Estimate your credit line, interest-only payments in the draw period and payments in the repayment period.
| Year | Phase | Payments | Balance at year end |
|---|---|---|---|
| 1 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 2 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 3 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 4 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 5 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 6 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 7 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 8 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 9 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 10 | Draw (interest only) | $5,250.00 | $60,000.00 |
| 11 | Repayment | $6,362.72 | $58,841.56 |
| 12 | Repayment | $6,362.72 | $57,577.58 |
| 13 | Repayment | $6,362.72 | $56,198.47 |
| 14 | Repayment | $6,362.72 | $54,693.72 |
| 15 | Repayment | $6,362.72 | $53,051.89 |
| 16 | Repayment | $6,362.72 | $51,260.50 |
| 17 | Repayment | $6,362.72 | $49,305.93 |
| 18 | Repayment | $6,362.72 | $47,173.30 |
| 19 | Repayment | $6,362.72 | $44,846.40 |
| 20 | Repayment | $6,362.72 | $42,307.52 |
| 21 | Repayment | $6,362.72 | $39,537.37 |
| 22 | Repayment | $6,362.72 | $36,514.86 |
| 23 | Repayment | $6,362.72 | $33,217.02 |
| 24 | Repayment | $6,362.72 | $29,618.76 |
| 25 | Repayment | $6,362.72 | $25,692.71 |
| 26 | Repayment | $6,362.72 | $21,409.01 |
| 27 | Repayment | $6,362.72 | $16,735.09 |
| 28 | Repayment | $6,362.72 | $11,635.40 |
| 29 | Repayment | $6,362.72 | $6,071.14 |
| 30 | Repayment | $6,362.72 | $0.00 |
HELOC rates are usually variable; enter a higher repayment rate to test rate increases.
Please do not make financial decisions based on these results.
What is the HELOC Calculator?
A home equity line of credit (HELOC) works like a credit card secured by your home. You draw money during a draw period, usually paying only interest, then repay principal and interest.
Understanding home financing
Buying or financing a home involves a handful of numbers that interact: the price, the down payment, the interest rate, the loan term and the ongoing costs of ownership. The mortgage calculator combines them into a monthly payment, while the amortization calculator shows how each payment is split between interest and principal.
Costs beyond the loan
Property taxes, homeowners insurance, mortgage insurance, association dues and maintenance all add to the monthly cost of owning. Lenders also look at your debt-to-income ratio and your savings, so check what you can afford with the house affordability calculator before you start house hunting.
Changing the loan later
Once you own, you may want to lower the rate, shorten the term or borrow against your equity. The refinance calculator and the mortgage payoff calculator help you compare those choices with the loan you already have.
How to use the HELOC Calculator
- Enter your numbers. The inputs are Home value ($), Current mortgage balance ($), Max combined loan-to-value (%), Amount you borrow ($), Rate during draw period (%), Draw period (years), Rate during repayment (%). Use figures from a lender quote or your tax bill where you have them, and keep the term and rate realistic. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Interest-only payment (draw period), and the cards below show Maximum credit line, Payment in repayment (P&I), Total interest. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the HELOC Calculator using the default values shown in the calculator above:
Inputs
| Home value ($) | 450,000 |
|---|---|
| Current mortgage balance ($) | 250,000 |
| Max combined loan-to-value (%) | 85 |
| Amount you borrow ($) | 60,000 |
| Rate during draw period (%) | 8.75 |
| Draw period (years) | 10 |
| Rate during repayment (%) | 8.75 |
| Repayment period (years) | 20 |
Results
| Interest-only payment (draw period) | $437.50 |
|---|---|
| Maximum credit line | $132,500.00 |
| Payment in repayment (P&I) | $530.23 |
| Total interest | $119,754.34 |
| Annual fees | $0.00 |
| Total cost of borrowing | $119,754.34 |
| Combined LTV | 68.89% |
With these inputs the calculator returns Interest-only payment (draw period): $437.50. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the HELOC Calculator reports Interest-only payment (draw period), maximum credit line, payment in repayment (p&i), total interest, annual fees, total cost of borrowing and combined ltv. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. The result is only as accurate as the numbers you enter and the formula shown above. It is for information, not financial, tax or legal advice.
Frequently asked questions
Are HELOC rates fixed?
Usually they are variable, so test a higher repayment rate.
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line with a variable rate. A home equity loan is a one-time lump sum with a fixed rate and payment.
What is included in a monthly mortgage payment?
Principal and interest, plus property tax, homeowners insurance, PMI if your down payment is under 20%, and HOA fees if they apply.
How much house can I afford?
A common rule is to keep housing costs under about 28% of gross income and total debt under 36%. The House Affordability Calculator applies those limits to your numbers.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
Related mortgage & real estate calculators
- Interest-Only Mortgage Calculator
- Mortgage Calculator
- FHA Loan Calculator
- VA Mortgage Calculator
- ARM Mortgage Calculator
- Amortization Calculator
- Mortgage Payoff Calculator
- House Affordability Calculator
- Mortgage Penalty Calculator
- Real Estate Calculator
- ARV Calculator – After Repair Value
- Earnest Money Calculator
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