Free calculator
HELOC Calculator
This HELOC calculator estimates the interest-only payment during the draw period and the amortized payment once repayment begins, using the line amount, rate, and both phases.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
A home equity line of credit (HELOC) usually has two phases: a draw period, when you can borrow and typically pay interest only, and a repayment period, when the balance is amortized.
Draw-period payment = P × i, where i is the annual rate ÷ 1,200.
Repayment-period payment = P × i ÷ (1 − (1 + i)−m), where m is the number of repayment months.
- P — the amount drawn on the line
- i — the monthly rate
- m — the repayment months
Total interest adds the interest from both phases. If no repayment months are entered, the principal is due as a balloon.
HELOC rates are usually variable, so treat the rate you enter as a snapshot, and enter the terms from your own agreement.