Finance tools
HELOC calculator
Use this free HELOC calculator (home equity line of credit) to estimate interest-only draw payments, repayment-period P&I, and payment shock when the draw period ends. Switch to Borrowing limit to see how much line you might access from home value, mortgage balance, and max CLTV —runs in your browser with no account or credit pull. Comparing cash-out refinance? Use our mortgage refinance calculator for break-even and monthly P&I. Numbers here follow the rate and terms you enter—not live quotes or a loan offer.
What this HELOC calculator does
A HELOC calculator is an educational tool for home equity line of credit planning: it estimates monthly payments in the draw period (often interest-only) and in repayment (principal plus interest), plus payment shock between the two. It can also estimate a borrowing limit from home value, first mortgage balance, and max combined loan-to-value (CLTV)—before a lender runs credit or income.
Payments mode answers “what will I pay while I can draw, and later when I must repay?” Borrowing limit mode answers “how much HELOC can I get?” from equity math alone.
Enter APR and fees from your line agreement or assumptions; export CSV or PDF to save scenarios. No ZIP-based rates, credit tiers, or loan applications on this page.
What is a HELOC?
A home equity line of credit (HELOC) is a revolving loan secured by your home—you get an approved credit limit, draw funds during a draw period, and repay what you borrowed, usually at a variable interest rate (index plus lender margin).
Unlike a home equity loan (one lump sum and fixed installment payments), a HELOC works like a credit line backed by equity: you can pay down the balance and draw again up to the limit while draws are allowed.
Most HELOCs have two calendar phases—draw, then repayment when new draws stop and you amortize the balance. This calculator models those phases separately so you can see payment shock before the draw period ends.
Typical term structure (planning defaults)
Many lenders use roughly a 10-year draw and 20-year repayment—but your note controls the real lengths. Always enter the draw and repayment years from your agreement, not a blog default.
How to use this HELOC calculator
Choose Payments or Borrowing limit
Payments mode models draw-period interest-only and repayment amortization. Borrowing limit estimates max line from home value, mortgage balance, and max combined LTV.
Enter balance, rate, and periods
From your statement or planning assumptions, enter the balance you owe on the line today (or the full amount you plan to draw), APR, draw years, and repayment years. This calculator holds that balance steady through the draw phase for planning—preset chips such as $50k · 8% · 10/20 load example values you can edit.
Add fees if needed
Open Closing costs & fees for upfront or deducted closing costs and annual fees during the draw period.
Review draw vs repayment and export
Compare monthly payments, payment shock, and total interest. In Borrowing limit mode, choose Use this line amount in Payments to prefill the line. Export CSV or PDF to save the scenario.
Start from your line statement for the balance you owe today and the APR on that balance—not a teaser rate from marketing mail unless it still applies.
If you are shopping for a new line, enter the repayment period and draw period from the lender’s disclosure. When those differ from the defaults (10-year draw, 20-year repayment), payment shock can look very different from online examples.
Plan for payment shock
Draw-period payments are often interest-only. When repayment starts, principal joins the bill—even at the same APR. Compare both payments in the results panel before you rely on the lower draw-period number for your budget.
Understanding your HELOC results
| Output | Meaning |
|---|---|
| Draw-period payment | Interest-only on the drawn balance each month (steady balance for planning) |
| Repayment-period payment | Fixed P&I amortization over the repayment years you enter |
| Payment shock | Percent increase from draw payment to repayment payment |
| Total interest | Sum of draw-phase interest plus repayment-phase interest |
| Total of payments & fees | Interest, principal paid, closing costs (per treatment), and annual fees during draw |
| Estimated max line | Borrowing limit mode: (home value × max CLTV) − mortgage balance, floored at zero |
The results panel emphasizes repayment-period payment because that is usually the harder budget test; the smaller figure shows the draw-period payment for the same balance and APR.
Payment shock is not a lender fee—it is the jump in required payment when you move from interest-only to amortizing. Variable rates in real life can add another layer on top of the shock you see here.
For official consumer basics, see the CFPB on HELOCs and compare your lender’s written agreement.
Fixed APR vs variable rates in real life
You enter one APR for the whole projection. On a live HELOC, the rate often changes when the index moves—so draw-period payment can rise even before repayment begins. Treat this output as a what-if at your entered rate, not a guarantee.
Draw period vs repayment period
During the draw period, you can typically borrow up to your limit, repay, and re-borrow (revolving credit secured by your home). Minimum payments are often interest-only on the balance you owe.
When the repayment period starts, new draws usually stop. You pay down the remaining balance over a fixed number of years with principal and interest—similar to a fixed-rate installment loan at the APR you model here.
Draw period
Flexible access to credit; balance can change if you pay down or draw again.
This calculator’s Payments mode models a steady balance and interest-only payments for planning—not every draw and repayment in between.
Repayment period
No new draws; amortizing payment retires the balance over the years you enter.
Need a full payment-by-payment table for one fixed loan? Use the amortization schedule calculator.
Draw-period interest-only payment (planning formula): monthly interest ≈ balance × (APR ÷ 12). Repayment-period payment amortizes the same balance over the repayment years you enter—the same fixed-rate math as our amortization schedule calculator on a single loan.
Closing costs and annual fees
HELOCs can charge closing costs at opening and annual fees while the line stays open during the draw period. Amounts vary by lender, state, and line size—your line agreement, Loan Estimate, or written quote lists what you pay.
In the calculator’s Closing costs & fees panel, choose whether closing costs are paid upfront in cash or deducted from the line. Deducting from the line increases the balance used for interest (you effectively borrowed the fee amount).
| Fee type | What to enter |
|---|---|
| Closing costs (lump sum) | Appraisal, title, recording, lender origination—one dollar total from your quote |
| Annual fee | Recurring yearly charge during draw years (some lines charge $0) |
| Paid upfront vs deducted | Upfront adds to total cost in the summary; deducted increases modeled balance |
Example: fees on a $100,000 line
The $100k · 7.5% preset includes $2,000 closing costs paid upfront and a $75 annual fee during draw—use it to see how fees change total of payments & fees without changing the core draw/repayment payment comparison.
This tool does not compute a regulatory APR that rolls in every finance charge. Fees you enter are included in total of payments & fees—see limitations for what is out of scope.
Worked example: $50,000 line at 8% (10-year draw, 20-year repay)
| Metric | Approximate value |
|---|---|
| Draw-period payment (interest-only) | $333/mo |
| Repayment-period payment (P&I) | $418/mo |
| Payment shock | ~25% |
| Total interest (both phases) | ~$90,373 |
With the $50k · 8% · 10/20 preset—$50,000 drawn at 8% APR, a 10-year draw period and 20-year repayment, no closing costs or annual fees—you get roughly the figures above. Numbers match the calculator and export; amounts are rounded for reading.
At $100,000 and the same rate, interest-only draw payment is about $667/mo before repayment begins. Change the line amount or load a preset to match your balance.
How much can you borrow?
Borrowing limit mode answers “how much HELOC can I get?” with equity math only: (home value × max CLTV) − mortgage balance, floored at zero. It does not run credit, income, or debt-to-income underwriting.
Lenders often cite 80% to 85% combined loan-to-value caps in marketing, but overlays still apply on real files. Use CLTV preset chips (90%, 85%, 80%, 75%) as shortcuts, then type the cap from your lender’s pre-qualification or disclosure.
| Scenario | Estimated max line |
|---|---|
| $400,000 home · $240,000 mortgage · 85% CLTV | $100,000 (preset: $400k home · 85% CLTV) |
| $500,000 home · $210,000 mortgage · 80% CLTV | $190,000 |
| Current LTV (mortgage ÷ value) | Shown in results before you max the line |
After you estimate a limit, choose Use this line amount in Payments to prefill the line in Payments mode—then adjust rate and draw/repayment years for a full payment picture.
Track the balance as other debt on our net worth calculator. For first-mortgage PMI when equity is thin on a purchase, see the PMI calculator.
HELOC vs home equity loan vs cash-out refi
All three tap home equity, but structure and risk differ. None of these choices is universally “best”—match the product to whether you need a lump sum, ongoing access, or a new first mortgage.
HELOC
Revolving line; draw and repayment phases; often variable rate.
Use this page for draw vs repayment payments and borrowing limit math.
Home equity loan
Fixed lump sum and fixed payments over a set term—closer to a second mortgage installment loan.
Model it with a standard amortization tool on one fixed balance; see the FAQ on HELOC vs home equity loan below.
Cash-out refinance
Replaces the first mortgage with a larger loan; one payment, closing costs, break-even math.
Compare on the mortgage refinance calculator.
Choose a HELOC when you want flexible access over several years (renovations in stages, tuition, emergency reserves) and you understand variable-rate and payment-shock risk.
Choose a home equity loan when you need one fixed lump sum and predictable installment payments for a defined project.
Choose cash-out refinance when you want a single first-mortgage payment and are willing to reset loan terms and pay refinance closing costs—model break-even on the refinance calculator.
When a HELOC may not be the right tool
A HELOC may not fit if you need a fixed payment for decades, if payment shock would strain your budget, or if you only need a one-time lump sum and do not want revolving access that invites further draws.
Rising index rates can lift payments before the draw period ends. If you plan to sell the home soon, weigh total cost against other options—the line is secured by the property.
Conservative planning often means stress-testing a higher APR than today’s quote and budgeting for the repayment-phase payment, not only interest-only draw. Extra principal during draw (when allowed) can shrink the balance before repayment; this tool does not model month-by-month paydown—use the amortization schedule calculator for extra-payment scenarios on a fixed balance.
Limitations
Projections use a fixed APR you enter—not future variable-rate changes, index floors/caps, teaser rates, or rate locks on a portion of the balance. No property tax, homeowners insurance, HOA dues, or draw minimums beyond the fields provided.
Payments mode assumes the full line amount is drawn and that balance stays level through the draw period—it does not simulate partial draws, repayments, and re-borrows month by month. Borrowing limit mode is equity math only—no debt-to-income, credit score, or property-type rules.
Not a loan application, credit decision, or tax advice. Interest deductibility rules depend on how you use the funds—ask a tax professional. Compare formal lender disclosures before you sign. More detail: CFPB owning-a-home resources.
Educational US equity model
Draw interest-only and repayment amortization only. Real HELOC contracts vary—read your note and line agreement.
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Frequently asked questions about HELOC calculator
What is a HELOC calculator?
A HELOC calculator (or home equity line of credit calculator) is a planning tool that estimates monthly payments on a revolving equity line—usually interest-only in the draw period, then principal and interest in repayment—and can estimate a borrowing limit from home value, mortgage balance, and max CLTV.
This page uses the rate and fees you enter—not live lender quotes, credit pulls, or personal information.
How much does a $50,000 HELOC cost per month?
At 8% APR on a $50,000 balance, a typical interest-only draw-period payment is about $333 per month (balance × APR ÷ 12). If the draw period is 10 years and repayment is 20 years at the same rate, full P&I in repayment is about $418 per month—higher because principal is included.
Load the $50k · 8% · 10/20 preset, then change balance, rate, or years to match your line.
How much would a $100,000 HELOC cost per month?
At 8% APR on a $100,000 balance, interest-only draw-period payment is about $667 per month. With the same 10-year draw and 20-year repayment structure, repayment-phase P&I is about $836 per month before fees.
Your lender’s draw and repayment lengths change both figures—use Payments mode to model your terms.
What is the downside of a HELOC?
Common risks include variable rates (payments can rise), payment shock when the draw period ends, and putting your home on the line if you cannot repay. Overspending on a revolving line can also leave you with long-term debt.
To reduce risk, some borrowers pay extra principal during the draw period (when allowed), avoid maxing the line for discretionary spending, and plan for repayment-phase payment before they borrow.
This calculator illustrates payment math—it does not score your personal finances or approve credit.
How do I calculate HELOC payments?
Use a HELOC payment calculator like this one: enter the amount drawn, APR, draw period length, and repayment period length. Draw-phase payment is roughly balance × (APR ÷ 12) for interest-only; repayment uses standard fixed-rate amortization on the same balance.
Add optional closing costs and annual fees to see their effect on total cost.
What is the draw period vs repayment period?
The draw period is when you can usually borrow, repay, and re-borrow up to your limit; many lenders require interest-only minimums then. The repayment period is when draws stop and you pay down the balance with principal and interest.
Lengths vary by lender—enter the terms on your disclosure or use planning defaults here.
What is payment shock on a HELOC?
Payment shock is the jump in your required payment when the draw period ends and you must start repaying principal. Even if the rate stays flat, payment can rise sharply compared with interest-only months.
The results panel compares draw vs repayment payment and shows the percentage increase for your scenario.
How much HELOC can I get?
Lenders often cap total debt against the home with a combined loan-to-value (CLTV) limit—commonly around 80% to 85% of value minus your existing mortgage. In Borrowing limit mode, enter home value, mortgage balance, and max CLTV to estimate: (value × CLTV) − mortgage.
Credit, income, and property type still affect real approvals; this is equity math for planning, not an offer.
What is combined loan-to-value (CLTV)?
CLTV compares all loans secured by the home (first mortgage plus HELOC) to the property value. Example: $240,000 mortgage plus $100,000 line on a $400,000 home → ($340,000 ÷ $400,000) = 85% CLTV.
Borrowing limit mode shows current LTV and CLTV if you used the estimated max line.
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line—borrow as needed during the draw period, often with variable rates. A home equity loan is usually a fixed lump sum with fixed payments over a set term.
Use this page for line-of-credit draw, repayment, and borrowing-limit math; for a single fixed second loan, the amortization schedule calculator can model one balance and term.
HELOC vs cash-out refinance — which should I use?
Cash-out refinance replaces your first mortgage with a larger fixed loan and pays you the difference at closing—one payment, one rate, but closing costs and resetting the primary mortgage. A HELOC adds a second lien with flexible draws but variable-rate and payment-shock risk.
Compare refi break-even on our mortgage refinance calculator and HELOC payments here.
Are HELOC payments interest-only during the draw period?
Many HELOCs require interest-only minimum payments during the draw period on the balance you owe—that is the usual interest-only HELOC payment borrowers budget for first. Some pay extra principal voluntarily; in the repayment period, minimums typically include principal and interest.
This calculator models interest-only draw and full P&I repayment at the APR you enter—see the worked example for sample monthly amounts.
Are HELOC interest rates variable?
Most HELOCs have variable rates tied to an index plus a margin, so payments change when market rates move. Some lenders offer fixed-rate locks on portions of the balance.
Enter your current or planning rate as a single APR here; see limitations—real lines can reprice even before repayment begins.
Is this HELOC calculator free to use?
Yes—this free HELOC calculator runs in your browser with no account, credit pull, or personal information required. You enter dollar amounts, rates, and years for planning only.
Export a CSV or PDF summary without signing up. Results are educational, not a loan offer or underwriting decision.
What is the smartest way to pay off a HELOC?
There is no single strategy for everyone. Common approaches include paying extra principal during the draw period (when your lender allows), avoiding new draws for discretionary spending, and building a budget around the repayment-phase payment before draw ends—not only the lower interest-only payment.
Some households prioritize paying off variable-rate HELOC debt before fixed-rate first mortgages; others keep the mortgage and attack higher-interest cards first. Run your numbers and compare total interest under each path.
This page models standard draw and repayment payments—it does not optimize a personal debt payoff order. For multiple debts, see the debt payoff calculator.
How accurate is this HELOC payment estimate?
Accuracy depends on the rate, balance, and periods you enter. This HELOC payment calculator uses simple monthly interest during draw and standard fixed-rate amortization during repayment—the same core math as our amortization engine on a single balance.
It excludes escrow, insurance, variable-rate changes, draw minimums, and fees you do not enter. See CFPB HELOC guidance and your lender’s disclosures before you borrow.
How is this different from an amortization schedule calculator?
This tool focuses on the two-phase HELOC lifecycle (draw interest-only vs repayment amortization) and borrowing limit from home equity. The amortization schedule calculator models one fixed loan with optional extra payments and a full payment table.
Use both when you need HELOC phase compare plus a detailed single-loan schedule.