What would my HELOC payment be?
HELOC Payment Estimator
Enter a drawn balance, a rate you want to test, and the draw and repayment periods. The payment jump at the end of the draw period is the number most people never model.
Monthly payment
— during the draw period
— once repayment begins
Enter a balance, a rate and the two periods.
- Increase when repayment begins—
- Total interest if fully drawn throughout—
If the rate rises
| Rate | Draw payment | Repayment payment |
|---|---|---|
| — | — | — |
| — | — | — |
| — | — | — |
Sensitivity, not a forecast. Rate caps, floors, fees and minimum draws depend on the program.
Assumptions and how this is calculated
- Draw-period payment = drawn balance × (annual rate ÷ 12), i.e. interest only, which is how most HELOCs are described during the draw period. Some lenders require small principal payments too.
- Repayment-period payment amortizes the balance drawn at the end of the draw period over the repayment period at the same rate. Both periods are rounded to whole years.
- HELOC rates are usually variable (an index plus a margin) and can change monthly; the +1 and +2 point rows show the sensitivity, not a forecast.
- Total interest assumes the full balance stays drawn through the whole draw period and then amortizes, the maximum-cost view. Drawing less or repaying early costs less.
- Fees, minimum draws, annual charges, rate caps and floors vary by program and are not modelled.
Estimate only. This calculator is an educational estimate based only on the numbers you enter and the stated assumptions. It is not a loan offer, rate quote, pre-approval, or Loan Estimate, and it does not reflect the actual terms of any loan. Rates, fees, taxes, insurance and lender guidelines vary. Speak with a licensed mortgage professional before making decisions.
Behind the numbers
The two payments every HELOC has
During the draw period, most HELOCs charge interest only on the balance you have drawn, so the payment is the balance multiplied by the monthly rate. It looks manageable, and it is meant to.
When the draw period ends, the remaining balance amortizes over the repayment period, principal plus interest, and the payment rises, often sharply, because you are now repaying the money as well as renting it. Most HELOC rates are variable, so the payment can also move with the market at any point. The sensitivity rows show what a higher rate would do to both payments.
HELOC draw period vs repayment period: the payment jump nobody models
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The program this calculator belongs to.
Home Equity Line of Credit (HELOC)
Homeowners who want flexible access to their equity without refinancing their first mortgage.
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