Draw Period
$507/moInterest-only estimate for 10 yrsHELOC Calculator
Estimate HELOC draw-period payments, repayment payments, available credit, combined LTV, payment shock, payoff strategies, and rate sensitivity.
Free Calculator
HELOC Calculator
Estimate HELOC draw-period payments, repayment payments, available equity, payment shock, rate sensitivity, and payoff strategies.
How a HELOC worksA home equity line of credit usually has a draw period with interest-only payments, followed by a repayment period with principal and interest payments.
Usable equity positionThe requested HELOC draw stays within the selected combined LTV limit and leaves unused credit capacity.
Repayment Period
$838/moPrincipal + interest estimate for 10 yrsMax credit line$145,000
Available to draw$35,000
Combined LTV69.0%
Payment jump$331/mo
Draw interest$60,125
Repayment interest$34,866
Total interest$94,991
Total cost with fees$161,491
What-if scenarios
If the rate rises 2%$616/mo draw payment
If the rate drops 1%$453/mo draw payment
If you draw the full line$777/mo draw / $1,287/mo repayment
If you freeze draws and repay now$832/mo principal + interest
Yearly payment schedule
| Year | Phase | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 2 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 3 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 4 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 5 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 6 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 7 | Draw | $6,088 | $0 | $6,013 | $65,000 |
| 8 | Draw | $6,088 | $0 | $6,013 | $65,000 |
Formula
How HELOC payments are estimated
A HELOC usually starts with a draw period, where payments are often interest-only on the amount borrowed. After the draw period, the balance is typically repaid with principal and interest over the repayment period.
Interest-only payment = drawn balance × APR ÷ 12
Repayment payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1)
Equity
How available HELOC credit is estimated
Lenders often limit the combined mortgage and HELOC debt to a maximum loan-to-value percentage. This calculator estimates the credit line available after your current mortgage balance.
Max credit line = home value × lender LTV − mortgage balance
Combined LTV = mortgage + HELOC drawn ÷ home value
Use cases
When to use this HELOC calculator
Use it to estimate draw-period payments, repayment shock, available credit, payoff strategies, and how rate changes may affect a home equity line of credit.
Estimate interest-only HELOC draw-period payments
Review the estimate with lender quotes, local fees, your draw plan, repayment timeline, and risk tolerance before making borrowing decisions.
Calculate repayment-period principal and interest payments
Review the estimate with lender quotes, local fees, your draw plan, repayment timeline, and risk tolerance before making borrowing decisions.
Check available home equity and combined loan-to-value
Review the estimate with lender quotes, local fees, your draw plan, repayment timeline, and risk tolerance before making borrowing decisions.
Measure payment shock between draw and repayment phases
Review the estimate with lender quotes, local fees, your draw plan, repayment timeline, and risk tolerance before making borrowing decisions.
Compare extra payment and lump-sum payoff strategies
Review the estimate with lender quotes, local fees, your draw plan, repayment timeline, and risk tolerance before making borrowing decisions.
Review how variable-rate changes affect HELOC payments
Review the estimate with lender quotes, local fees, your draw plan, repayment timeline, and risk tolerance before making borrowing decisions.
Calculator details
HELOC Calculator formula, assumptions, and examples
Last updated: July 2026
Formula used
Formula used
HELOC Calculator uses the values you enter to estimate totals, rates, percentages, payments, balances, or comparison results for planning.
Assumptions
Assumptions
- The numbers entered are accurate and use the same currency or time period.
- Rates, taxes, fees, deductions, and contribution rules can change.
- Rounding, timing, and real-world provider rules may cause small differences.
Example calculation
Example calculation
Enter a simple heloc calculator scenario, review the estimated result, then adjust one input at a time to compare outcomes.
When to use this calculator
When to use this calculator
Estimate interest-only HELOC draw-period payments
Disclaimer
Disclaimer
This calculator is for estimation and educational use only. It does not replace professional financial, tax, legal, mortgage, investment, or accounting advice.
Questions
Frequently Asked Questions
What is a HELOC calculator?
A HELOC calculator estimates home equity line of credit payments, available credit, combined loan-to-value, draw-period interest-only payments, repayment-period payments, and rate-change scenarios.
How is the HELOC draw payment calculated?
During an interest-only draw period, the estimated payment is usually the drawn balance multiplied by the annual rate divided by 12, plus any monthly fees.
Why does the HELOC repayment payment increase?
After the draw period ends, new borrowing usually stops and the remaining balance is repaid with principal and interest. That can make the payment much higher than the interest-only draw payment.
Does this calculator guarantee a HELOC approval or rate?
No. Results are estimates only. Actual approval, credit line, rates, fees, draw rules, repayment terms, and LTV limits depend on lender underwriting, credit score, income, home value, and market conditions.
