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HELOC Calculator
See your home-equity line payment in both phases — the interest-only draw payment and the higher principal-and-interest repayment payment — plus how much you can borrow.
Short answer
A HELOC is paid in two phases. During the draw period the payment is usually interest only — balance × APR ÷ 12, so $50,000 at 8.5% is about $354/month. When repayment begins, the balance amortizes into a fixed principal-and-interest payment that is noticeably higher. Enter your numbers below to see both, the total interest, and your repayment schedule.
Interest-only payment
$354.17
during draw period
Principal & interest
$433.91
during repayment
Total interest
$96,639.63
both phases
Repayment schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| Year 1 | $4,211.82 | $995.10 | $49,004.90 |
| Year 2 | $4,123.86 | $1,083.06 | $47,921.84 |
| Year 3 | $4,028.13 | $1,178.79 | $46,743.05 |
| Year 4 | $3,923.94 | $1,282.98 | $45,460.07 |
| Year 5 | $3,810.54 | $1,396.38 | $44,063.69 |
| Year 6 | $3,687.11 | $1,519.81 | $42,543.88 |
| Year 7 | $3,552.78 | $1,654.14 | $40,889.74 |
| Year 8 | $3,406.54 | $1,800.38 | $39,089.36 |
| Year 9 | $3,247.42 | $1,959.50 | $37,129.86 |
| Year 10 | $3,074.20 | $2,132.72 | $34,997.14 |
| Year 11 | $2,885.71 | $2,321.21 | $32,675.93 |
| Year 12 | $2,680.54 | $2,526.38 | $30,149.55 |
| Year 13 | $2,457.23 | $2,749.69 | $27,399.86 |
| Year 14 | $2,214.17 | $2,992.75 | $24,407.11 |
| Year 15 | $1,949.63 | $3,257.29 | $21,149.82 |
| Year 16 | $1,661.73 | $3,545.19 | $17,604.63 |
| Year 17 | $1,348.37 | $3,858.55 | $13,746.08 |
| Year 18 | $1,007.32 | $4,199.60 | $9,546.48 |
| Year 19 | $636.10 | $4,570.82 | $4,975.66 |
| Year 20 | $232.09 | $4,975.66 | $0.00 |
HELOC payment by loan amount
How much can you borrow?
Lenders cap your combined loan-to-value (mortgage + HELOC) at a percentage of your home's value. Enter yours to estimate your available credit line.
Available HELOC credit
$125,000.00
Current home equity
$200,000.00
Current loan-to-value
60.00%
HELOC payment by line size
| HELOC balance | Interest-only (draw) @ 8.50% | Repayment P&I (20 yr) |
|---|---|---|
| $25,000 | $177.08 | $216.96 |
| $50,000 | $354.17 | $433.91 |
| $75,000 | $531.25 | $650.87 |
| $100,000 | $708.33 | $867.82 |
| $150,000 | $1,062.50 | $1,301.73 |
| $200,000 | $1,416.67 | $1,735.65 |
Sample 8.50% APR for illustration only — HELOC rates are usually variable, so your real payment can move. Draw-period payments assume the full balance is outstanding and interest-only; repayment assumes a 20-year amortization. Figures are pre-tax.
How we calculate this
Every number on this page comes from the same two-phase payment math the calculator runs:
- Draw period (interest-only). the minimum payment is the outstanding balance times the annual rate divided by 12 — balance × APR ÷ 12 — assuming the full balance is drawn.
- Repayment period (amortized). the balance amortizes into a fixed principal-and-interest payment using the standard formula P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n the number of repayment months.
- Total interest. adds the interest-only payments across the draw period to the interest inside every repayment payment — the true lifetime cost, not just the low draw-period figure.
- Borrowing power. available credit = home value × the lender's max CLTV − your mortgage balance, floored at zero.
Assumptions
- The rate you enter is treated as constant; real HELOC rates are usually variable and can rise.
- The full balance is outstanding for the whole draw period (a conservative payment estimate).
- Figures are pre-tax; HELOC interest is deductible only when the funds improve the securing home and you itemize (IRS Pub. 936).
Sources
Last reviewed: July 17, 2026
Frequently asked questions
Related tools
How is a HELOC payment calculated?+
A HELOC has two phases. During the draw period you usually pay interest only, so the monthly payment is your balance times the annual rate divided by 12 — a $50,000 balance at 8.5% is about $354 a month. When the repayment period starts, the balance amortizes into a fixed principal-and-interest payment over the remaining term, like a regular loan. Enter your balance, rate, and both terms above to see each payment.
What's the difference between the draw period and the repayment period?+
The draw period (often 10 years) is when you can borrow against the line and typically make interest-only payments. The repayment period (often 10–20 years) begins after that: the line closes to new borrowing and you pay off the balance with fixed principal-and-interest payments. Payments usually jump at that transition because you start repaying principal — this calculator shows both so there are no surprises.
How much can I borrow with a HELOC?+
Lenders cap your combined loan-to-value (CLTV) — your mortgage balance plus the new HELOC — at a percentage of your home's value, commonly 80% to 90%. If your home is worth $500,000, your mortgage is $300,000, and the cap is 85%, the lender allows $425,000 of total debt, leaving about $125,000 of available credit. Use the borrowing-power calculator to estimate your line.
Are HELOC rates fixed or variable?+
Most HELOCs have a variable rate tied to the prime rate, so your payment can change over time — especially the interest-only draw payment. Some lenders offer a fixed-rate option to lock a portion of the balance. This calculator uses the rate you enter as a constant to estimate payments; if your rate is variable, run it again at a higher rate to stress-test your budget.
Is HELOC interest tax deductible?+
HELOC interest is deductible only when the funds are used to buy, build, or substantially improve the home that secures the loan, and only if you itemize — interest on money used for other purposes (a car, tuition, debt consolidation) generally is not deductible. Limits apply to total mortgage debt. This tool shows pre-tax figures; check IRS Publication 936 or a tax professional for your situation.
HELOC vs home equity loan — what's the difference?+
A HELOC is a revolving line of credit with a variable rate that you draw from as needed, paying interest only on what you use. A home equity loan is a lump sum at a fixed rate with equal payments from day one. A HELOC is more flexible for ongoing or uncertain costs; a home equity loan gives payment certainty. This calculator models a HELOC's draw-then-repay structure.
Can I pay off a HELOC early?+
Usually yes — paying extra principal during the draw period shrinks the balance the interest-only payment is figured on and reduces what amortizes later, saving interest. Check for an early-closure fee, which some lenders charge if you close the line within the first few years. The repayment schedule here shows how each payment splits between interest and principal.
Does this HELOC calculator use current rates?+
No — it's a private, in-browser calculator with no live rate feed, so nothing you enter leaves your device. Amount pages are pre-filled with a sample rate for illustration only; enter the actual APR your lender quotes to get accurate draw and repayment payments.
This tool provides estimates for planning only and is not financial advice. HELOC rates are typically variable, so your real payment can change; figures assume a constant rate and are pre-tax. Consult your lender or a financial professional for personal guidance.