How is the interest-only payment calculated?

Interest-only payment = balance × annual rate ÷ 12.

What happens when the draw period ends?

The balance is amortized over the repayment period, so the payment includes principal and usually rises sharply.

HELOC rates are variable — how does that affect this?

This calculator assumes the rate stays constant. Model a higher rate to see how a rate increase would change payments.

Can I pay principal during the draw period?

Usually yes, and doing so lowers both the repayment payment and total interest. This calculator assumes interest-only payments.

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HELOC Payment Calculator

Calculate HELOC interest-only payments during the draw period, the amortizing payment in the repayment period, and total interest.

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Amount drawn ($)

Interest rate (%)

Draw period, interest-only (years)

Repayment period (years)

Interest-only payment

$354.17

Repayment-period payment

$433.91

Payment increase

$79.74

Interest during draw period

$42,500.00

Total interest

$96,638.79

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About HELOC Payment Calculator

A home equity line of credit usually starts with interest-only payments, then switches to principal and interest. Enter the amount drawn, the rate and both period lengths to see each payment, the payment jump and total interest.

How to use HELOC Payment Calculator

Enter the amount you have drawn and the HELOC rate.
Enter the length of the interest-only draw period.
Enter the repayment period to see the payment increase and total interest.

Key features

Interest-only payment during the draw period
Amortizing repayment payment
Payment shock when repayment starts
Total interest over the life of the line
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Frequently asked questions

How is the interest-only payment calculated?: Interest-only payment = balance × annual rate ÷ 12.
What happens when the draw period ends?: The balance is amortized over the repayment period, so the payment includes principal and usually rises sharply.
HELOC rates are variable — how does that affect this?: This calculator assumes the rate stays constant. Model a higher rate to see how a rate increase would change payments.
Can I pay principal during the draw period?: Usually yes, and doing so lowers both the repayment payment and total interest. This calculator assumes interest-only payments.
Is my data private?: Yes. Nothing leaves your browser.

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