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HELOC Payment Calculator

HELOC Payment Calculator

Model a home-equity line of credit with an interest-only draw period followed by amortizing repayment, or calculate a fully amortizing payment from the start. Rate scenarios show variable-rate sensitivity.

22-calculator project library Reviewed 2026-07-25Calculations run privately in your browser

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How to use this heloc payment calculator

Calculate interest-only draw payments, repayment-period payments, total interest, and variable-rate scenarios for a HELOC.

Formula

Interest-only payment = balance × annual rate ÷ 12. Amortizing payment uses the standard fixed-payment formula P × r ÷ [1 − (1 + r)^−n]. Variable-rate scenarios recalculate at lower and higher rates.

Worked example

Example: A $60,000 balance at 8.25% has an interest-only payment of $412.50 per month. After a 10-year draw, amortizing the same balance over 20 years produces a higher required payment.

Accuracy and limitations

Actual HELOCs may have introductory rates, index-plus-margin pricing, floors, caps, minimum payments, annual fees, conversions, changing balances, and lender-specific rules. This is educational, not lending or tax advice.

Frequently asked questions

Why does the payment jump after the draw period?

Interest-only payments do not reduce principal. Repayment payments must cover both principal and interest over a shorter remaining term.

What happens when the rate changes?

A variable rate changes interest charges and usually the required payment. The scenario table shows sensitivity, not a forecast.

Can HELOC interest be tax deductible?

Tax treatment depends on current law and use of proceeds. Consult a qualified tax professional for your facts.