HELOC Calculator



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.

HELOC Payment Calculator

Current HELOC Balance
Interest Rate
Interest Only Period
years
Repayment Period
years
First Payment Date
Amortization Schedule
Show By Month Show By Year

HELOC Results

Current HELOC Balance:
$220,000.00
Monthly Payment:
$898.33 for 60 payments
$4,141.60 for 60 payments
Interest Only Terms:
5 years
Total Terms:
10 years
Total # Of Payments:
120
Start Date:
Dec, 2022
Payoff Date:
Nov, 2032
Total Interest Paid:
$82,396.00
Total Payment:
$302,396.00


HELOC Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Dec, 2022 1 $898.33 $0.00 $898.33 $220,000.00
Jan, 2023 2 $898.33 $0.00 $898.33 $220,000.00
Feb, 2023 3 $898.33 $0.00 $898.33 $220,000.00
Mar, 2023 4 $898.33 $0.00 $898.33 $220,000.00
Apr, 2023 5 $898.33 $0.00 $898.33 $220,000.00
May, 2023 6 $898.33 $0.00 $898.33 $220,000.00
Jun, 2023 7 $898.33 $0.00 $898.33 $220,000.00
Jul, 2023 8 $898.33 $0.00 $898.33 $220,000.00
Aug, 2023 9 $898.33 $0.00 $898.33 $220,000.00
Sep, 2023 10 $898.33 $0.00 $898.33 $220,000.00
Oct, 2023 11 $898.33 $0.00 $898.33 $220,000.00
Nov, 2023 12 $898.33 $0.00 $898.33 $220,000.00
Dec, 2023 13 $898.33 $0.00 $898.33 $220,000.00
Jan, 2024 14 $898.33 $0.00 $898.33 $220,000.00
Feb, 2024 15 $898.33 $0.00 $898.33 $220,000.00
Mar, 2024 16 $898.33 $0.00 $898.33 $220,000.00
Apr, 2024 17 $898.33 $0.00 $898.33 $220,000.00
May, 2024 18 $898.33 $0.00 $898.33 $220,000.00
Jun, 2024 19 $898.33 $0.00 $898.33 $220,000.00
Jul, 2024 20 $898.33 $0.00 $898.33 $220,000.00
Aug, 2024 21 $898.33 $0.00 $898.33 $220,000.00
Sep, 2024 22 $898.33 $0.00 $898.33 $220,000.00
Oct, 2024 23 $898.33 $0.00 $898.33 $220,000.00
Nov, 2024 24 $898.33 $0.00 $898.33 $220,000.00
Dec, 2024 25 $898.33 $0.00 $898.33 $220,000.00
Jan, 2025 26 $898.33 $0.00 $898.33 $220,000.00
Feb, 2025 27 $898.33 $0.00 $898.33 $220,000.00
Mar, 2025 28 $898.33 $0.00 $898.33 $220,000.00
Apr, 2025 29 $898.33 $0.00 $898.33 $220,000.00
May, 2025 30 $898.33 $0.00 $898.33 $220,000.00
Jun, 2025 31 $898.33 $0.00 $898.33 $220,000.00
Jul, 2025 32 $898.33 $0.00 $898.33 $220,000.00
Aug, 2025 33 $898.33 $0.00 $898.33 $220,000.00
Sep, 2025 34 $898.33 $0.00 $898.33 $220,000.00
Oct, 2025 35 $898.33 $0.00 $898.33 $220,000.00
Nov, 2025 36 $898.33 $0.00 $898.33 $220,000.00
Dec, 2025 37 $898.33 $0.00 $898.33 $220,000.00
Jan, 2026 38 $898.33 $0.00 $898.33 $220,000.00
Feb, 2026 39 $898.33 $0.00 $898.33 $220,000.00
Mar, 2026 40 $898.33 $0.00 $898.33 $220,000.00
Apr, 2026 41 $898.33 $0.00 $898.33 $220,000.00
May, 2026 42 $898.33 $0.00 $898.33 $220,000.00
Jun, 2026 43 $898.33 $0.00 $898.33 $220,000.00
Jul, 2026 44 $898.33 $0.00 $898.33 $220,000.00
Aug, 2026 45 $898.33 $0.00 $898.33 $220,000.00
Sep, 2026 46 $898.33 $0.00 $898.33 $220,000.00
Oct, 2026 47 $898.33 $0.00 $898.33 $220,000.00
Nov, 2026 48 $898.33 $0.00 $898.33 $220,000.00
Dec, 2026 49 $898.33 $0.00 $898.33 $220,000.00
Jan, 2027 50 $898.33 $0.00 $898.33 $220,000.00
Feb, 2027 51 $898.33 $0.00 $898.33 $220,000.00
Mar, 2027 52 $898.33 $0.00 $898.33 $220,000.00
Apr, 2027 53 $898.33 $0.00 $898.33 $220,000.00
May, 2027 54 $898.33 $0.00 $898.33 $220,000.00
Jun, 2027 55 $898.33 $0.00 $898.33 $220,000.00
Jul, 2027 56 $898.33 $0.00 $898.33 $220,000.00
Aug, 2027 57 $898.33 $0.00 $898.33 $220,000.00
Sep, 2027 58 $898.33 $0.00 $898.33 $220,000.00
Oct, 2027 59 $898.33 $0.00 $898.33 $220,000.00
Nov, 2027 60 $898.33 $0.00 $898.33 $220,000.00
Dec, 2027 61 $898.33 $3,243.27 $4,141.60 $216,756.73
Jan, 2028 62 $885.09 $3,256.51 $4,141.60 $213,500.22
Feb, 2028 63 $871.79 $3,269.81 $4,141.60 $210,230.41
Mar, 2028 64 $858.44 $3,283.16 $4,141.60 $206,947.25
Apr, 2028 65 $845.03 $3,296.57 $4,141.60 $203,650.68
May, 2028 66 $831.57 $3,310.03 $4,141.60 $200,340.65
Jun, 2028 67 $818.06 $3,323.54 $4,141.60 $197,017.11
Jul, 2028 68 $804.49 $3,337.11 $4,141.60 $193,680.00
Aug, 2028 69 $790.86 $3,350.74 $4,141.60 $190,329.26
Sep, 2028 70 $777.18 $3,364.42 $4,141.60 $186,964.84
Oct, 2028 71 $763.44 $3,378.16 $4,141.60 $183,586.68
Nov, 2028 72 $749.65 $3,391.95 $4,141.60 $180,194.73
Dec, 2028 73 $735.80 $3,405.80 $4,141.60 $176,788.93
Jan, 2029 74 $721.89 $3,419.71 $4,141.60 $173,369.22
Feb, 2029 75 $707.92 $3,433.68 $4,141.60 $169,935.54
Mar, 2029 76 $693.90 $3,447.70 $4,141.60 $166,487.84
Apr, 2029 77 $679.83 $3,461.77 $4,141.60 $163,026.07
May, 2029 78 $665.69 $3,475.91 $4,141.60 $159,550.16
Jun, 2029 79 $651.50 $3,490.10 $4,141.60 $156,060.06
Jul, 2029 80 $637.25 $3,504.35 $4,141.60 $152,555.71
Aug, 2029 81 $622.94 $3,518.66 $4,141.60 $149,037.05
Sep, 2029 82 $608.57 $3,533.03 $4,141.60 $145,504.02
Oct, 2029 83 $594.14 $3,547.46 $4,141.60 $141,956.56
Nov, 2029 84 $579.66 $3,561.94 $4,141.60 $138,394.62
Dec, 2029 85 $565.11 $3,576.49 $4,141.60 $134,818.13
Jan, 2030 86 $550.51 $3,591.09 $4,141.60 $131,227.04
Feb, 2030 87 $535.84 $3,605.76 $4,141.60 $127,621.28
Mar, 2030 88 $521.12 $3,620.48 $4,141.60 $124,000.80
Apr, 2030 89 $506.34 $3,635.26 $4,141.60 $120,365.54
May, 2030 90 $491.49 $3,650.11 $4,141.60 $116,715.43
Jun, 2030 91 $476.59 $3,665.01 $4,141.60 $113,050.42
Jul, 2030 92 $461.62 $3,679.98 $4,141.60 $109,370.44
Aug, 2030 93 $446.60 $3,695.00 $4,141.60 $105,675.44
Sep, 2030 94 $431.51 $3,710.09 $4,141.60 $101,965.35
Oct, 2030 95 $416.36 $3,725.24 $4,141.60 $98,240.11
Nov, 2030 96 $401.15 $3,740.45 $4,141.60 $94,499.66
Dec, 2030 97 $385.87 $3,755.73 $4,141.60 $90,743.93
Jan, 2031 98 $370.54 $3,771.06 $4,141.60 $86,972.87
Feb, 2031 99 $355.14 $3,786.46 $4,141.60 $83,186.41
Mar, 2031 100 $339.68 $3,801.92 $4,141.60 $79,384.49
Apr, 2031 101 $324.15 $3,817.45 $4,141.60 $75,567.04
May, 2031 102 $308.57 $3,833.03 $4,141.60 $71,734.01
Jun, 2031 103 $292.91 $3,848.69 $4,141.60 $67,885.32
Jul, 2031 104 $277.20 $3,864.40 $4,141.60 $64,020.92
Aug, 2031 105 $261.42 $3,880.18 $4,141.60 $60,140.74
Sep, 2031 106 $245.57 $3,896.03 $4,141.60 $56,244.71
Oct, 2031 107 $229.67 $3,911.93 $4,141.60 $52,332.78
Nov, 2031 108 $213.69 $3,927.91 $4,141.60 $48,404.87
Dec, 2031 109 $197.65 $3,943.95 $4,141.60 $44,460.92
Jan, 2032 110 $181.55 $3,960.05 $4,141.60 $40,500.87
Feb, 2032 111 $165.38 $3,976.22 $4,141.60 $36,524.65
Mar, 2032 112 $149.14 $3,992.46 $4,141.60 $32,532.19
Apr, 2032 113 $132.84 $4,008.76 $4,141.60 $28,523.43
May, 2032 114 $116.47 $4,025.13 $4,141.60 $24,498.30
Jun, 2032 115 $100.03 $4,041.57 $4,141.60 $20,456.73
Jul, 2032 116 $83.53 $4,058.07 $4,141.60 $16,398.66
Aug, 2032 117 $66.96 $4,074.64 $4,141.60 $12,324.02
Sep, 2032 118 $50.32 $4,091.28 $4,141.60 $8,232.74
Oct, 2032 119 $33.62 $4,107.98 $4,141.60 $4,124.76
Nov, 2032 120 $16.84 $4,124.76 $4,141.60 $0.00


Home Equity Line of Credit Calculator

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.


What is a HELOC loan?

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.


How does a HELOC work?

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.


HELOC Draw Period

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.


Pros and Cons of a HELOC Loan

As with anything else in life, there are pros and cons of a HELOC loan, following are the main benefits and drawbacks.




Benefits of HELOC Loan

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.


Drawbacks of HELOC Loan

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.


Interest Only HELOC Calculator

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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