HELOC Payment Calculator

Estimate the payment on a home equity line of credit during the draw period and after it converts to repayment.

Amount drawn ($) Rate (% per year, variable) Draw period (years) Repayment period (years) Interest-only during the draw period

-Payment during draw

-Payment during repayment

-Interest paid during draw

This is a rough estimate for education, not financial advice. HELOC rates are variable and can change; your lender's terms and any minimum payment rules apply. Nothing you type is sent anywhere.

How this is calculated

During the draw period, most HELOCs charge interest only on the amount drawn, so the payment is simply balance times the monthly rate. If your HELOC amortizes during the draw period instead, uncheck the interest-only box to spread principal and interest over the full draw plus repayment period. Once the draw period ends, the remaining balance is repaid over the repayment period like a regular amortizing loan.

Frequently asked questions

Why does my payment jump so much at the end of the draw period?

Because interest-only payments do not reduce the balance, the full balance must be repaid over a shorter period, which raises the payment. This is called payment shock; some homeowners refinance the HELOC or the balance into a fixed loan before it happens.

Is the rate fixed?

Usually not. Most HELOCs use a variable rate tied to an index like the prime rate, so your real payment will change as rates move.

Related: the refinance calculator and the loan calculator.