HELOC Payment Calculator

How to use

1. 1Pick a preset for a common balance and rate, or enter your current outstanding HELOC balance, draw-period rate, and repayment-period rate.
2. 2Set the draw period length (typically 5 to 10 years) and the repayment period length (typically 10 to 20 years).
3. 3Optionally add an amount of extra principal you can pay each month during the draw period to see how much interest it saves.
4. 4Read the interest-only payment for today and the future repayment payment, with totals for interest, payments, and time across both phases.
5. 5Use Show draw schedule and Show repayment schedule for the month-by-month breakdowns, or click Copy CSV to drop either schedule into a spreadsheet.

About this tool

HELOC Payment Calculator models a Home Equity Line of Credit the way it actually works: two distinct phases with different math. During the draw period, the required monthly payment is interest only on the outstanding balance (balance times rate divided by twelve), so a higher balance and a higher rate translate directly into a higher monthly bill, but no principal is paid down unless the borrower chooses to. When the draw period ends, the remaining balance is fully amortized over the repayment period into fixed principal-and-interest payments using the standard amortization formula. Because real HELOCs are usually variable-rate (tied to prime plus a margin), the calculator exposes two separate rate fields so you can stress-test what happens if today's rate holds versus what happens if rates rise before repayment begins. An optional extra-principal field lets you simulate paying down the line during the draw period, which lowers the balance that has to be amortized later and dramatically reduces lifetime interest. Outputs include the interest-only payment for today, the fully amortized repayment payment, draw-period and repayment-period interest totals, total time, and a rate-shock summary that quantifies the impact of repayment-rate increases. Two CSV-exportable schedules show the month-by-month picture: the draw schedule (interest + optional extra principal + running balance) and the repayment schedule (principal + interest + running balance). Currency formatting supports US dollar, euro, British pound, Canadian dollar, Australian dollar, and Indian rupee. Every number is computed in your browser; balance, rates, and term lengths never leave your device. Useful for homeowners comparing a HELOC against a cash-out refinance or a home equity loan, planning how much of a line to draw, sanity-checking what monthly payments will look like once interest-only ends, and stress-testing payments against possible future rate increases.

Free to use. Works in your browser. No signup, no login.