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Request current rates and loan options based on this HELOC payment schedule. Add a mobile number if you prefer a text.
Calculator results are estimates for planning, not a loan approval, commitment, rate lock, or Loan Estimate.
What the HELOC payment calculator calculates
A home equity line of credit (HELOC) typically has two phases: a draw period, where you can borrow against the line and often pay interest-only on what you've used, and a repayment period, where the line closes to new draws and you repay principal and interest on the outstanding balance.
This calculator estimates your payment in both phases: the interest-only payment during the draw period based on your outstanding balance and rate, and the full amortizing payment once repayment begins — along with the increase between the two, which can catch borrowers off guard if they haven't planned for it.
Because HELOC rates are usually variable, the calculator uses the rate you enter as a snapshot; your actual payment can move up or down over the life of the line as the index rate changes.
How to use it, step by step
- 1Enter your outstanding (or planned) HELOC balance — the amount you expect to have drawn against the line.
- 2Enter the HELOC rate you want to test. Since these are usually variable, try a couple of rates to see a realistic range.
- 3Enter the draw period length (commonly 10 years) and the repayment period length (commonly 15 or 20 years) for the specific HELOC you're comparing.
- 4Review the interest-only draw-period payment first — this is typically your minimum required payment while you're actively using the line.
- 5Review the full repayment-period payment and the estimated payment increase, so you know what to expect once the draw period ends.
A worked example
Example inputs
- Outstanding HELOC balance
- $50,000
- Draw period
- 10 years
- Repayment period
- 15 years
- HELOC rate (example only)
- 8.5%
Result
During the draw period, the interest-only payment on a $50,000 balance at the illustrative 8.5% rate is roughly $354 a month — no principal is required, so the balance doesn't shrink unless you choose to pay more.
Once repayment begins, that same $50,000 amortizes over 15 years at the same rate, pushing the payment up to roughly $492 a month — an increase of about $138 a month that's worth planning for well before the draw period ends.
The 8.5% rate above is an illustrative example input only, not a current quote. HELOC rates are typically variable and change with the index they're tied to.
How to read the result
The interest-only draw-period payment is usually the minimum required, not the only option — paying extra toward principal during the draw period reduces both your balance and your eventual repayment-period payment.
The jump from draw-period to repayment-period payment can be significant, especially on a large balance. Budget for the higher number well before the draw period actually ends.
Because HELOC rates are usually variable, both payment figures will move with the index over time — use this as a snapshot estimate, not a fixed forecast.
Common mistakes
- Budgeting only for the interest-only draw-period payment and being caught off guard when repayment begins and the payment increases.
- Treating a HELOC rate quote as fixed for the life of the line — most HELOCs carry a variable rate that resets periodically with an underlying index.
- Drawing the maximum available line without a repayment plan, which maximizes the balance — and the eventual repayment-period payment — at the moment repayment begins.
- Not comparing a HELOC against a cash-out refinance or a fixed-rate home equity loan, which carry different payment structures and may fit a given goal better.
Related guides
Frequently asked questions
During the draw period, you can borrow against the line as needed and typically pay interest-only on the outstanding balance. Once the draw period ends, the line closes to new draws and you repay the balance, principal and interest, over the repayment period.
Most HELOCs carry a variable rate tied to an index, meaning your payment can go up or down over time as that index moves. Some lenders offer a fixed-rate option on part or all of the balance — check the specific program's terms.
Yes, and it's usually a good idea if you can. Paying more than the interest-only minimum during the draw period reduces your balance, which lowers both your ongoing interest cost and the eventual repayment-period payment.
Most lenders allow borrowing up to a combined 80–90% of your home's value across your first mortgage and the HELOC, though the exact limit depends on your home's value, existing balance, and credit profile.
A HELOC is a second lien that leaves your first mortgage untouched — useful if you have a low rate you want to keep. A cash-out refinance replaces your entire first mortgage with a new, larger one. See the HELOC vs. cash-out refinance comparison for a fuller breakdown.