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Free HELOC calculator
Simple HELOC Payment Calculator
Need a quick number, not a spreadsheet? Enter how much you’ll borrow, your rate, and your draw and repayment terms — you’ll see both monthly payments in seconds.
Your result
Estimates only, for education — not financial advice. Most HELOC rates are variable and payments will change if your rate changes. Verify figures with your lender.
What this estimates
Two numbers: the interest-only payment you’d make during the draw period (balance × APR ÷ 12), and the amortized payment for the repayment period, when principal joins the bill. The gap between them is the payment shock borrowers should plan for.
When to use the full calculator instead
This quick version assumes you draw the full amount on day one and make no extra payments — fine for a ballpark. For draw schedules, extra payments, rate-rise scenarios, and a year-by-year amortization table, use the full HELOC calculator.
A note on the rate you enter
HELOC rates are usually variable, tied to the prime rate plus a margin. Enter today’s offered rate for a current snapshot, but remember the actual payment will float. The repayment estimate assumes the rate stays flat — treat it as a baseline, not a promise.
Frequently asked questions
How accurate is this estimate?
It’s a solid ballpark: the math is exact for the inputs given, but real HELOCs have variable rates, fees, and draw patterns this simple version doesn’t model. Good for comparing scenarios, not for final budgeting.
What’s the difference between this and the full HELOC calculator?
The full calculator adds your credit-line sizing (home value, mortgage, CLTV), extra payments, an amortization schedule, rate-increase scenarios, and charts. This page answers ‘what will I pay each month’ in seconds.
Why are there two different payments?
HELOCs have two phases. During the draw period (often 10 years) you typically pay interest only. During repayment (often 20 years) you pay principal plus interest — a higher payment on the same balance.
Does this include fees or closing costs?
No. Lenders may charge annual fees, appraisal or application fees, or early-closure fees. Ask for a written fee schedule and add those costs to your comparison.
What rate should I enter?
Use the rate a lender actually offered you, or a realistic market rate for your credit profile — not a teaser or introductory rate that expires in months.