HELOC Calculator
Estimate HELOC payments during the interest-only draw period and the repayment period, total interest for the amount you actually draw, and how a rate change moves the payment.
A HELOC has two phases: a draw period (usually 10 years) where you pay interest only on what you have used, then a repayment period (usually 20 years) where the balance is amortised. Rates are variable, so the calculator also shows what a 2-point rise does to the payment.
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Quick answers
Common cases, computed by this calculator with the assumptions listed under the method. Select one to load it above.
- What is the interest-only payment on a $50,000 HELOC at 8.5%?
- $354 per month on $50,000 drawn Interest-only payment (draw period) Open in the calculator
- What is the repayment on $25,000 at 9% over 20 years?
- $225 per month for 20 years Repayment-period payment Open in the calculator
- How much interest does a $100,000 HELOC at 8% cost in total?
- $180,746 ($80,000 during draw, $100,746 during repayment) Total interest Open in the calculator
How HELOC payments work
During the draw period the minimum payment is usually interest only: balance × monthly rate. When the draw period ends, the outstanding balance is amortised over the repayment period like a fixed loan, which is where the payment jump happens. Paying principal during the draw period, even a little, shrinks that jump.
Variable rates
HELOC rates float with the prime rate plus the lender's margin. The 2-point scenario is not a forecast; it is the size of move that has happened within 18 months more than once. Check the lifetime cap and the floor in the agreement.
When a HELOC is the wrong tool
For a single, known expense with a long payoff, a fixed home equity loan avoids rate risk. For consolidating credit card debt, a HELOC only helps if the cards then stay at zero; otherwise you have doubled the debt and secured half of it against your home.
Calculation notes updated .