Use this HELOC payment calculator for monthly interest-only draw costs and amortizing repayment after the draw period ends.
Free HELOC payment calculator: monthly payment, interest-only draw period, and amortizing repayment on a home equity line of credit.
Practical tip Start with round numbers from your bank or contract. You can refine decimals after the first pass.
What to enter
Have these handy before you start. Names vary by tool, but the ideas are the same.
Credit line limit and amount currently drawn
Variable APR (index + margin) or fixed rate if applicable
Draw period length and repayment period after draw ends
Interest-only vs amortizing payment assumption
Quick workflow
Model interest-only payment during the draw window.
Switch to amortizing repayment and stress +1–2% on the rate.
Compare against a fixed home equity loan if you need a lump sum.
Free HELOC payment calculator Open the HELOC payment calculator for interest-only draw payments and full amortization after the draw period ends. For a longer walkthrough of draw vs repayment phases, read our HELOC draw period guide too.
HELOC draw period vs repayment phase
Most HELOCs have a draw period (often 10 years) where you may pay interest-only on the balance you use. After that, repayment begins—usually fully amortizing over 10–20 years. Payment can jump sharply when interest-only ends, especially if rates rose.
Variable-rate HELOCs track an index plus margin. Stress-test your payment at current rate plus 1–2% before relying on minimum draws. Compare against a fixed home equity loan or cash-out refinance if you want predictable payments on a lump sum.
Worked example (illustrative)
Suppose you draw $80,000 on a HELOC at 8% APR during a 10-year interest-only draw period. Interest-only payment is about $533/month ($80,000 × 0.08 ÷ 12). When repayment starts on the full $80,000 over 20 years at the same rate, payment rises to about $669/month because principal is included—and higher if the rate increased. Available credit also depends on home value, existing mortgage, and lender combined loan-to-value limits (often 80–85%). Run your home value, mortgage balance, and CLTV in the HELOC payment calculator; confirm terms with your lender before drawing.
Common search questions
HELOC payment calculator — model interest-only draw period payments and full amortization after.
HELOC monthly payment calculator — enter drawn balance, rate, draw years, and repayment term.
Home equity line payment calculator — variable-rate HELOCs change when the index moves; stress-test +1–2%.
Open the tool when you already have a quote, a deadline, or a what-if and need a clear number for real estate.
Situations people use it for
Planning a draw for renovation and need interest-only payment during draw
Stress-testing payment when the draw period ends and amortization starts
Comparing HELOC variable rate against a fixed home equity loan
How to read the result
Treat the output as a structured estimate. Small input changes should move the result in a direction that makes sense.
Run a conservative case first. If it still works, you have margin.
Change one field at a time so you know what actually moved the number.
Save the scenario with a name you will recognize later ("2027 refi", "15-year plan").
This model assumes: Free HELOC payment calculator: monthly payment, interest-only draw period, and amortizing repayment on a home equity line of credit.
Common slip-ups
Skipping maintenance, tax, and insurance in "cheaper than renting" math
Using today's rent forever without inflation
Ignoring transaction costs on both buy and sell
Try it with your numbers
Open the HELOC Payment calculator, enter your case, and keep a screenshot or PDF if you will revisit the decision. Everything runs in your browser; your inputs are not sent to our servers for the math.