HELOC Payment Calculator
A home equity line of credit usually charges interest-only payments during the draw period — which hides how much the debt really costs. This calculator shows the true monthly bill.
How to use this calculator
- Enter current HELOC balance.
- Enter interest rate (APR).
- Your results appear instantly below and update as you change the numbers.
How this calculator works
HELOCs are variable-rate lines: during the draw period (usually 10 years) the minimum payment is interest only — your balance × APR ÷ 12. After the draw period ends, the line converts to a repayment loan and the payment rises sharply because it also pays down principal. The calculator shows the interest-only minimum and the annual cost.
Frequently asked questions
Is the interest-only payment enough?
It keeps the line open but never reduces what you owe — pay only the minimum and after 10 years the entire balance is still there, with a much larger repayment-period payment. Paying extra toward principal during draw is the safest habit.
Why does my HELOC payment keep changing?
HELOCs are variable rate — the APR moves with the prime rate (typically prime + a margin). A 1% rate move on a $50,000 balance changes the payment by about $42 a month, so the payment can swing even when you borrow nothing new.
Is a HELOC better than a personal loan?
HELOCs are secured by your home, so rates are far lower than unsecured personal loans — but the risk is your house if you stop paying. Use a HELOC for large, purposeful needs and compare the total cost, not just the payment.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.