HELOC Payment Calculator
See your monthly payments during both the interest-only draw period and the full principal and interest repayment phase. Understand the payment jump before you commit.
HELOC Payment Calculator
Estimate your monthly payments during both the draw period and repayment period.
Draw Period Monthly Payment (interest only)
$354.17
For 10 years (120 months)
Repayment Period Monthly Payment (P+I)
$433.91
For 20 years (240 months)
Interest During Draw
$42,500
Total Interest Cost
$96,639
This calculator assumes a fixed draw amount and consistent rate throughout. HELOC rates are typically variable and will change with market conditions.
Understanding HELOC Phases
A HELOC has two distinct phases with very different payment requirements.
Draw Period (typically 10 years)
During the draw period you can borrow up to your credit limit, repay, and borrow again. Most HELOCs require interest-only payments during this phase, meaning your balance does not reduce unless you make extra payments toward principal.
Repayment Period (typically 10-20 years)
When the draw period ends, you can no longer borrow from the line. The outstanding balance converts to a fully amortizing loan with fixed principal and interest payments. Monthly payments rise significantly because you are now paying off the balance.
Early Repayment Strategy
Because the draw period payment is interest-only, consider making voluntary principal payments during this phase. Every dollar reduces your repayment period payment shock and the total interest you pay over the life of the HELOC.
HELOCs Have Variable Rates
Most HELOCs are tied to the prime rate plus a margin set by the lender. When the Federal Reserve raises interest rates, your HELOC rate and payment rise automatically. When rates fall, your payment decreases.
This means the payment estimates above are based on today's rate. If your HELOC has a 10-year draw period, the actual rate could be significantly higher or lower by the time repayment begins.
Some lenders offer a rate-lock option that lets you convert part of your HELOC balance to a fixed-rate sub-account. Ask your lender about this feature if rate stability is important to you.