HELOC Payment Calculator
Home equity line of credit payment — interest-only during draw, amortizing during repayment.
Result
Interest-only payment
$375.00/mo
Balance does not decrease.
- Balance$50,000
- APR9.000%
- Monthly rate0.7500%
- PhaseDraw (interest-only)
- Interest-only pmt$375.00
- Amortizing pmt$449.86
Step-by-step
- Interest-only = balance × monthly rate = 50000 × 0.007500 = $375.00.
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
You're only paying interest, not principal. The balance stays flat (or grows if you borrow more) until repayment phase begins.
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