HELOC Payment Calculator

What is a HELOC? A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home equity. Unlike traditional loans, HELOCs allow you to borrow, repay, and borrow again up to your credit limit during the draw period.

Why Calculate HELOC Payments? Understanding your HELOC payments is crucial because they change dramatically between two phases:

Draw Period: Typically 5-10 years where you can borrow and usually only pay interest
Repayment Period: Usually 10-20 years where you must repay both principal and interest

⚠️ Important Risk Warning: HELOC interest rates are typically variable and can increase significantly. Your monthly payment can rise if rates go up. Use this calculator to model different rate scenarios and plan your budget accordingly.

How to Use This Calculator:

Enter your current outstanding balance
Input your current APR (annual percentage rate)
Specify remaining months in draw period
Enter total months for repayment period

Disclaimer: This calculator provides estimates for educational purposes only. Actual payments may vary based on your lender's terms, rate changes, additional fees, and other factors. Always consult with your financial institution for official payment quotes.

About HELOC Payment Calculator