I'm having some difficulty understanding the payment fees of a possible home equity line of credit (HELOC). The HELOC is for $270k, with a stated repayment period of 15 years at 2.75% APR.
The credit union, however, insists that the minimum payment per month is $14 per $1000 dollars borrowed.
Assuming the 2.75 interest rate is flat (I know it isn't), I calculate a monthly repayment of ~1815k. But the $14/$1000 borrowed yields a monthly payment of $3836?
Am I correct in understanding that the repayment will decrease as I repay the loan in this scheme, as opposed to a fixed monthly rate as is usually done?