$75,000 HELOC Payment Calculator

It depends on your rate and phase. During the interest-only draw period a $75,000 balance at a sample 8.50% costs the interest shown above each month; once repayment begins, the balance amortizes into a larger fixed principal-and-interest payment. Enter your own rate and terms to see both figures for a $75,000 line.

Total interest on a $75,000 HELOC is the interest-only payments across the draw period plus the interest baked into the repayment-period payments. The calculator above adds both phases so you can see the full cost of a $75,000 line, not just the low draw-period payment.

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.

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.

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.

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.

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.

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.

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.

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.