HELOC Payment Calculator
Enter your drawn balance, interest rate, and draw/repayment periods to calculate HELOC payments in both phases.
Last updated: September 5, 2026
Frequently asked questions
What is a HELOC?
A home equity line of credit - a revolving credit line secured by your home's equity, similar to a credit card. You can draw funds as needed up to your credit limit during the draw period, then repay the balance during the repayment period.
Why is my payment so much lower during the draw period?
Most HELOCs only require interest-only payments during the draw period - you're not required to pay down principal, so the monthly payment only covers the interest on whatever balance you've drawn (though you can choose to pay extra toward principal).
What happens when the draw period ends?
The HELOC converts to the repayment period, where payments become fully amortizing (like a standard loan) - covering both principal and interest until the balance is paid off by the end of the repayment term. This often causes a significant payment increase.
Does this calculator account for HELOC rates changing?
No - it assumes a fixed rate throughout for simplicity. Most real-world HELOCs have variable rates tied to a benchmark index, so your actual payments will likely fluctuate over time as rates change.
How is the draw period payment calculated?
It's interest-only: the amount drawn multiplied by the periodic interest rate (annual rate divided by 12). On a $30,000 balance at 8%, the monthly draw-period payment is about $30,000 × (0.08/12) = $200, with none of it reducing principal.
Why does my payment jump so much when repayment starts?
During the draw period you're only covering interest, so the full drawn balance is still owed. Once repayment begins, that same balance has to fully amortize (principal plus interest) over the shorter repayment period, which produces a much larger monthly payment than the interest-only draw payment.
Is a HELOC calculator the same as a home equity loan calculator?
No - a home equity loan is a lump sum with fixed payments from day one, calculated like a standard amortizing loan. A HELOC is a revolving line with a distinct interest-only draw period followed by a separate amortizing repayment period, which is what this calculator is built to model.