Home Equity Line of Credit Calculator
Estimate HELOC payments during the draw period and the repayment period, plus total interest.
A HELOC is a credit line secured on your home. You borrow what you need during a draw period, usually ten years.
During the draw period most lenders ask for interest only. After that the balance is repaid over a fixed term.
How it works
The draw period payment is the drawn amount times the monthly rate. The repayment payment amortizes the balance over the repayment years.
Total interest adds both phases together. It assumes the drawn balance stays level until repayment starts.
The formula
D = amount drawn, r = annual rate as a decimal.
Tips
- HELOC rates are usually variable. Budget for the payment at a higher rate too.
- Your home is the collateral. Missed payments put it at risk.
Frequently asked questions
How is a HELOC different from a home equity loan?
A home equity loan pays out a lump sum at a fixed rate. A HELOC is a flexible line you draw on as needed, usually at a variable rate.
Is HELOC interest tax deductible?
Only if the money is used to buy, build or substantially improve the home that secures it, and within IRS limits.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.