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National Mortgage Guides

HELOC Payment Calculator

What a home equity line of credit could cost each month, during and after the draw period. Enter your own numbers; nothing is filled in for you.

What you draw from the line, not the full credit limit.

The rate in the lender's offer. Most HELOC rates change over time.

From the lender's offer.

From the lender's offer.

Many HELOCs allow this. Untick it to pay down the balance from the start.

Monthly payment during the draw period

Enter the amount, rate and both periods to see an estimate.

Estimate only, not an offer.

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How This Is Worked Out

  • During the draw period, interest-only payments are the amount you borrow times the rate, divided by 12.
  • In the repayment period, the balance is paid off in equal monthly payments over the years you enter.
  • If you pay down the balance from the start, one payment covers both periods.
  • It assumes you borrow the full amount at once and the rate never changes. HELOCs usually have a variable rate, so real payments go up and down.
  • Some HELOCs ask for the whole balance when the draw period ends instead of monthly repayment. Check your terms.

National Mortgage Guides is not a lender or mortgage broker. This is an estimate from the numbers you enter, not a loan offer. A lender has to give you a Loan Estimate with the real figures.

Sources

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