HELOC Payment Calculator
A HELOC has two phases. Enter your balance and rate to see the low interest-only payment during the draw period and the bigger payment when repayment starts.
Example: with Amount borrowed $50,000 · Interest rate (APR) 8.5% · Draw period (interest-only) 10 yrs · Repayment period 20 yrs → Interest-only payment (draw): $354.17.
- Payment in repayment period$433.91
- Interest paid during draw$42,500
- Total interest (both periods)$96,639
Computed by the calculator below using its default values. Change any input to see your own numbers.
Full payoff schedule
Year-by-year payment, interest, and balance across the draw and repayment periods.
Compare HELOC and home-equity loan rates
Learn moreThe payment shock to watch for
During the draw period a HELOC often lets you pay interest only, keeping payments low — but you pay down no principal. When the repayment period begins, the full balance amortizes and the payment can jump sharply. Plan for that step-up.
How it’s calculated & sources
Interest-only payment = balance × APR ÷ 12. The repayment payment fully amortizes the balance over the repayment term. Total interest sums both phases (assuming the balance is unchanged at the start of repayment). Because HELOC rates are variable, you can optionally enter a new rate that takes effect once repayment begins — leave it at 0 to assume the draw-period rate carries through. The full payoff schedule below shows interest-only draw-period years followed by amortizing repayment-period years, with payment, principal, interest, and remaining balance for each year.
Benchmark: current HELOC rates average roughly 8–9% (Bankrate, 2025). Because the rate is variable, your payment moves with prime.
Results update as you type and are general estimates, not personalized financial, tax, medical or legal advice. Verify with a professional.
Frequently asked questions
Is the rate fixed?
Usually no. Most HELOCs are variable and reset with the prime rate, so payments can rise. Some lenders offer fixed-rate lock options on portions of the balance.
Can I pay principal during the draw period?
Yes, and you should — paying down principal early shrinks the payment shock when repayment begins.
What if my rate changes when repayment starts?
Enter an expected new rate in the “New rate after draw period” field to see how it changes the repayment-period payment and the full schedule below. Leave it at 0 to assume the rate stays the same.