

Principal

Principal is the amount of money you've borrowed or your outstanding loan balance. You pay a portion of the principal with each home equity loan payment.

Interest

Interest is the amount you're charged for borrowing money and is paid directly to your lender.

Calculate your monthly home equity loan payment

Amortization explained

Amortization is the decrease of your loan principal as you make monthly payments toward the principal and interest. The amortization period is the amount of time it will take for you to pay off your loan. The longer it takes to pay off a home loan, the more interest charged. Your monthly payment's interest portion is based on the scheduled amount that you owe each month.

For a Fixed Rate Home Equity Loan, your monthly payment stays the same, but the portion that goes toward principal increases over time. The payment's interest portion is based on the scheduled amount that you owe each month.

An amortization schedule shows a breakdown of your monthly payment into principal and interest components.

Sample amortization schedule

Loan Amount: $100,000 | Term of the Loan: 30 years | Interest Rate: 6.00%

1 month

Monthly interest
$500
Monthly principal
$99.55

233 months
(18.5 years)

Monthly interest
$298.31
Monthly principal
$301.24

360 months
(30 years)

Monthly interest
$2.98
Monthly principal
$596.57

Calculation results:

$599.55

Monthly loan payments


$115,838.19

Total amount paid over the life of the loan (including interest)


This table shows how the principal payment amount and the interest payment amount changes over time.

For this example, starting with payment number 223 (18½ years into the loan), the principal amount is larger than the interest. By the time the last payment is due, the interest is only $2.98 compared to the final principal payment of $596.57.

Citi offers Fixed Rate Home Equity Loans with terms in 5-year increments from 5 to 30 years.

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Important Disclosures

Terms, conditions and fees for accounts, programs, products and services are subject to change.

For Home Equity Lines of Credit: Variable Annual Percentage Rate can be as low as Prime plus % (currently % variable APR) and as high as Prime plus % (currently % variable ). Additional rate discounts may apply. To qualify for the lowest rate, customers must meet relationship balance requirements (as of the closing date); have excellent credit; use Citibank Auto Deduct (an automated monthly debit from a Citibank deposit account) for repayment; meet certain loan-to-value and lien position requirements; take an initial draw of at least $25,000 at closing; and have a line amount of at least $100,000. Rates will vary depending on the state where the collateral property is located. The variable is indexed to the Prime Rate as published in the "Money Rates" section of The Wall Street Journal. Maximum is 18%. Annual fee: $50 during the draw period (not applicable if collateral property is located in Texas). No annual fee will be charged if at the time of the account opening, you are a Citigold or Citi Priority customer or an employee of Citigroup or its subsidiaries. Customers who elect to pay closing costs will receive an additional rate reduction (not applicable if the collateral property is located in Texas). Closing costs can range from approximately $680 to $32,000, except in New York where they can range from approximately $680 to $38,000. Closing costs may vary based upon the line amount, property location and title insurance required. An Early Closure Release Fee may be charged to recover all costs incurred for originating your loan and may apply if you close your account within 36 months (not applicable if collateral property is located in Texas). Property insurance and the fee to release an existing mortgage may be required. Applicable for loan sizes up to $1 million. No 3rd lien positions. Home Equity Lines of Credit are available to U.S. residents only.

Home Equity Lines of Credit with an interest-only draw period require the to have $200,000 or more in personal assets with Citi, or $1,000,000 or more in combined personal assets with Citi and other financial institutions. Personal assets include, but are not limited to: deposit, checking, savings, money market, investment, Certificates of Deposit, stocks and bonds, retirement, mutual fund, annuities and trust accounts.

For Home Equity Lines of Credit with an interest-only draw period: Your monthly minimum payments during the draw period can be as low as "interest-only". If you choose to pay only the amount of interest due, then at the end of the interest-only period you will still owe the original amount you borrowed and your monthly payments will increase because you must pay back the principal as well as interest. Your payment could increase even more if your variable rate increases. Please speak to a personal banker for more details.

For Fixed Rate Home Equity Loans: Your Annual Percentage Rate () may be as low as 6.59% (as low as 6.84% for New York properties) or as high as 8.54% (as high as 8.79% for New York properties). Additional rate discounts may apply. To qualify for the lowest rate, customers must meet loan amount, loan-to-value and term requirements, have excellent credit history, and use Citibank Auto Deduct (an automated monthly debit from a Citibank deposit account) for repayment. If you borrow $50,000 at 7.04% for a 30-year term, assuming no down payment, you will make 360 payments of approximately $334.00. Repayments can be made over 5, 10, 15, 20, 25 or 30 years; however, the monthly payment amount may differ from the example used above based on the loan amount and repayment term selected. If you close your account within 36 months an Early Closure Release Fee may be charged to recover all costs incurred for originating your loan (does not apply to collateral properties in Texas). Property insurance and the fee to release an existing mortgage may be required. Fixed rate home equity loans are not available in 1st lien position.

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