Calculate HELOC payments for draw and repayment periods. Estimate monthly costs and interest for home equity lines.
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:
⚠️ 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:
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.
Cross-checked against authoritative formulas (IRS, NIST, ACM) and updated for 2025/2026 tax years and rates.
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Estimates only. Calculator results are for educational and planning purposes — not professional advice. For binding decisions on taxes, investments, health, or legal matters, consult a qualified professional.
FAQ
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A HELOC payment calculator is a free tool that estimates the monthly payment during both the draw period and the repayment period of a home equity line of credit. Our HELOC payment calculator uses current prime rate plus margin, and shows interest-only and principal-plus-interest payments. The HELOC payment calculator also shows total interest and the draw period balance.
How it works
Our heloc payment calculator lets you find your monthly payment during the interest-only draw period and the fully-amortizing repayment period, in four steps.
Type the current appraised value of your home and the remaining balance on your first mortgage. The calculator uses these to find the maximum HELOC you can borrow.
Type the amount you want to borrow. The calculator warns if it exceeds the 80-85% combined loan-to-value threshold most lenders allow.
Type the current HELOC rate (variable, often prime plus a margin) and the draw period and repayment period lengths. Most HELOCs have 10-year draw and 20-year repayment.
The result shows interest-only payments during the draw period and the higher principal-plus-interest payment during the repayment period, plus total interest paid over the full term.