Monthly paymentMonthly principal and interest payment PI.
Monthly paymentMonthly principal and interest payment PI. Rising Interest Rates? Time to refinance your HELOC. In simple terms this means that the regular and periodic payments of the principal will not pay off the entire loan. The risk, of course, occurs after the initial fixed period is over. The monthly payment is calculated using a 30 year term. This article or section is not written in the formal tone expected of an encyclopedia article. With interest rates rising, there's no time like the present to get.