HELOC Payment Calculator
Home equity line of credit payment — interest-only during draw, amortizing during repayment.
Result
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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?+
You're only paying interest, not principal. The balance stays flat (or grows if you borrow more) until repayment phase begins.
Should I just pay interest?+
No — paying principal during draw saves big interest and avoids payment shock when amortization kicks in.
How much can I borrow?+
Most HELOCs go up to 80-85% combined LTV. On a $500k home with $300k mortgage: $400k − $300k = $100k available.
HELOC vs. cash-out refi?+
HELOC: flexible, variable rate, kept your low first mortgage. Refi: locks in fixed rate but you re-amortize the whole balance and pay closing costs.
Can the bank cancel my line?+
Yes — banks can freeze HELOCs if home values drop or your credit deteriorates. Happened broadly in 2008.
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