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HELOC Calculator

Estimate the interest-only payment during a HELOC draw period and the amortized payment after.

This is an estimate for illustration only — it does not include fees, rate changes or your lender's exact terms.

How to use heloc calculator

  1. Enter your current HELOC balance, or the amount you plan to draw, in the balance field.
  2. Enter your annual interest rate as a percentage. The draw period (10 years) and repayment period (20 years) are pre-filled with common defaults — change them to match your agreement.
  3. Read the two monthly payments in the result: interest-only during the draw period, then the amortized payment for the repayment period, with the total payment count.
  4. Remember the figure below the result — this is an estimate for illustration only, not your lender's exact quote.

Examples

$50,000 balance at 8%

Interest-only works out to about $333/mo during the draw period, then about $418/mo once the balance amortizes over 20 years.

$100,000 at 7.5% with a 5-year draw

A shorter 5-year draw followed by 15 years of repayment: roughly $625/mo interest-only, then about $927/mo.

$25,000 balance at 9.9%

On a $25,000 balance at 9.9%: about $206/mo during the draw period, then roughly $240/mo over 20 years.

What is HELOC?

A home equity line of credit (HELOC) is a revolving line of credit secured by your home, and unlike a fixed installment loan it runs in two distinct phases. During the draw period — commonly 10 years — you can borrow, repay and re-borrow up to your limit, and most lenders only require interest-only payments on whatever balance you happen to be carrying. When the draw period ends, the line closes and the outstanding balance converts into a straight amortizing loan over the repayment period, commonly 20 years, where each payment covers both interest and principal.

Because the monthly figure jumps when the repayment period begins, budgeting for both numbers matters more than either one alone. This calculator shows them side by side: the interest-only amount you would pay during the draw period, and the amortized amount that replaces it once repayment starts, based on your balance, rate and the two period lengths.

Treat the output as an estimate for illustration only, not financial advice. Real HELOCs almost always carry a variable rate that follows the prime rate, so both figures drift over time, and lenders add annual fees, early-closure fees or minimum-draw requirements that no calculator can know about. Confirm the exact figures, caps and terms with your lender before relying on any number here.

Frequently asked questions

Is this HELOC payment calculator exact?

No — it is an estimate for illustration only. It assumes a constant rate for the whole term and no fees, while real HELOCs usually have variable rates, annual fees, minimum payments and your lender's exact terms. Always confirm the real numbers with your lender before making a borrowing decision.

What is a draw period?

The draw period is the first phase of a HELOC, typically 5–10 years, during which you can borrow from the line as needed and most lenders collect interest-only payments on the outstanding balance. When it ends you can no longer draw new funds.

What happens when the draw period ends?

The line of credit closes and the outstanding balance begins amortizing: your monthly payment rises from interest-only to an amount that pays off principal plus interest over the repayment period, typically 10–20 years. Some lenders let you refinance or convert the balance to a fixed-rate loan at that point.

Are HELOC rates fixed or variable?

Almost all HELOCs have variable rates tied to the prime rate plus a margin, which is why the two figures here are estimates rather than quotes — your rate (and therefore both payments) will move over the life of the line. A few lenders now offer fixed-rate conversion options, sometimes per draw.

Can I pay principal during the draw period?

Usually yes. Most HELOCs allow principal payments at any time without penalty, and paying down the balance during the draw period reduces both your interest-only payment and the balance that later gets amortized. Check your agreement for any minimum balance or early-closure conditions first.