HELOC Payment Calculator

Estimate your home equity line of credit (HELOC) payment now, what it becomes when the draw period ends and repayment starts, and how much a higher rate would add. For homeowners with a HELOC or considering one. Principal and interest only; your inputs stay in your browser.

Your HELOC

The amount you owe on the line, or plan to draw.

Your current variable rate, or the rate you want to plan with.

Draw period

Often 10 years. Check your HELOC agreement.

Repayment period

Often 10 to 20 years after the draw period ends.

Payments during the draw period

$354.17/month now, $433.91/month in repayment. See full results

Example: $50,000.00 drawn at 8.5%, 10 years draw period with interest-only payments, then 20 years of repayment (illustrative rate). Enter your numbers to update.

Your HELOC payment estimate

Payment during the draw period
$354.17
Interest only
Payment when repayment starts
$433.91
From month 121, for 20 years
Payment increase (payment shock)
$79.74 (23%)
Repayment payment minus draw payment
Balance when repayment starts
$50,000.00
Total interest
$96,638.79
$42,500.00 in the draw period, $54,138.79 in repayment
Total payments
$146,638.79

Your payment rises by $79.74 (23%) in month 121. During the draw period you pay only interest, so the balance does not fall; repayment then spreads $50,000.00 over 20 years.

The rate is held constant for this estimate. Real HELOC rates are usually variable, so see the rate table below.

If your rate rises

If the rate changes (same balance and periods)

RateDraw-period paymentRepayment paymentIncrease
8.5% (your rate) $354.17$433.91$79.74
9.5% (+1 pt) $395.83$466.07$70.23
10.5% (+2 pt) $437.50$499.19$61.69
11.5% (+3 pt) $479.17$533.21$54.05

Payments over the life of the line

Year by year

YearPhasePaymentsInterestPrincipalBalance at year end
1 Draw$4,250.00$4,250.00$0.00$50,000.00
2 Draw$4,250.00$4,250.00$0.00$50,000.00
3 Draw$4,250.00$4,250.00$0.00$50,000.00
4 Draw$4,250.00$4,250.00$0.00$50,000.00
5 Draw$4,250.00$4,250.00$0.00$50,000.00
6 Draw$4,250.00$4,250.00$0.00$50,000.00
7 Draw$4,250.00$4,250.00$0.00$50,000.00
8 Draw$4,250.00$4,250.00$0.00$50,000.00
9 Draw$4,250.00$4,250.00$0.00$50,000.00
10 Draw$4,250.00$4,250.00$0.00$50,000.00
11 Repayment$5,206.94$4,211.82$995.11$49,004.89
12 Repayment$5,206.94$4,123.87$1,083.07$47,921.81
13 Repayment$5,206.94$4,028.13$1,178.81$46,743.00
14 Repayment$5,206.94$3,923.94$1,283.00$45,460.00
15 Repayment$5,206.94$3,810.53$1,396.41$44,063.59
16 Repayment$5,206.94$3,687.10$1,519.84$42,543.75
17 Repayment$5,206.94$3,552.76$1,654.18$40,889.57
18 Repayment$5,206.94$3,406.55$1,800.39$39,089.18
19 Repayment$5,206.94$3,247.41$1,959.53$37,129.65
20 Repayment$5,206.94$3,074.20$2,132.74$34,996.91
21 Repayment$5,206.94$2,885.69$2,321.25$32,675.66
22 Repayment$5,206.94$2,680.51$2,526.43$30,149.23
23 Repayment$5,206.94$2,457.20$2,749.74$27,399.49
24 Repayment$5,206.94$2,214.15$2,992.79$24,406.70
25 Repayment$5,206.94$1,949.61$3,257.33$21,149.37
26 Repayment$5,206.94$1,661.69$3,545.25$17,604.12
27 Repayment$5,206.94$1,348.32$3,858.62$13,745.50
28 Repayment$5,206.94$1,007.26$4,199.68$9,545.82
29 Repayment$5,206.94$636.04$4,570.90$4,974.92
30 Repayment$5,206.94$232.02$4,974.92$0.00

How HELOC payments work

A HELOC is a line of credit secured by your home. It usually has a draw period, when you can borrow and often pay only interest, followed by a repayment period, when you can no longer borrow and pay back principal and interest. Most HELOCs have a variable rate (CFPB: what is a HELOC?).

Interest-only draw payment
Balance × annual rate ÷ 12. In the example: $50,000.00 × 8.5% ÷ 12 = $354.17 a month. The balance does not go down.
Repayment payment
The balance left at the end of the draw period, repaid in equal monthly payments over the repayment period: B × r × (1 + r)n ÷ ((1 + r)n − 1), with r = annual rate ÷ 12 and n = repayment months. In the example: $433.91 a month for 20 years.
Payment shock
The jump from the draw payment to the repayment payment: here $79.74, or 23% more each month from month 121.

Interest-only vs. principal-and-interest draw payments

Paying only interest keeps the draw-period payment low, but the whole balance is still owed when repayment starts. Paying principal and interest from the start (spread over the draw and repayment periods together) costs $384.46 a month in the example, and the payment then stays the same. Total interest falls from $96,638.79 to $88,404.43.

When the rate changes

Because HELOC rates usually move with an index, the payment can change even within a phase. The rate table above re-runs the same balance and periods at your rate plus 1, 2 and 3 percentage points. In the example, at 10.5% the repayment payment would be $499.19. These are what-if figures, not forecasts. Your agreement sets how the rate is calculated and any caps.

HELOC or home equity loan?

A home equity loan pays out a lump sum with a fixed payment; a HELOC lets you draw as needed, and its payment depends on the balance and rate (CFPB: home equity loan vs. HELOC). For a fixed amount at a fixed rate, the loan payment calculator gives the payment and full schedule.

Assumptions and limitations

  • The rate stays the same for the whole estimate. Real HELOC rates are usually variable; use the rate table for what-if cases.
  • The balance is drawn in full at the start, with no further draws or extra payments.
  • Interest is the annual rate ÷ 12 on the balance each month. Your lender may calculate interest daily.
  • Fees are not included. HELOCs can carry application, appraisal, closing, annual or other fees (CFPB: HELOC fees).
  • Minimum-payment rules, rate floors and caps, and balloon payments in some agreements are not modelled.
  • This does not estimate how much you can borrow. Results are estimates, not a loan offer or financial advice.

Methodology and testing

The HELOC engine uses the same tested amortization engine as every loan calculator on this site. Automated tests check the draw and repayment payments, payment shock and total interest against independent closed-form calculations, including zero rates, short periods and principal-and-interest draw payments. How we build and test calculators.

Sources

  • Home Equity Loan Calculator

    Monthly payment, borrowing limit at common CLTV caps, cash received after closing costs, term comparison and amortization.

  • Mortgage Refinance Calculator

    New payment, true break-even that counts the balance owed, savings if you sell after N years, and a full-term comparison.

  • Loan Payment Calculator

    Monthly payment, total interest, term comparison, extra-payment savings and a full amortization schedule.