HELOC Payment Calculator

About this calculator

A home equity line of credit (HELOC) typically has two phases: a draw period, during which many lenders only require interest-only payments on whatever balance is drawn, and a repayment period afterward, during which the loan converts to a fully amortizing schedule that pays down both principal and interest. Because HELOC rates are usually variable, tied to a benchmark like the prime rate, payments can also change over the life of the line.

The gap between the two payment types can be large and often catches borrowers off guard when the draw period ends and the payment suddenly jumps to include principal. This calculator takes your balance, interest rate, and term and shows both the interest-only payment and the fully amortizing payment side by side, so you can see exactly how much higher the repayment-period payment will be.