HELOC Calculator
HELOC Terms
HELOC Payment Results
| During Draw Period (60 months) | — |
|---|---|
| During Repayment Period (180 months) | — |
| Total Interest Paid | — |
| Total Payments | — |
Visual Breakdown
Enter values and press Calculate to see the loan breakdown pie chart and balance path line chart.
How HELOC Payments are Structured
A **HELOC** (Home Equity Line of Credit) functions like a revolving credit card secured by your home. It typically has two phases:
- **Draw Period:** (Usually 5-10 years) You can borrow funds up to your credit limit. During this phase, you are only required to make interest-only payments on the drawn amount.
- **Repayment Period:** (Usually 10-20 years) You can no longer draw funds. You must pay back the outstanding principal balance plus interest via standard monthly amortization.
The HELOC Payment Formulas
These payments are calculated as follows:
- **Draw Phase Payment:** ***Drawn Balance × [ Interest Rate / 100 / 12 ]***
- **Repayment Phase Payment:** ***Drawn Balance × [ i(1 + i)ⁿ_repay ] / [ (1 + i)ⁿ_repay - 1 ]*** (where ***i*** is monthly rate, and ***n_repay*** is repayment months).
Disclaimer. This calculator is for informational purposes only. HELOCs typically feature variable interest rates tied to the Prime Rate, meaning your actual payment amounts can change over time as interest rates fluctuate.