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HELOC Calculator is used to calculate the monthly payment for your home equity line of credit. The HELOC payment calculator generates an HELOC amortization schedule that shows the interest only payments and the principal payments during repayment period.
Interest Only HELOC Calculator |
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Current HELOC Balance: |
$220,000.00 | |||||
Monthly Payment: |
$1,338.33 for 60 payments $4,387.47 for 60 payments |
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Interest Only Terms: |
5 years | |||||
Total Terms: |
10 years | |||||
Total # Of Payments: |
120 | |||||
Start Date: |
Dec, 2023 | |||||
Payoff Date: |
Nov, 2033 | |||||
Total Interest Paid: |
$123,548.21 | |||||
Total Payment: |
$343,548.21 | |||||
HELOC Amortization Schedule |
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| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Dec, 2023 | 1 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jan, 2024 | 2 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Feb, 2024 | 3 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Mar, 2024 | 4 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Apr, 2024 | 5 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| May, 2024 | 6 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jun, 2024 | 7 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jul, 2024 | 8 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Aug, 2024 | 9 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Sep, 2024 | 10 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Oct, 2024 | 11 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Nov, 2024 | 12 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Dec, 2024 | 13 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jan, 2025 | 14 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Feb, 2025 | 15 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Mar, 2025 | 16 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Apr, 2025 | 17 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| May, 2025 | 18 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jun, 2025 | 19 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jul, 2025 | 20 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Aug, 2025 | 21 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Sep, 2025 | 22 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Oct, 2025 | 23 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Nov, 2025 | 24 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Dec, 2025 | 25 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jan, 2026 | 26 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Feb, 2026 | 27 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Mar, 2026 | 28 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Apr, 2026 | 29 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| May, 2026 | 30 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jun, 2026 | 31 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jul, 2026 | 32 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Aug, 2026 | 33 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Sep, 2026 | 34 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Oct, 2026 | 35 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Nov, 2026 | 36 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Dec, 2026 | 37 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jan, 2027 | 38 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Feb, 2027 | 39 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Mar, 2027 | 40 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Apr, 2027 | 41 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| May, 2027 | 42 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jun, 2027 | 43 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jul, 2027 | 44 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Aug, 2027 | 45 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Sep, 2027 | 46 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Oct, 2027 | 47 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Nov, 2027 | 48 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Dec, 2027 | 49 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jan, 2028 | 50 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Feb, 2028 | 51 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Mar, 2028 | 52 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Apr, 2028 | 53 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| May, 2028 | 54 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jun, 2028 | 55 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Jul, 2028 | 56 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Aug, 2028 | 57 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Sep, 2028 | 58 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Oct, 2028 | 59 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Nov, 2028 | 60 | $1,338.33 | $0.00 | $1,338.33 | $220,000.00 | |
| Dec, 2028 | 61 | $1,338.33 | $3,049.14 | $4,387.47 | $216,950.86 | |
| Jan, 2029 | 62 | $1,319.78 | $3,067.69 | $4,387.47 | $213,883.17 | |
| Feb, 2029 | 63 | $1,301.12 | $3,086.35 | $4,387.47 | $210,796.82 | |
| Mar, 2029 | 64 | $1,282.35 | $3,105.12 | $4,387.47 | $207,691.70 | |
| Apr, 2029 | 65 | $1,263.46 | $3,124.01 | $4,387.47 | $204,567.69 | |
| May, 2029 | 66 | $1,244.45 | $3,143.02 | $4,387.47 | $201,424.67 | |
| Jun, 2029 | 67 | $1,225.33 | $3,162.14 | $4,387.47 | $198,262.53 | |
| Jul, 2029 | 68 | $1,206.10 | $3,181.37 | $4,387.47 | $195,081.16 | |
| Aug, 2029 | 69 | $1,186.74 | $3,200.73 | $4,387.47 | $191,880.43 | |
| Sep, 2029 | 70 | $1,167.27 | $3,220.20 | $4,387.47 | $188,660.23 | |
| Oct, 2029 | 71 | $1,147.68 | $3,239.79 | $4,387.47 | $185,420.44 | |
| Nov, 2029 | 72 | $1,127.97 | $3,259.50 | $4,387.47 | $182,160.94 | |
| Dec, 2029 | 73 | $1,108.15 | $3,279.32 | $4,387.47 | $178,881.62 | |
| Jan, 2030 | 74 | $1,088.20 | $3,299.27 | $4,387.47 | $175,582.35 | |
| Feb, 2030 | 75 | $1,068.13 | $3,319.34 | $4,387.47 | $172,263.01 | |
| Mar, 2030 | 76 | $1,047.93 | $3,339.54 | $4,387.47 | $168,923.47 | |
| Apr, 2030 | 77 | $1,027.62 | $3,359.85 | $4,387.47 | $165,563.62 | |
| May, 2030 | 78 | $1,007.18 | $3,380.29 | $4,387.47 | $162,183.33 | |
| Jun, 2030 | 79 | $986.62 | $3,400.85 | $4,387.47 | $158,782.48 | |
| Jul, 2030 | 80 | $965.93 | $3,421.54 | $4,387.47 | $155,360.94 | |
| Aug, 2030 | 81 | $945.11 | $3,442.36 | $4,387.47 | $151,918.58 | |
| Sep, 2030 | 82 | $924.17 | $3,463.30 | $4,387.47 | $148,455.28 | |
| Oct, 2030 | 83 | $903.10 | $3,484.37 | $4,387.47 | $144,970.91 | |
| Nov, 2030 | 84 | $881.91 | $3,505.56 | $4,387.47 | $141,465.35 | |
| Dec, 2030 | 85 | $860.58 | $3,526.89 | $4,387.47 | $137,938.46 | |
| Jan, 2031 | 86 | $839.13 | $3,548.34 | $4,387.47 | $134,390.12 | |
| Feb, 2031 | 87 | $817.54 | $3,569.93 | $4,387.47 | $130,820.19 | |
| Mar, 2031 | 88 | $795.82 | $3,591.65 | $4,387.47 | $127,228.54 | |
| Apr, 2031 | 89 | $773.97 | $3,613.50 | $4,387.47 | $123,615.04 | |
| May, 2031 | 90 | $751.99 | $3,635.48 | $4,387.47 | $119,979.56 | |
| Jun, 2031 | 91 | $729.88 | $3,657.59 | $4,387.47 | $116,321.97 | |
| Jul, 2031 | 92 | $707.63 | $3,679.84 | $4,387.47 | $112,642.13 | |
| Aug, 2031 | 93 | $685.24 | $3,702.23 | $4,387.47 | $108,939.90 | |
| Sep, 2031 | 94 | $662.72 | $3,724.75 | $4,387.47 | $105,215.15 | |
| Oct, 2031 | 95 | $640.06 | $3,747.41 | $4,387.47 | $101,467.74 | |
| Nov, 2031 | 96 | $617.26 | $3,770.21 | $4,387.47 | $97,697.53 | |
| Dec, 2031 | 97 | $594.33 | $3,793.14 | $4,387.47 | $93,904.39 | |
| Jan, 2032 | 98 | $571.25 | $3,816.22 | $4,387.47 | $90,088.17 | |
| Feb, 2032 | 99 | $548.04 | $3,839.43 | $4,387.47 | $86,248.74 | |
| Mar, 2032 | 100 | $524.68 | $3,862.79 | $4,387.47 | $82,385.95 | |
| Apr, 2032 | 101 | $501.18 | $3,886.29 | $4,387.47 | $78,499.66 | |
| May, 2032 | 102 | $477.54 | $3,909.93 | $4,387.47 | $74,589.73 | |
| Jun, 2032 | 103 | $453.75 | $3,933.72 | $4,387.47 | $70,656.01 | |
| Jul, 2032 | 104 | $429.82 | $3,957.65 | $4,387.47 | $66,698.36 | |
| Aug, 2032 | 105 | $405.75 | $3,981.72 | $4,387.47 | $62,716.64 | |
| Sep, 2032 | 106 | $381.53 | $4,005.94 | $4,387.47 | $58,710.70 | |
| Oct, 2032 | 107 | $357.16 | $4,030.31 | $4,387.47 | $54,680.39 | |
| Nov, 2032 | 108 | $332.64 | $4,054.83 | $4,387.47 | $50,625.56 | |
| Dec, 2032 | 109 | $307.97 | $4,079.50 | $4,387.47 | $46,546.06 | |
| Jan, 2033 | 110 | $283.16 | $4,104.31 | $4,387.47 | $42,441.75 | |
| Feb, 2033 | 111 | $258.19 | $4,129.28 | $4,387.47 | $38,312.47 | |
| Mar, 2033 | 112 | $233.07 | $4,154.40 | $4,387.47 | $34,158.07 | |
| Apr, 2033 | 113 | $207.79 | $4,179.68 | $4,387.47 | $29,978.39 | |
| May, 2033 | 114 | $182.37 | $4,205.10 | $4,387.47 | $25,773.29 | |
| Jun, 2033 | 115 | $156.79 | $4,230.68 | $4,387.47 | $21,542.61 | |
| Jul, 2033 | 116 | $131.05 | $4,256.42 | $4,387.47 | $17,286.19 | |
| Aug, 2033 | 117 | $105.16 | $4,282.31 | $4,387.47 | $13,003.88 | |
| Sep, 2033 | 118 | $79.11 | $4,308.36 | $4,387.47 | $8,695.52 | |
| Oct, 2033 | 119 | $52.90 | $4,334.57 | $4,387.47 | $4,360.95 | |
| Nov, 2033 | 120 | $26.53 | $4,360.95 | $4,387.48 | $0.00 | |
The home equity line of credit calculator will calculate the costs of the loan and the total interest payment when the loan is paid off. The home equity line of credit amortization schedule calculate the principal and interest payment each month.
A home equity line of credit or HELOC is a loan that uses your home as collateral. The amount that you can borrow depends on the equity you have in your home. The more equity you have, the more you can borrow. In general, borrowers can borrow up to 85% of their home equities. Some lenders may take more risk and go for 90% while others may take the conservative route and go for 80% max.
A HELOC loan works like a credit card. Once approved, the borrower is given a limit on how much they can borrow or use. The interest is charged based on how much the homeowner uses, not the whole credit limit. For example, if a borrower is given $100,000 for a HELOC, and he uses $30,000, he is only required to pay interest on the $30,000 used. After he used $30,000, he can still use up to $70,000. Once he pays off the $30,000, the credit limit goes up to $100,000. The borrower is not required to pay off the whole balance, he can make monthly payments to reduce the amount owed or make interest-only payments.
A HELOC has two phases, a draw period and a repayment period. During the draw period which usually lasts 10 years, the borrower can borrow as much as he can up to the credit limit, and he is allowed to make interest-only payments during the draw period. After the draw period is over, the borrower is no longer able to borrow or draw from his HELOC loan. He needs to start making a monthly payment to repay the loan which is like a regular loan where the borrower is required to make principal and interest payments until the loan is paid off.
HELOC loans have a variable interest rate which changes periodically based on an underlying prime rate. Whenever there is a change in the prime rate, the HELOC interest rate will also change. This means your monthly payment on the HELOC is not fixed. It could go up or down depending on the market index. Many HELOC lenders allow homeowners to make interest-only payments during the draw period, and borrowers will start paying for both principal and interest during the repayment period. Homeowners should compare HELOC interest rates from different lenders as they charge a markup on top of the prime rate. The markup may be lower for some lenders, and higher for others.
As with anything else in life, there are pros and cons of a HELOC loan, following are the main benefits and drawbacks.
Lower Interest Rate - The interest rate for a HELOC is much lower than any other loan that you may get, be it a personal loan, car loan, or credit card loan. Large Loan Amount - Depending on the equity in your home, borrowers may qualify for a large loan amount compared to other types of loans. Flexible Payment Options - You can make minimum interest payments during the draw period or pay off the HELOC anytime if you like. Low Costs - a HELOC loan has no or very low closing costs and fees. Use the Money for Anything - You can use the money that you get from a HELOC loan for anything you like. You can use a HELOC to renovate your house, fund a college education, pay off credit card debt, or do anything you can think of. However, just because you can use the money to do whatever doesn't mean it is a good idea to use a HELOC for a vacation because you are putting your house on the line.
May Lose Your Home - If at some point you can no longer afford to repay the HELOC, you may lose your house. Need Significant Equity - Homeowners will need significant equity in their house to qualify for a HELOC. Many lenders required the borrower to have at least 15% to 20% equity in their house. Large Monthly Payment During Repayment Phase - Borrowers may be surprised when the repayment phase starts when their monthly payments would be much larger than the draw period. If they are making minimum interest-only payments in the draw period, they may be shocked to see the increases during the repayment phase. Interest Rate May Rise - Unlike a home equity loan where the borrower is locked into a fixed interest rate, a HELOC loan is more like a variable rate mortgage where the interest rate may rise in the future. If the interest rate rises sharply, borrowers may not be able to afford to repay their HELOC and their house may be put into foreclosure. Minimum Withdrawal Requirement - Some lenders require their borrowers to make minimum withdrawals even when they don't need to and the borrowers will be forced to make interest payments on the amount used. Declining House Price - If there is a recession, the house price may decline. When this happens, you may owe more money on your mortgage and HELOC than the value of your home. If you need to sell the house and move, you will need to pay the difference between your mortgage balance and the home price. If you bought a house for $500,000 and sold it for $450,000 and you still have $480,000 in your mortgage balance, you will need to pay an additional $30,000 after you sell the house.
The interest only HELOC calculator will calculate the costs of getting a HELOC loan. You can set the interest only period and the repayment period, and the HELOC payment calculator will calculate the monthly payments for each period. The HELOC amortization schedule will show you the monthly payment, interest, and principal payment. During the draw period, there will be no principal payment. In the repayment period, you will see exactly how much you are paying in interest and principal for the HELOC.
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