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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. Default rate is the 7.47% national average for the week of June 17, 2026 (Bankrate); use your own quote for a real estimate.

Estimated payments

Draw period (interest only)--

Repayment (principal + interest)--

Monthly increase at switch--

Total interest over the line--

This is a planning number, not a loan offer. Holding the rate flat is the only way to isolate the draw-versus-repayment jump; a real variable rate will move both figures.

Reference: Bankrate's national HELOC survey put the average variable rate at 7.47% APR for the week of June 17, 2026, per the 2026 HELOC Rate and Limit Reference.

By Jessica Martinez, Contributing Writer, Business & Finance
Updated July 2, 2026

A $50,000 balance at 7.47%, worked through

Run the math on a $50,000 draw at today's 7.47% national average and two numbers fall out: about $311 a month while you're still drawing, and about $402 a month once the 20-year repayment clock starts. Nobody hands you that second figure up front, which is the whole reason this calculator exists.

Phase	Monthly payment	What's happening to the balance
Draw period (years 1-10)	$311	Interest only. The $50,000 principal doesn't move.
Repayment period (years 11-30)	$402	Principal and interest. The balance starts shrinking.

A home equity line of credit really is two different loans stitched together. In the first stretch you can keep borrowing up to your limit, and most lenders only charge interest on whatever you've actually drawn. Once that window closes you lose the ability to draw more, and every payment from then on starts eating into the principal as well, which is the mechanical reason the bill goes up.

Why the jump happens: a $50,000 balance at 7.47% costs $311.25 a month in interest alone (balance times rate divided by twelve). Spread that same $50,000 over a 20-year amortization schedule at the same rate and the payment becomes $401.88, because now you're retiring the debt, not just renting it.

The two formulas this tool runs

Draw period: balance × annual rate ÷ 12. Repayment period: the same balance amortized over your chosen term using the standard fixed-payment formula, the one a car loan or mortgage would use. Change any of the four inputs above and both formulas recalculate instantly, nothing is sent anywhere to do it.

Things to know before the repayment period hits

Minimum payments and fees. Many lenders set their own minimum monthly payment during the draw period and may add annual or inactivity fees on top of the interest math shown here.
The rate can move twice. Because most HELOCs float with the prime rate, both the draw-period figure and the repayment figure above can rise or fall before you ever reach the switch date. Try a higher rate in the fields to see how much cushion you'd need.
Some lenders let you lock a slice. A fixed-rate conversion option, if your lender offers one, freezes part of the balance so at least that portion won't move with the index.
Confirm the real schedule. Draw and repayment lengths in your actual agreement may differ from the 10-year and 20-year defaults here; check your note before you budget around this estimate.

●Standard interest-only + amortization math●CFPB HELOC guidance●Nothing you type ever leaves your browser

Check your borrowing power next

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

Open the Home Equity Calculator →

Payment questions, answered with numbers

FAQs

On the $50,000 example, why is the draw payment $311 but repayment is $402?

During the draw period you only owe interest on what you've borrowed, so $50,000 times 7.47 percent divided by twelve lands at $311. Once repayment starts, that same $50,000 gets spread across a 20-year amortization schedule, so you're now paying down the balance too, which pushes the payment up to $402. Same debt, different job for each dollar.

What exactly is the draw period?

It's the borrowing window, often 10 years by lender convention, when you can draw against your credit limit and typically owe interest only on the amount you've used. The Consumer Financial Protection Bureau flags this phase as the one borrowers most often misjudge, since the bill later on can be much larger.

Can my rate change before the repayment period even starts?

Yes. Most HELOCs are pegged to the prime rate the Federal Reserve influences, so the draw-period payment above can move up or down long before you ever reach the amortization phase. A handful of lenders offer a fixed-rate lock on part of the balance if you want to remove that variable.

Is $402 exactly what I'll owe once repayment begins?

Treat it as a close estimate, not a guarantee. Your lender's minimum payment rules, any fees, and the actual rate in effect on the day repayment starts will all nudge the real number, so confirm the specifics in your line agreement before you rely on this figure.

About the author

Jessica Martinez

Contributing Writer, Business & Finance, Encore Editorial

Jessica spends most of her week on the phone with lenders, trying to get a straight answer on what a "payment shock" actually costs someone in dollars. This page exists because she got tired of draw-period quotes that never mention what happens after.