Take the guesswork out of your home equity line of credit. Use our free HELOC payment calculator to estimate your monthly payments based on your credit line, interest rate, and draw amount.
Whether you’re planning a renovation, consolidating debt, or funding a large expense, this tool helps you see what your payments could look like before you borrow.
This calculator estimates the monthly payment during the interest-only draw period of a Home Equity Line of Credit (HELOC). After the draw period ends, you will be required to repay both principal and interest, which will result in higher monthly payments. Actual terms, rates, and payment amounts may vary. This tool is for illustrative purposes only and does not constitute a loan offer. Please consult your lender for specific information about repayment obligations.
How to Use the HELOC Payment Calculator
Enter your property value, remaining mortgage balance, and desired draw amount to see your estimated monthly payment. Adjust the inputs to explore how different draw amounts affect you payment.
How a HELOC Works
A home equity line of credit (HELOC) lets you borrow against your home’s equity, typically up to 85% of your home’s value, minus what you owe on your mortgage. Unlike a lump-sum home equity loan, a HELOC works like a revolving credit line. You can draw funds as needed during the draw period and make interest-only payments before the repayment period begins.
What Affects Your HELOC Payments
Your HELOC payment can change over time because most HELOCs have variable interest rates. Factors that influence your payment include:
- Your credit line amount and current balance
- The interest rate (often tied to the prime rate)
- Whether you’re in the draw or repayment phase
- Your lender’s terms and minimum payment rules
Compare HELOC Offers
Your estimated payment is just one piece of the puzzle. Rates and terms vary by lender, and finding the right HELOC can save you thousands over time. Compare HELOC rates from our trusted lending partners to find your best fit.
FAQ
You can calculate your HELOC payment by entering your property value, current mortgage balance, and the desired draw amount into the calculator above. During the draw period, your payments are often interest-only. Once the repayment period begins, your payments include both principal and interest.
Most HELOCs have variable interest rates that move with the market, meaning your payments can change as rates do. Some lenders may offer the option to lock in a fixed rate on a portion of your balance for more stability.
Most lenders let you borrow up to 85% of your home’s value, minus your remaining mortgage balance. The exact amount depends on your credit score, income, and lender guidelines.
No. You just need to have enough equity in your home to qualify. Lenders look at your current mortgage balance and the home’s appraised value to determine your available equity.
Once the draw period ends (typically after 10 years), you can no longer withdraw funds and must begin repaying both the principal and interest over the repayment term.
A home equity loan has fixed payments over a set term, while HELOC payments can vary since the line of credit is revolving and often has a variable rate.