How does a HELOC payment work?

HELOC payments during the draw period are interest-only on the outstanding balance. During repayment, you pay principal plus interest. Use your current balance × (rate/12) to estimate a monthly interest-only payment.

HELOC Calculator

Estimate interest-only draw period payments and fully amortizing repayment period payments for a HELOC.

This tool runs in your browser. None of your data is saved or sold.

HELOC balance ($)

Annual rate (%)

Draw period (years)

Repayment period (years)

About This Calculator

A HELOC works in two phases: a draw period (typically 10 years) during which you pay only interest on the outstanding balance, and a repayment period during which the balance fully amortizes. This calculator shows both payments side by side so you aren't surprised when the repayment phase begins.

Estimates only — not financial, tax, legal, or investment advice. Verify important results with a qualified professional before making decisions.

draw period: payment = balance × r (interest only); repayment: PMT = balance × r / (1 − (1+r)^−N)