HELOC Calculator

HELOC Calculator is used to calculate the monthly payment and payoff date 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	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039	Amortization Schedule	Show By Month Year

Interest Only HELOC Calculator
Current HELOC Balance:			$220,000.00
Monthly Payment:			$1,338.33 for 60 payments $4,387.47 for 60 payments
Interest Only Terms:			5 years
Total Terms:			10 years
Total # Of Payments:			120
Start Date:			May, 2025
Payoff Date:			Apr, 2035
Total Interest Paid:			$123,548.21
Total Payment:			$343,548.21
HELOC Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
May, 2025	1	$1,338.33	$0.00	$1,338.33	$220,000.00
Jun, 2025	2	$1,338.33	$0.00	$1,338.33	$220,000.00
Jul, 2025	3	$1,338.33	$0.00	$1,338.33	$220,000.00
Aug, 2025	4	$1,338.33	$0.00	$1,338.33	$220,000.00
Sep, 2025	5	$1,338.33	$0.00	$1,338.33	$220,000.00
Oct, 2025	6	$1,338.33	$0.00	$1,338.33	$220,000.00
Nov, 2025	7	$1,338.33	$0.00	$1,338.33	$220,000.00
Dec, 2025	8	$1,338.33	$0.00	$1,338.33	$220,000.00
Jan, 2026	9	$1,338.33	$0.00	$1,338.33	$220,000.00
Feb, 2026	10	$1,338.33	$0.00	$1,338.33	$220,000.00
Mar, 2026	11	$1,338.33	$0.00	$1,338.33	$220,000.00
Apr, 2026	12	$1,338.33	$0.00	$1,338.33	$220,000.00
May, 2026	13	$1,338.33	$0.00	$1,338.33	$220,000.00
Jun, 2026	14	$1,338.33	$0.00	$1,338.33	$220,000.00
Jul, 2026	15	$1,338.33	$0.00	$1,338.33	$220,000.00
Aug, 2026	16	$1,338.33	$0.00	$1,338.33	$220,000.00
Sep, 2026	17	$1,338.33	$0.00	$1,338.33	$220,000.00
Oct, 2026	18	$1,338.33	$0.00	$1,338.33	$220,000.00
Nov, 2026	19	$1,338.33	$0.00	$1,338.33	$220,000.00
Dec, 2026	20	$1,338.33	$0.00	$1,338.33	$220,000.00
Jan, 2027	21	$1,338.33	$0.00	$1,338.33	$220,000.00
Feb, 2027	22	$1,338.33	$0.00	$1,338.33	$220,000.00
Mar, 2027	23	$1,338.33	$0.00	$1,338.33	$220,000.00
Apr, 2027	24	$1,338.33	$0.00	$1,338.33	$220,000.00
May, 2027	25	$1,338.33	$0.00	$1,338.33	$220,000.00
Jun, 2027	26	$1,338.33	$0.00	$1,338.33	$220,000.00
Jul, 2027	27	$1,338.33	$0.00	$1,338.33	$220,000.00
Aug, 2027	28	$1,338.33	$0.00	$1,338.33	$220,000.00
Sep, 2027	29	$1,338.33	$0.00	$1,338.33	$220,000.00
Oct, 2027	30	$1,338.33	$0.00	$1,338.33	$220,000.00
Nov, 2027	31	$1,338.33	$0.00	$1,338.33	$220,000.00
Dec, 2027	32	$1,338.33	$0.00	$1,338.33	$220,000.00
Jan, 2028	33	$1,338.33	$0.00	$1,338.33	$220,000.00
Feb, 2028	34	$1,338.33	$0.00	$1,338.33	$220,000.00
Mar, 2028	35	$1,338.33	$0.00	$1,338.33	$220,000.00
Apr, 2028	36	$1,338.33	$0.00	$1,338.33	$220,000.00
May, 2028	37	$1,338.33	$0.00	$1,338.33	$220,000.00
Jun, 2028	38	$1,338.33	$0.00	$1,338.33	$220,000.00
Jul, 2028	39	$1,338.33	$0.00	$1,338.33	$220,000.00
Aug, 2028	40	$1,338.33	$0.00	$1,338.33	$220,000.00
Sep, 2028	41	$1,338.33	$0.00	$1,338.33	$220,000.00
Oct, 2028	42	$1,338.33	$0.00	$1,338.33	$220,000.00
Nov, 2028	43	$1,338.33	$0.00	$1,338.33	$220,000.00
Dec, 2028	44	$1,338.33	$0.00	$1,338.33	$220,000.00
Jan, 2029	45	$1,338.33	$0.00	$1,338.33	$220,000.00
Feb, 2029	46	$1,338.33	$0.00	$1,338.33	$220,000.00
Mar, 2029	47	$1,338.33	$0.00	$1,338.33	$220,000.00
Apr, 2029	48	$1,338.33	$0.00	$1,338.33	$220,000.00
May, 2029	49	$1,338.33	$0.00	$1,338.33	$220,000.00
Jun, 2029	50	$1,338.33	$0.00	$1,338.33	$220,000.00
Jul, 2029	51	$1,338.33	$0.00	$1,338.33	$220,000.00
Aug, 2029	52	$1,338.33	$0.00	$1,338.33	$220,000.00
Sep, 2029	53	$1,338.33	$0.00	$1,338.33	$220,000.00
Oct, 2029	54	$1,338.33	$0.00	$1,338.33	$220,000.00
Nov, 2029	55	$1,338.33	$0.00	$1,338.33	$220,000.00
Dec, 2029	56	$1,338.33	$0.00	$1,338.33	$220,000.00
Jan, 2030	57	$1,338.33	$0.00	$1,338.33	$220,000.00
Feb, 2030	58	$1,338.33	$0.00	$1,338.33	$220,000.00
Mar, 2030	59	$1,338.33	$0.00	$1,338.33	$220,000.00
Apr, 2030	60	$1,338.33	$0.00	$1,338.33	$220,000.00
May, 2030	61	$1,338.33	$3,049.14	$4,387.47	$216,950.86
Jun, 2030	62	$1,319.78	$3,067.69	$4,387.47	$213,883.17
Jul, 2030	63	$1,301.12	$3,086.35	$4,387.47	$210,796.82
Aug, 2030	64	$1,282.35	$3,105.12	$4,387.47	$207,691.70
Sep, 2030	65	$1,263.46	$3,124.01	$4,387.47	$204,567.69
Oct, 2030	66	$1,244.45	$3,143.02	$4,387.47	$201,424.67
Nov, 2030	67	$1,225.33	$3,162.14	$4,387.47	$198,262.53
Dec, 2030	68	$1,206.10	$3,181.37	$4,387.47	$195,081.16
Jan, 2031	69	$1,186.74	$3,200.73	$4,387.47	$191,880.43
Feb, 2031	70	$1,167.27	$3,220.20	$4,387.47	$188,660.23
Mar, 2031	71	$1,147.68	$3,239.79	$4,387.47	$185,420.44
Apr, 2031	72	$1,127.97	$3,259.50	$4,387.47	$182,160.94
May, 2031	73	$1,108.15	$3,279.32	$4,387.47	$178,881.62
Jun, 2031	74	$1,088.20	$3,299.27	$4,387.47	$175,582.35
Jul, 2031	75	$1,068.13	$3,319.34	$4,387.47	$172,263.01
Aug, 2031	76	$1,047.93	$3,339.54	$4,387.47	$168,923.47
Sep, 2031	77	$1,027.62	$3,359.85	$4,387.47	$165,563.62
Oct, 2031	78	$1,007.18	$3,380.29	$4,387.47	$162,183.33
Nov, 2031	79	$986.62	$3,400.85	$4,387.47	$158,782.48
Dec, 2031	80	$965.93	$3,421.54	$4,387.47	$155,360.94
Jan, 2032	81	$945.11	$3,442.36	$4,387.47	$151,918.58
Feb, 2032	82	$924.17	$3,463.30	$4,387.47	$148,455.28
Mar, 2032	83	$903.10	$3,484.37	$4,387.47	$144,970.91
Apr, 2032	84	$881.91	$3,505.56	$4,387.47	$141,465.35
May, 2032	85	$860.58	$3,526.89	$4,387.47	$137,938.46
Jun, 2032	86	$839.13	$3,548.34	$4,387.47	$134,390.12
Jul, 2032	87	$817.54	$3,569.93	$4,387.47	$130,820.19
Aug, 2032	88	$795.82	$3,591.65	$4,387.47	$127,228.54
Sep, 2032	89	$773.97	$3,613.50	$4,387.47	$123,615.04
Oct, 2032	90	$751.99	$3,635.48	$4,387.47	$119,979.56
Nov, 2032	91	$729.88	$3,657.59	$4,387.47	$116,321.97
Dec, 2032	92	$707.63	$3,679.84	$4,387.47	$112,642.13
Jan, 2033	93	$685.24	$3,702.23	$4,387.47	$108,939.90
Feb, 2033	94	$662.72	$3,724.75	$4,387.47	$105,215.15
Mar, 2033	95	$640.06	$3,747.41	$4,387.47	$101,467.74
Apr, 2033	96	$617.26	$3,770.21	$4,387.47	$97,697.53
May, 2033	97	$594.33	$3,793.14	$4,387.47	$93,904.39
Jun, 2033	98	$571.25	$3,816.22	$4,387.47	$90,088.17
Jul, 2033	99	$548.04	$3,839.43	$4,387.47	$86,248.74
Aug, 2033	100	$524.68	$3,862.79	$4,387.47	$82,385.95
Sep, 2033	101	$501.18	$3,886.29	$4,387.47	$78,499.66
Oct, 2033	102	$477.54	$3,909.93	$4,387.47	$74,589.73
Nov, 2033	103	$453.75	$3,933.72	$4,387.47	$70,656.01
Dec, 2033	104	$429.82	$3,957.65	$4,387.47	$66,698.36
Jan, 2034	105	$405.75	$3,981.72	$4,387.47	$62,716.64
Feb, 2034	106	$381.53	$4,005.94	$4,387.47	$58,710.70
Mar, 2034	107	$357.16	$4,030.31	$4,387.47	$54,680.39
Apr, 2034	108	$332.64	$4,054.83	$4,387.47	$50,625.56
May, 2034	109	$307.97	$4,079.50	$4,387.47	$46,546.06
Jun, 2034	110	$283.16	$4,104.31	$4,387.47	$42,441.75
Jul, 2034	111	$258.19	$4,129.28	$4,387.47	$38,312.47
Aug, 2034	112	$233.07	$4,154.40	$4,387.47	$34,158.07
Sep, 2034	113	$207.79	$4,179.68	$4,387.47	$29,978.39
Oct, 2034	114	$182.37	$4,205.10	$4,387.47	$25,773.29
Nov, 2034	115	$156.79	$4,230.68	$4,387.47	$21,542.61
Dec, 2034	116	$131.05	$4,256.42	$4,387.47	$17,286.19
Jan, 2035	117	$105.16	$4,282.31	$4,387.47	$13,003.88
Feb, 2035	118	$79.11	$4,308.36	$4,387.47	$8,695.52
Mar, 2035	119	$52.90	$4,334.57	$4,387.47	$4,360.95
Apr, 2035	120	$26.53	$4,360.95	$4,387.48	$0.00

Today's HELOC Rates

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HELOC Interest Calculator

The HELOC interest calculator calculates that the total interest payments for this HELOC is $123,548.21, which is about 35.96% of the $343,548.21 total payments, or 56.16% of the $220,000.00 HELOC amount. Borrowers are only required to make minimum HELOC payment during the interest-only period.

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 free HELOC calculator will also 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.

HELOC Interest Rate

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.

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.

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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.

HELOC Interest Only 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.

HELOC Payoff Calculator

The HELOC payoff calculator will calculate the payoff date for any HELOC. In this case, the HELOC will be payoff on Apr, 2035, with 5 years in interest only payments, and 5 years in repayment period for a total of 10 years and 120 payments. The HELOC payoff calculator will show the total interest that you pay on your HELOC on the payoff date. If you want to payoff your HELOC earlier and faster to save money on HELOC interest payment, you can use the HELOC early payoff calculator to see how much money you can save by paying off your HELOC earlier. The only way that you can payoff your HELOC early is by increasing the amount that you are paying monthly.

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How to calculate my monthly HELOC payment?

Since there is an interest-only period and repayment period, that means there are two parts to the calculation of HELOC payments.

Interest Only Period

During the interest-only period, the monthly HELOC payments are the HELOC amount times the HELOC rates. HELOC Interest-Only Period = P * r/100/12, where P = HELOC amount r = Annual HELOC rate If you have a HELOC of $100,000 and a HELOC rate of 6%, you will pay $500.00 each month during the interest-only period. HELOC interest-Only Period = 100,000 * 0.06/12 = $500

Repayment Period

The calculation for the monthly payments during the repayment period is different from the interest-only period as now the borrower is required to make payments to reduce the principle. Repayment Period = (P*r/100)/(1 - 1 /1 + r/100)^n)), where P = HELOC amount R = Annual HELOC rate n = number of payments Using the above HELOC example and assuming your repayment period to be 5 years. To calculate the monthly payments during the repayment period, we plug in the numbers to the HELOC monthly payment formula. Repayment Period = 100,000 x 0.06/12/(1 - 1/(1 + 0.06/12) ^ 60) = 500/(1 - 1/1.005^360) = 500/(1- 1/1.34885) = 500/(1 - 0.74137) = 500/(0.25863) = 1933.26 Therefore, the monthly payment during the HELOC repayment period is $1,933.26, which is close to four times higher than the monthly payment during the interest-only period.

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How to calculate HELOC interest?

The HELOC interest is calculated based on the HELOC balance, and the annual HELOC rate. The formula for calculating the HELOC interest is given below. HELOC interest = B * r/100/12, where B = Current HELOC balance r = Annual HELOC rate During the interest-only period, the borrower will just make interest-only payments, whereas the borrower is required to make full payments during the repayment period. HELOC interest is recalculated each month in the same way during the repayment period based on the remaining HELOC balance.

Is HELOC interest tax deductible?

Yes, HELOC interest is tax deductible just as a home mortgage only if you use the HELOC loan to make improvements to your home. You will need to keep all the evidence and receipts and itemize your deductions on your tax return.

How do I get a HELOC?

You will need to own a house and have a sizable equity in the house to get a HELOC from lenders. To qualify for a HELOC, most lenders require you to have at least 20% equity in your home. Most financial institutions that offer home mortgages are likely to offer HELOC. You can check with your local banks, credit unions, or online lenders. Make sure you compare the HELOC rates from different institutions, because you may be surprised at how much you can save just by doing this simple thing.

How much HELOC can I get?

The amount of HELOC loan that you can borrow depends on the value and the equity you have in your home. Most lenders allow borrowers to borrow up to 85% of their home value after subtracting the amount they owe on their mortgage. You can use the how much HELOC can I get calculator to estimate the maximum HELOC amount you can borrow from the bank.

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Today's Home Equity Rates