The HELOC Calculator estimates the interest-only payment during the draw period and the full payment during the repayment period of a home equity line of credit.
Interest-only payment $333.33 during the draw period, then $477.83 a month.
| Monthly payment during draw period (interest only) | $333.33 |
| Monthly payment during repayment period | $477.83 |
| Total interest | $56,008.69 |
| Closing costs and annual fees | $0.00 |
| Total cost of the line | $106,008.69 |
| Maximum you can borrow | $230,000.00 |
| Home equity | $350,000.00 |
| Current loan-to-value | 41.67% |
A home equity line of credit (HELOC) is a revolving credit line secured by your home. During the draw period, usually 5–10 years, you can borrow as needed and often pay only interest. In the repayment period, usually 10–20 years, you can no longer draw and must repay principal and interest.
Moving from interest-only to full repayment can raise the payment sharply. On $50,000 at 8%, the interest-only payment is about $333; over a 15-year repayment it becomes about $478. Most HELOCs have variable rates tied to the prime rate, so payments can rise further.
Some HELOCs have closing costs, annual fees, inactivity fees or early closure fees. Others advertise no closing costs but recover them if you close the line within a few years.
Can I pay principal during the draw period? Usually yes, which lowers later payments.
Can the lender freeze my line? Yes, if home values fall or your finances worsen.
Is HELOC interest deductible? Only when used to improve the home.