HELOC Calculator
Model a home equity line of credit across both phases: the interest-only draw period and the amortizing repayment period. See the payment jump when repayment begins, plus the total interest cost over the life of the line.
TheCalculators — HELOC Calculator
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Repayment Period Monthly Pay
$477.83
Draw period (60 mo) is interest-only at $333.33 — then it jumps to amortizing payments
- Draw Period Monthly Pay
- $333.33
- Repayment Monthly Pay
- $477.83
- Payment Increase
- +$144
- Total of 240 Payments
- $106,008.69
- Total Interest
- $56,008.69
- Interest as % of Amount
- 112.0%
Total cost breakdown
- Loan amount$50,000
- Interest$56,009
Repayment period schedule (annual)
HELOC rates are usually variable (prime + margin), so payments will change as rates move. The draw period here is interest-only, a common but not universal structure.
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Formula
Draw payment = Balance × rate/12; Repayment payment = standard amortization of the drawn balance
Pro tips
- • During the draw period your balance never shrinks — plan for the larger amortizing payment that follows.
- • Paying a little principal during the draw period can dramatically shrink the repayment-phase payment.
FAQ
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