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.
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).
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.
Worked example
On a $50,000 balance at 8.5%, interest-only is about $354/month during the draw period, then jumps to roughly $434/month amortized over 20 years — and that’s before any rate increases.
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.