How do I calculate a HELOC monthly payment?

A HELOC monthly payment depends on which phase you are in. During the draw period, most HELOCs require interest-only payments equal to the current balance times the monthly rate. During the repayment period, the payment is amortized using the remaining balance, the rate, and the repayment term in months. This calculator shows both payments side by side.

What is a HELOC draw period payment vs repayment period payment?

The draw period payment is typically interest-only on whatever you have drawn against the line. The repayment period payment is a full principal-plus-interest payment that fully pays off the balance over the repayment years, similar to a fixed-rate installment loan.

How long is a typical HELOC draw period and repayment period?

A common setup is a 10-year draw period followed by a 15- or 20-year repayment period, but many lenders offer 5, 7, 15, or even 25-year options. This calculator lets you model any combination of draw and repayment years.

Can this be used as a HELOC payoff calculator after the draw period?

Yes. The amortization schedule shows principal, interest, and balance for every month of both phases, so you can see when the balance reaches zero and how much interest you pay in total. Shorter repayment terms reduce total interest but raise the monthly payment.

Does this HELOC monthly payment calculator support closing costs and annual fees?

Yes. You can toggle closing costs on and choose whether to pay them upfront or roll them into the balance. You can also add an annual fee, which is multiplied across the full term so you can compare offers with different fee structures.

Are HELOC payments tax deductible?

HELOC interest may be deductible if the funds are used to buy, build, or substantially improve the home securing the line. Deductibility depends on current tax law and your personal situation, so confirm with a tax professional.

What happens when my HELOC draw period ends?

When the draw period ends, you can no longer borrow from the line and the loan enters the repayment phase. Required payments jump from interest-only to a higher fixed payment that fully amortizes the balance. This calculator makes that payment shock easy to preview before you borrow.

Is a HELOC the same as a second mortgage?

A HELOC is one type of second mortgage because it is secured by your home and sits behind your first mortgage. A home equity loan is another type of second mortgage with fixed payments. Use this page for line-of-credit math and the home equity loan calculator for fixed-rate second mortgage math.

HELOC Payment Calculator

Estimate HELOC draw-period interest-only payments, repayment-period payments, and amortization

HELOC Details

Loan Amount$50,000

Interest Rate (APR)8%

Draw Period10 years

years

Repayment Period15 years

years

Include closing costs and fees

Include annual fee

HELOC Payment Breakdown

40%

Principal

Loan Amount (40%)

Interest (60%)

HELOC Monthly Payment Summary

Draw Period Payment$333.33/mo

Repayment Period Payment$477.83/mo

Total Interest$76,009

Total of 300 Payments$126,009

HELOC Payoff ChartDraw period: years 1–10 · Repayment: years 11–25

Draw Period Payment

$333.33

interest-only · 10 years

Repayment Period Payment

$477.83

principal + interest · 15 years

Loan Amount$50,000

Total Interest$76,009

Total of All Payments$126,009

HELOC Overview

Interest Rate (APR)8%

Draw Period10 years (120 payments)

Repayment Period15 years (180 payments)

Payoff DateMay 2051

Interest-to-Principal152.0%

Total Cost$126,009

PrincipalInterest

$50,000$76,009

Variable Rate

HELOC APRs usually move with the prime rate, so monthly interest can change over time.

Two Phases

Draw period pays interest only, then the repayment period amortizes the full balance.

Revolving Credit

You can borrow, repay, and reborrow during the draw period, similar to a credit card.

Secured by Home

A HELOC is secured by your property, so missed payments can affect ownership.

How to Use This HELOC Monthly Payment Calculator

Estimate your HELOC interest-only payment, repayment-period payment, total interest, and payoff timeline in under a minute. This page is tuned for search intent around HELOC monthly payments, draw-period payment changes, and repayment schedule planning.

Enter the HELOC loan amount
Start with the balance or credit line amount you want to model. This keeps the tool useful for people looking for a simple HELOC monthly payment calculator.
Add the current HELOC APR
HELOC rates are usually variable and tied to prime. Enter the current annual rate from your lender to estimate the interest-only payment during the draw period.
Set the draw period in years
The draw period is when you can borrow against the line and make interest-only payments. A typical HELOC draw period runs 5 to 10 years.
Set the repayment period in years
After the draw period ends, the repayment period amortizes the remaining balance with principal and interest payments over a fixed number of years.
Optionally include closing costs and annual fees
Toggle on closing costs to compare paying fees upfront vs deducting them from the line. Add an annual fee to see the total long-term cost of the HELOC.
Review the amortization schedule
Use the charts, annual table, and monthly table to see how the HELOC interest-only payment changes into a repayment-period payment after the draw phase ends.

What This HELOC Monthly Payment Calculator Shows

The calculator focuses on the core numbers people compare when they search for a home equity line of credit payment calculator: draw period payment, repayment period payment, total interest, and optional closing costs and annual fees.

Draw Period Payment

During the draw period most HELOCs only require monthly interest on the outstanding balance. This is the number many borrowers check first with a HELOC interest-only payment calculator.

Repayment Period Payment

Once the draw period ends, the balance is amortized into fixed principal-plus-interest payments over the repayment years. This is the payment many people want to stress-test before borrowing.

Closing Costs

Some lenders charge appraisal, title, recording, or origination fees. The calculator lets you compare paying these upfront vs deducting them from the line.

Annual Fee

Many HELOCs have a small yearly maintenance fee. Adding it here shows the true long-term cost of keeping the line open.

HELOC Monthly Payment Formulas

Draw period (interest-only):

Draw Payment = Balance × (APR ÷ 12)

Repayment period (amortized):

Repay Payment = B × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Balance / B = Outstanding HELOC balance
r = Monthly rate (APR ÷ 12)
n = Repayment months (repayment years × 12)

Example: A $50,000 HELOC at 8% with a 10-year draw and 15-year repayment has a draw-period payment of about $333 per month and a repayment-period payment of about $478 per month.

HELOC vs Home Equity Loan Monthly Payment Comparison

Both borrow against your home equity but the payment structure is different. Use this table when comparing a HELOC monthly payment with a fixed-rate second mortgage payment.

Feature	HELOC	Home Equity Loan
Interest Rate	Variable rate — tied to prime rate	Fixed rate — locked for the full term
Disbursement	Draw as needed during draw period	Lump sum at closing
Monthly Payment	Interest-only during draw, then amortized	Fixed, level monthly payment
Best For	Ongoing or uncertain expenses, remodels, tuition waves	Large, one-time expenses
Closing Costs	Often lower or waived	Typically 2–5% of the loan
Flexibility	Revolving — borrow, repay, reborrow	One-time disbursement only

HELOC Monthly Payment FAQ

Short answers to common questions about HELOC monthly payments, draw-period payment changes, repayment-period amortization, closing costs, and payoff planning.

Helpful next steps for borrowers comparing lines of credit, fixed second mortgages, refinance savings, and overall affordability.

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HELOC Payment Calculator

HELOC Details

HELOC Payment Breakdown

HELOC Monthly Payment Summary

HELOC Payoff ChartDraw period: years 1–10 · Repayment: years 11–25

$333.33

$477.83

HELOC Overview

Variable Rate

Two Phases

Revolving Credit

Secured by Home

How to Use This HELOC Monthly Payment Calculator

Enter the HELOC loan amount

Add the current HELOC APR

Set the draw period in years

Set the repayment period in years

Optionally include closing costs and annual fees

Review the amortization schedule

What This HELOC Monthly Payment Calculator Shows

Draw Period Payment

Repayment Period Payment

Closing Costs

Annual Fee

HELOC Monthly Payment Formulas

HELOC vs Home Equity Loan Monthly Payment Comparison

HELOC Monthly Payment FAQ

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