HELOC Calculator
Estimate the monthly payment on a home equity line of credit, the total interest over the term and how extra payments shorten it.
- Free
- No sign-up
Enter the balance, rate and term to see the payment.
Worked example
With these example inputs:
- HELOC balance$50,000
- Interest rate8.5%
- Repayment term10 yr
Monthly payment: $619.93
- Loan amount$50,000
- Total interest$24,391
- Total of payments$74,391
- Payoff time10 yr
Frequently asked questions
How does a HELOC payment work?
A HELOC often has an interest-only draw period followed by repayment of principal and interest. This tool estimates the repayment-period payment on your balance.
Are HELOC rates fixed?
Most HELOCs carry a variable rate that can change with the market, so your real payment may move up or down. Use the current rate for an estimate.
What is the draw period?
It is the first phase when you can borrow and often pay interest only, before principal repayment begins.
How is a HELOC different from a home equity loan?
A HELOC is a revolving line you draw as needed, while a home equity loan is a lump sum at a fixed rate.
What are the risks of a HELOC?
Your home is the collateral, and a variable rate can raise the payment, so borrow with care.