HELOC Payment Calculator
Estimate both the draw-period payment and the repayment-period payment on a home equity line of credit.
Calculator
HELOC Payment Calculator
Use a realistic current market value for the property.
Enter the unpaid balance on the first mortgage and any existing fixed liens.
Enter the total line size approved or planned.
Use the amount currently drawn on the line.
Use the current annual HELOC rate. HELOC rates are often variable, so this is only a snapshot.
Enter the years left before the repayment period starts.
Enter the amortizing repayment period that begins after the draw phase ends.
Example values are loaded.
Result
Your result
A $45,000.00 HELOC balance would cost about $318.75 per month during an interest-only draw period and about $443.13 per month once repayment begins.
Current draw payment
$318.75
Repayment payment
$443.13
Available credit
$30,000.00
HELOC and equity snapshot
Next steps
Compare before you move on
Most people use one calculator to answer the first question and a related tool to pressure-test the decision.
Borrowing
Home Equity Loan Calculator
Estimate a fixed monthly home equity loan payment, total interest, and how the new second-lien balance affects remaining equity.
Borrowing
Mortgage Calculator
Estimate monthly mortgage payments with principal, interest, taxes, insurance, PMI, HOA, and other recurring housing costs included.
Borrowing
Refinance Calculator
Compare current mortgage payments with a refinance scenario and estimate monthly savings, total cost, and break-even based on how closing costs are handled.
What this calculator shows
A HELOC usually works in two phases. During the draw period, the required payment is often interest-only on the amount currently borrowed. After that, the balance usually converts to an amortizing repayment schedule.
That means the payment later can be much higher than the payment during the draw period, even if the balance does not increase further.
How to use it
- 1. Enter the current home value, first-mortgage balance, total HELOC limit, and the amount currently drawn.
- 2. Use the current HELOC rate to estimate the current draw-period interest payment.
- 3. Set the years left in the draw period and the repayment term to compare the later amortized payment and remaining available credit.
Formula and assumptions
The draw-period payment shown here assumes an interest-only minimum payment equal to the current balance times the monthly interest rate.
The repayment-period payment uses the standard amortized loan formula on the current HELOC balance over the repayment term.
Notes
Many HELOCs have variable rates and lender-specific minimum-payment rules, so the actual payment can change as rates move or as the line agreement resets.
Worked example
A $75,000 HELOC with a $45,000 drawn balance shows how the low interest-only payment during the draw period can step up once the line enters repayment.
This example uses the default sample inputs loaded on reset. It does not update with the live calculator entries above.
Current draw payment
$318.75
Repayment payment
$443.13
Available credit
$30,000.00
Feedback
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FAQ
FAQ
Why is the repayment payment higher than the current draw payment?
During the draw period, many HELOCs only require interest. During repayment, the balance has to be paid down over a fixed number of years, so the payment usually rises.
FAQ
Does this calculator predict future variable-rate changes?
No. It uses the current rate as a snapshot. If the HELOC rate changes, both the interest-only draw payment and the later repayment payment can change.