Home / HELOC Payment Calculator

HELOC Payment Calculator

See your interest-only payment while you are drawing on the line, then the bigger principal plus interest payment once repayment kicks in. The number nobody mentions until it arrives.

Your line of credit

HELOC balance drawn ($)

Interest rate (% APR, variable)

Draw period (years)

Repayment period (years)

Most HELOCs run interest-only during the draw period, then switch to fully amortizing principal plus interest during repayment.

Estimated payments

Draw period (interest only)--

Repayment (principal + interest)--

Monthly increase at switch--

Total interest over the line--

Estimate only, not a loan offer. Assumes a constant rate; a variable rate will change these figures.

By Jessica Martinez, Contributing Writer, Business & Finance
Updated June 21, 2026

How a HELOC payment works

A home equity line of credit has two lives. During the draw period you can borrow up to your limit and, on most lines, you only owe interest on the balance you have actually used. Once repayment begins you can no longer draw, and each payment now chips away at principal as well as interest, so the monthly amount climbs.

This tool estimates both. The draw-period figure is simple interest on your current balance: balance times the annual rate, divided by twelve. The repayment figure amortizes that same balance over the repayment term using the standard payment formula, the way a fixed loan would. The gap between the two is the payment shock the Consumer Financial Protection Bureau warns borrowers to plan for.

Variable rate reality: most HELOC rates float with the prime rate tracked by the Federal Reserve. If prime rises, both your draw-period and repayment payments rise with it. Run a higher rate here to stress-test your budget.

One more thing the formula cannot see: many lenders set a minimum monthly payment and may charge annual or inactivity fees. Treat the output as a planning estimate and confirm the exact terms in your line agreement before you lean on it.

Check your borrowing power next

See how much equity you have available before you draw on it.

Open the Home Equity Calculator →

Good to know

FAQs

What is the draw period on a HELOC?

The draw period is the early phase, often 10 years, when you can borrow against your line and usually pay interest only on what you have drawn. The Consumer Financial Protection Bureau notes that payments can jump sharply once this phase ends.

Why does my payment go up after the draw period?

When repayment begins you start paying down principal as well as interest, often over 20 years, so the monthly payment rises. A variable rate can push it higher still.

Is a HELOC rate fixed or variable?

Most HELOCs carry a variable rate tied to the prime rate published by the Federal Reserve, so your payment can change as rates move. Some lenders let you lock part of the balance at a fixed rate.

Does this calculator give me an exact payment?

No. It is an estimate, not a loan offer. Your lender sets the index, margin, minimum payment rules and fees, so confirm the real terms before you borrow.