HELOC Payment Calculator

Calculate monthly payments for Home Equity Line of Credit (Interest-Only & Repayment).

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Features

Two-Phase Calculation

See payments for both the Interest-Only Draw Period and the Amortized Repayment Period.

Total Cost Analysis

View the total interest paid during both phases and the total cost of the loan.

Flexible Scenarios

Adjust rates, terms, and loan amounts to see how they impact your monthly obligations.

Educational Context

Understand the difference between the draw and repayment phases.

About HELOC Payment Calculator

The HELOC Payment Calculator helps homeowners estimate their monthly payments for a Home Equity Line of Credit. It breaks down the two distinct phases of a HELOC: the "Draw Period," where you typically pay interest only, and the "Repayment Period," where you pay both principal and interest to pay off the balance. This tool provides clarity on how your payments will change when your loan transitions from the draw phase to the repayment phase, avoiding payment shock.

How to Use HELOC Payment Calculator

  • 1
    Enter Loan Details

    Input your Line of Credit Amount and the Annual Interest Rate.

  • 2
    Set Terms

    Specify the length of the Draw Period and Repayment Period in years.

  • 3
    View Payments

    See the estimated monthly payments for both phases instantly.

  • 4
    Review Total Cost

    Check the summary to see the total interest and total repayment amount.

HELOC Payment Calculator | Home Equity Line of Credit Calculator