HELOC Payment Calculator

Use this HELOC payment calculator to estimate your monthly home equity line of credit (HELOC) payments during the draw period and repayment period. Enter your credit limit, amount borrowed, interest rate, and repayment terms to estimate monthly payments, total interest, available credit, and the potential cost of borrowing against your home equity.

Your HELOC payment depends on how much you borrow, your interest rate, and the payment terms set by your lender. During the draw period, some HELOCs allow interest-only payments, while others require principal and interest payments.

Enter your credit limit and the amount you plan to draw. The calculator estimates your payment based on your selected payment method and interest rate. Your actual payment may differ if your lender uses a variable rate, changes the payment requirements, or applies additional fees.

With an interest-only HELOC, your required payment during the draw period generally covers the interest due on the outstanding balance. Because you are not necessarily paying down principal, the amount borrowed may remain largely unchanged until repayment begins.

With principal-and-interest payments, part of each payment reduces the balance. Use the calculator to compare these payment approaches and understand how paying principal earlier can affect the amount you owe when the draw period ends.

The draw period is the time when you can access available credit, subject to your lender’s terms. After it ends, the HELOC typically enters the repayment period, when you repay the outstanding balance and may no longer be able to borrow additional funds.

Choose the draw and repayment periods available in the calculator to estimate how your payment could change. The transition to repayment can result in a significantly higher monthly payment, particularly if you made interest-only payments during the draw period.

The calculator estimates interest during the draw period and repayment period, along with total payments and applicable fees entered. These results help you compare borrowing scenarios and understand how the interest rate, amount drawn, and repayment schedule affect the overall cost.

The estimate assumes a constant interest rate and no additional borrowing during the calculation period. Actual HELOC rates may vary, and lender fees or payment rules may change your costs. For another way to access home equity, compare a cash-out refinance with a HELOC.

Your available credit is the difference between your HELOC credit limit and the amount already drawn, based on the values entered. Keeping track of available credit can help you plan future borrowing without exceeding your line’s limit.

Remember that a HELOC is secured by your home. Missed payments can put your property at risk, and a variable interest rate may increase your payment over time. Use the results as a planning estimate and confirm the interest rate, fees, draw restrictions, and repayment terms with your lender before borrowing.