HELOC Payment Calculator

Home Equity Line of Credit Calculator

Estimate your HELOC payments during both draw and repayment periods

Loan Details

$
%
years
years

Payment Summary

Ready to Calculate

Enter your HELOC details and click "Calculate HELOC Payments" to see your estimated payments and amortization schedule.

About Home Equity Lines of Credit

A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home's equity. Unlike a traditional home equity loan, a HELOC allows you to borrow only what you need, when you need it, during the draw period.

Draw Period: During the draw period (typically 5-10 years), you can borrow from your credit line as needed, and you'll usually make interest-only payments on the amount you've borrowed.

Repayment Period: After the draw period ends, you enter the repayment period (typically 10-20 years), during which you can no longer borrow funds and must repay both principal and interest.

Note: This calculator provides estimates based on the information you enter. Actual HELOC terms may vary by lender. The calculator assumes you borrow the full amount at the beginning of the draw period and make interest-only payments during the draw period.

The HELOC Payment Calculator is a powerful tool that helps users estimate monthly payments for a Home Equity Line of Credit during both the draw and repayment periods. Users input the loan amount, interest rate, draw period, and repayment period to receive a detailed breakdown, including monthly payments, total interest, total cost, a payment schedule chart, and an amortization summary table.

How to Use the HELOC Payment Calculator Online

Estimating your HELOC payments is quick and easy with the HELOC Payment Calculator. Follow these steps for instant results.

Step-by-Step Instructions:

  • Enter Loan Details:
    • Loan Amount: e.g., $100,000 (use input or slider).
    • Interest Rate: e.g., 7.5% (use input or slider).
    • Draw Period: e.g., 10 years (use input or slider).
    • Repayment Period: e.g., 20 years (use input or slider).
  • Calculate: Click “Calculate HELOC Payments” to generate results.
  • Review Results:
    • Draw Period: e.g., “$625/mo” for 10 years (interest-only).
    • Repayment Period: e.g., “$996.72/mo” for 20 years (principal + interest).
    • Totals: e.g., Principal: “$100,000,” Interest: “$214,213,” Cost: “$314,213.”
  • Explore Education: Review the “About HELOCs” section below.

Why Use the HELOC Payment Calculator Online?

The HELOC Payment Calculator simplifies financial planning for home equity borrowing. Here’s why it’s exceptional:

  • Accurate Estimates: Calculates payments for draw and repayment periods using standard amortization formulas.
  • Comprehensive Results: Shows monthly payments, total interest, total cost, chart, and amortization table.
  • Input Fields: Loan amount, interest rate, draw period, repayment period with sliders.
  • Payment Calculations: Interest-only for draw period, principal + interest for repayment.
  • Cost Breakdown: Total principal, interest, and cost in USD.
  • Free and Accessible: No cost, no registration, works on any device.

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