HELOC Payment Calculator
Estimate payments during a remaining HELOC draw period and the subsequent repayment period. Compare the repayment payment under an alternative user-entered rate with the payment at the unchanged draw rate. Additional borrowing is assumed at the start, making the timing explicit.
Your result
How the calculation works
During an interest-only draw, monthly payment = drawn balance × annual rate / 12. Otherwise a level payment amortizes the initial balance across draw plus repayment periods. At transition, the remaining balance amortizes over the repayment term at the entered alternative rate. Payments use P × r / [1 − (1 + r)^−N], or P/N for zero rate.
Worked example
A $12,000 drawn balance at 12% with one interest-only draw year costs $120 monthly, totaling $1,440 draw interest. Repaying over one further year at zero interest requires $1,000 monthly principal; total repayments across both stages are $13,440.
Assumptions and limitations
Interest is monthly and both phase rates remain constant within their stage. Additional borrowing occurs immediately; no later draws are modeled. The draw period can be zero. This is a drawn-balance calculator, not an approved credit-line or borrowing-limit estimate. No annual fees, minimum-payment rules, balloon repayment or daily-accrual convention is assumed.
Real HELOCs often have variable rates and contract-specific terms. Your alternative repayment rate is a sensitivity scenario, not a forecast. The home may secure the debt; the calculator does not assess suitability or underwriting. Check the actual draw, repayment and interest provisions, then include fees in a separate budget if needed.
Sources and editorial responsibility
Maintained by Renvoro Pty Ltd. These mathematical estimates do not provide financial, tax, legal or investment advice.
Method reviewed 2026-10-08. Calculation standards · Report an issue