HELOC Payment Calculator

Home Equity Line of Credit Calculator

Estimate your HELOC payments during both draw and repayment periods

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Enter your HELOC details and click "Calculate HELOC Payments" to see your estimated payments and amortization schedule.

About Home Equity Lines of Credit

A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home's equity. Unlike a traditional home equity loan, a HELOC allows you to borrow only what you need, when you need it, during the draw period.

Draw Period: During the draw period (typically 5-10 years), you can borrow from your credit line as needed, and you'll usually make interest-only payments on the amount you've borrowed.

Repayment Period: After the draw period ends, you enter the repayment period (typically 10-20 years), during which you can no longer borrow funds and must repay both principal and interest.

Note: This calculator provides estimates based on the information you enter. Actual HELOC terms may vary by lender. The calculator assumes you borrow the full amount at the beginning of the draw period and make interest-only payments during the draw period.

The HELOC Payment Calculator is a really handy tool for anyone who’s thinking about tapping into their home’s equity. Whether you’re planning a renovation, consolidating debt, or covering a big expense, this calculator helps you understand exactly what your payments will look like — both during the draw period and the repayment period — before you ever sign anything.

About Home Equity Lines of Credit

A Home Equity Line of Credit, or HELOC, works a lot like a credit card — except it’s backed by the equity in your home. Instead of borrowing a fixed lump sum, you get access to a revolving credit line and borrow only what you actually need, when you need it.

Draw Period: This is the first phase, typically lasting 5 to 10 years. During this time, you can pull funds from your credit line as needed, and your monthly payments usually cover interest only on the amount you’ve borrowed — keeping things manageable while you’re still using the funds.

Repayment Period: Once the draw period wraps up, you move into the repayment phase, which typically runs 10 to 20 years. At this point, you can no longer borrow from the line, and your payments shift to covering both principal and interest until the balance is fully paid off.

Note: This calculator gives you estimates based on what you enter. Actual HELOC terms can vary depending on your lender. It assumes you borrow the full amount at the start of the draw period and make interest-only payments throughout that phase.

The HELOC Payment Calculator takes your loan amount, interest rate, draw period, and repayment period and turns them into a full breakdown — monthly payments, total interest, total cost, a payment schedule chart, and a complete amortization summary.

How to Use the HELOC Payment Calculator Online

Running the numbers is quick and straightforward. Here’s how to get your estimate in just a few steps.

Step-by-Step Instructions:

  • Enter your Loan Amount: Type in how much you plan to borrow — for example, $100,000
  • Enter your Interest Rate (APR): Input your annual rate — say, 7.5%
  • Set your Draw Period: Choose how long your draw phase will last — for instance, 10 years
  • Set your Repayment Period: Enter how long you’ll have to repay — for example, 20 years
  • Click “Calculate HELOC Payments” and let the tool do the work
  • Review your results:
    • Draw Period Payment — e.g., $625/month (interest-only for 10 years)
    • Repayment Period Payment — e.g., $996.72/month (principal + interest for 20 years)
    • Total Principal — e.g., $100,000
    • Total Interest — e.g., $214,213
    • Total Cost — e.g., $314,213

Why Use the HELOC Payment Calculator Online?

Understanding the true cost of borrowing against your home is important, and this calculator makes that really easy. Here’s what makes it worth using:

  • Accurate estimates — It uses standard amortization formulas to calculate both your draw and repayment period payments with precision
  • Full cost breakdown — You see monthly payments, total interest, total cost, and a full amortization table all in one place
  • Flexible inputs — Enter your loan amount, interest rate, draw period, and repayment period — sliders are available too for quick adjustments
  • Clear payment split — It cleanly separates your interest-only draw period payments from your full principal + interest repayment payments
  • Completely free — No account needed, no fees, and it works on any device you’re using

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