HELOC Calculator
Home Equity Line of Credit (HELOC) calculators work in two phases: a draw period where you can pull money out and typically pay interest only, and a repayment period where you pay down the balance.
HELOC Details
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Summary
Enter a balance to see your payment estimates.
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How HELOC payments work
During the draw period, most HELOCs require only interest payments on the amount you've borrowed. Some lenders offer an interest-only draw period for a set number of years (often 5–10).
Once the draw period ends, you enter repayment — typically the remaining balance is spread over 10–20 years at the repayment rate, which is often 0.5–2% higher than the draw rate.
Amortizing Payment = Balance × [r(1+r)n] ÷ [(1+r)n − 1]
Variable rate risk
HELOC rates are typically variable — they move with the prime rate. Your payments can go up or down over time. This calculator uses fixed rates for estimation.
Paying down opens up credit again
HELOCs aren't like traditional term loans where you pay down and you're done. As you pay the balance down, that credit becomes available again — you can draw on it throughout the draw period. The limit stays the same; only the used portion shrinks.
For educational purposes only. Not financial advice. Consult a lender for actual HELOC terms.