HELOC Payment Calculator
Home equity lines of credit typically have two phases: an interest-only draw period and a fully amortizing repayment period. Use this calculator to estimate your monthly payment in each phase.
About this calculator
Estimate monthly payments during the draw and repayment periods of a home equity line of credit based on balance, interest rate, and terms.
Frequently Asked Questions
What is a HELOC draw period?
The draw period is typically 5-10 years where you can borrow against your credit line and often only pay interest on the outstanding balance.
What happens after the draw period ends?
The loan converts to the repayment period, where you must pay both principal and interest, usually over 10-20 years, causing payments to increase.
Is HELOC interest tax deductible?
In the US, HELOC interest may be deductible if funds are used to buy, build, or substantially improve the home securing the loan. Consult a tax professional.