HELOC Payment Calculator
Home equity line of credit payment — interest-only during draw, amortizing during repayment.
Result
General calculation reads
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How to use this calculator
- Enter current balance.
- Enter APR (check your statement, or Prime + your margin).
- Pick draw or repayment phase.
- For repayment: enter the years remaining.
About this calculator
A HELOC has two phases. During the draw period (typically 10 years), you can borrow against the line and only owe monthly interest on what's outstanding — payments are small but the balance never drops unless you pay extra. When draw ends, the line converts to a fully amortizing loan over the repayment period (10-20 years), and your payment can jump 2-3×. HELOCs are usually variable-rate at Prime + 0-2%, so a Fed rate move shows up on next month's statement.
Frequently asked
Why is the draw payment so low?+
Should I just pay interest?+
How much can I borrow?+
HELOC vs. cash-out refi?+
Can the bank cancel my line?+
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