HELOC Calculator
Part of Mortgage. Use this HELOC calculator to compare interest-only draw period payments with amortizing repayment after the draw phase ends.
HELOC Calculator
Model a home equity line of credit with an interest-only draw period followed by fully amortizing repayment on the amount drawn.
HELOC estimate
Draw period payment (interest only)$566.67
Repayment phase payment$787.79
Interest during draw period$68,000.00
Interest during repayment$61,802.50
Total interest (both phases)$129,802.50
Modeled timeline300 months
How the HELOC Calculator works
HELOC Calculator
A home equity line of credit (HELOC) often has two phases: a draw period when borrowers may pay interest only on amounts drawn, and a repayment period when the balance amortizes like a term loan.
This HELOC calculator separates those phases so you can compare interest-only draw costs with the higher amortizing payment that typically follows.
HELOC rates may be variable and tied to an index plus margin. Enter your current or stress-test rate assumption and confirm draw/repayment lengths with your lender note.
Frequently asked questions
What is a HELOC?
A home equity line of credit is revolving credit secured by home equity. Borrowers often have a draw period with interest-only payments, then a repayment period when principal amortizes.
How does the draw period work in this calculator?
During the draw period, the model assumes you pay interest only on the drawn balance each month. Principal is not reduced until the repayment phase begins.
What happens when the HELOC repayment period starts?
The drawn balance is amortized over the repayment term you enter, producing a higher payment that includes principal and interest.
How accurate is this HELOC calculator?
It is a planning estimate. Actual HELOC contracts vary on rate indexes, margins, fees, minimum draws, and conversion options.