Home Equity Line of Credit Calculator
Estimate your HELOC payments during both draw and repayment periods
Payment Summary
Draw Period
Repayment Period
Payment Schedule
Amortization Summary
| Period | Monthly Payment | Total Payments | Principal Paid | Interest Paid |
|---|
Ready to Calculate
Enter your HELOC details and click "Calculate HELOC Payments" to see your estimated payments and amortization schedule.
About Home Equity Lines of Credit
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home's equity. Unlike a traditional home equity loan, a HELOC allows you to borrow only what you need, when you need it, during the draw period.
Draw Period: During the draw period (typically 5-10 years), you can borrow from your credit line as needed, and you'll usually make interest-only payments on the amount you've borrowed.
Repayment Period: After the draw period ends, you enter the repayment period (typically 10-20 years), during which you can no longer borrow funds and must repay both principal and interest.
Note: This calculator provides estimates based on the information you enter. Actual HELOC terms may vary by lender. The calculator assumes you borrow the full amount at the beginning of the draw period and make interest-only payments during the draw period.
The Home Equity Line of Credit Payment Calculator is a comprehensive and straightforward financial planning tool that helps homeowners understand exactly what their HELOC will cost them — both during the draw period when they are borrowing and during the repayment period when they are paying it all back. A HELOC is one of the most flexible borrowing options available to homeowners because it lets you draw funds as you need them rather than taking a lump sum upfront, but that flexibility also comes with two distinct payment phases that behave very differently from each other. This calculator removes the confusion by showing you the monthly payment for both phases, the total interest you will pay over the life of the credit line, and the complete cost of the loan from start to finish.
Whether you are considering a HELOC to fund a home renovation, consolidate higher-interest debt, cover education expenses, or handle a major unexpected cost, this calculator gives you the full financial picture before you sign anything — so you can compare options, plan your budget, and borrow with confidence.
How to Use the Home Equity Line of Credit Payment Calculator Online
Setting up the calculation is simple and the results appear the moment you click calculate. Here is how to use it:
Step-by-Step Instructions:
- Enter your loan amount in the first field — this is the total amount you plan to borrow on your HELOC, for example $100,000. You can type the value directly or use the slider to adjust it.
- Enter your interest rate as an annual percentage rate — for example 7.5%. This is the rate your lender has quoted or that you are using for comparison purposes. Use the input field or the slider to set it precisely.
- Set your draw period in years — typically between 5 and 10 years — which is the window during which you can borrow from the credit line and make interest-only payments. For example, enter 10 for a ten-year draw period.
- Set your repayment period in years — typically between 10 and 20 years — which is the phase after the draw period ends when you can no longer borrow and must repay both principal and interest. For example, enter 20 for a twenty-year repayment period.
- Click “Calculate HELOC Payments” and your full results will appear immediately, showing your monthly payment during the draw period — for example $625.00 per month in interest only — and your monthly payment during the repayment period — for example $996.72 per month covering both principal and interest — along with your total principal, total interest paid, and the overall cost of the loan.
- Review the payment schedule chart and amortization summary table below the results to see how your payments, principal, and interest break down across both periods in a clear, side-by-side format.
Why Use the Home Equity Line of Credit Payment Calculator Online?
- Two-Phase Payment Breakdown: Unlike standard loan calculators that show a single monthly payment, this calculator calculates and displays separate figures for both the draw period and the repayment period, which is essential for HELOC planning since the two phases work completely differently and produce very different monthly obligations.
- Complete Cost Picture: The results section shows your total loan amount, total interest paid across both phases, and the overall cost of the HELOC from first draw to final payment, giving you the long-term financial impact in full rather than just a monthly figure that can understate the true cost of the borrowing.
- Payment Schedule Chart and Amortization Table: The visual payment schedule chart and the amortization summary table break down monthly payments, total payments, principal paid, and interest paid for each period side by side, making it easy to see exactly how your money is being allocated at every stage of the HELOC and how your balance changes over time.
- Slider and Input Controls: Every field can be adjusted using either a direct input or an interactive slider, which makes it quick and intuitive to experiment with different loan amounts, interest rates, and period lengths to see how each change affects your payments and total cost without having to retype values from scratch.
- Ideal for Homeowners Evaluating HELOC Options: Whether you are comparing a HELOC against a home equity loan or personal loan, trying to understand whether the interest-only draw period suits your cash flow, planning a large home improvement project, or simply working out how much of your available equity you can comfortably borrow and repay, this calculator gives you the precise numbers to make that decision clearly and confidently.
- Built-In HELOC Education: The About Home Equity Lines of Credit section below the calculator explains how HELOCs work, what the draw and repayment periods mean in practice, and what assumptions the calculator makes, so you understand both the tool and the product it is helping you evaluate — especially valuable if you are considering a HELOC for the first time.
- Free and Accessible: No registration, no fees, and works on any device, so you can model your HELOC payments from your phone, tablet, or desktop whenever you are ready to explore your borrowing options.
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