HELOC Payment Calculator

Estimate home equity line of credit payments during the draw period and repayment period. The calculator uses credit limit, current balance, interest rate, draw period, and repayment period to show interest-only draw payment, repayment payment, available credit, total interest, and total repayment.

How to use this calculator

Enter the credit limit, current balance, interest rate, draw period, and repayment period. The current balance must not exceed the credit limit. During the draw period, the calculator estimates an interest-only monthly payment. During repayment, it amortizes the current balance over the repayment term. For a general line comparison, see the line of credit calculator or loan calculator.

Formula

Draw-period interest-only payment:

$draw\ payment = balance \times monthly\ rate$

Repayment-period amortized payment:

$payment = balance \times r \times (1 + r)^n \div ((1 + r)^n - 1)$

Example

For a 100,000 dollar credit limit, 50,000 dollar balance, 7.5 percent APR, 10 year draw period, and 20 year repayment period, draw-period interest is about 313 dollars per month. The repayment payment is about 403 dollars per month.

Interpreting HELOC payments

HELOC rates are often variable, so payment estimates can change when rates change or when additional draws increase the balance. Include property costs and other debts with the debt to income calculator before relying on the payment alone.