HELOC Calculator

Interest-only during the draw, then a repayment loan. Enter the drawn amount and rate. Estimates only.

Smart Tips

• The draw payment is the balance times the annual rate divided by 12.

• Principal stays put during the draw when you pay only the interest.

• Repayment amortizes whatever balance is left. This page does not add extra principal during the draw.

• One rate covers both periods. Type the rate you want to test. A real HELOC rate can change later.

The Formula

Draw payment = balance × annual rate ÷ 12

Balance= Amount drawn
Held constant during the draw

Draw= Interest-only months
Years × 12

Repayment= Amortizing payment
Same balance, same rate, new term

Rate= Annual rate you type
Not a live HELOC quote

Draw interest is the interest-only payment times the number of draw months. The repayment payment uses the standard amortization formula on the balance after the draw. A home equity loan, which amortizes from the first month, is a different page.

Key Insights

Two periods

The draw does not reduce principal. The repayment period does.

Not the home equity loan

That calculator amortizes a fixed amount immediately. This one waits until the draw ends.

Same rate in both periods

Change the rate and run it again if you want to see a higher repayment rate.

Drawn amount, not the limit

Enter what you have taken, or the amount you expect to take. Unused credit is not charged here.

Frequently Asked Questions

The payment is interest only: drawn amount × annual rate ÷ 12, rounded to the cent. Principal stays the same if you pay only that amount.

The balance left after the draw is amortized over the repayment term at the same rate you typed. The payment then includes principal.

A home equity loan on this site amortizes from the first month. This page keeps the draw interest-only, then switches to repayment.

This estimate uses one rate for both periods, the rate you type. A real HELOC rate can adjust. Type the rate you want to test.

No. The draw payment is interest only. Extra principal is a mode on the amortization calculator and the student loan calculator, not here.

Draw payment = drawn amount × annual rate ÷ 12, rounded to the cent. The repayment payment is the standard amortization formula on the balance after the draw. No HELOC rate feed is used. Source: CFPB HELOC explainer: https://www.consumerfinance.gov/ask-cfpb/what-is-a-home-equity-line-of-credit-heloc-en-106/.

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Draw payment

Enter values to calculate

Repayment payment

Draw interest

Repayment interest

Balance after draw

Note:The draw is interest only and the repayment period amortizes the same balance. The rate is the one you type. This is an estimate, not a HELOC agreement.