Use this free HELOC payment calculator to estimate your monthly payment on a home equity line of credit during both the draw period and the repayment period. See how much your payment jumps when the draw period ends, what you’ll pay in interest, and how rising rates could change your bill.
How big a credit line can I get?
CLTV (combined loan-to-value) is your mortgage plus HELOC divided by your home’s value. Many lenders cap it around 80% to 85%.
Your monthly HELOC payment
- Amount borrowed—
- Total interest—
- Total you’ll repay—
What you pay each year
If your rate goes up
Most HELOCs have variable rates tied to the prime rate. Here’s your repayment-period payment at higher rates.
| Rate | Draw-period payment | Repayment-period payment | Total interest |
|---|
Assumes you borrow the full amount at the start of the draw period, make no new draws, and the rate stays fixed unless shown. Interest is calculated monthly (rate ÷ 12). Fees and closing costs aren’t included. Estimates for educational use, not financial advice.
How to Use This HELOC Calculator
- Enter how much you plan to borrow and your HELOC’s interest rate.
- Set the draw and repayment periods. A common setup is a 10-year draw period followed by a 20-year repayment period. Check your loan offer for your exact terms.
- Choose your draw-period payment type. Many HELOCs let you pay interest only during the draw period. Others require principal and interest.
- Estimate your credit line (optional). Open How big a credit line can I get?, enter your home value and mortgage balance, and use the result as your loan amount.
How HELOC Payments Work
A home equity line of credit (HELOC) is a revolving line of credit secured by your home. It usually has two phases:
- Draw period (often around 10 years): you can borrow, repay, and borrow again up to your limit. Many lenders require only interest payments during this time.
- Repayment period (often around 20 years): you can no longer borrow, and you pay back the remaining balance with principal and interest.
Interest-only payment = Balance × (Rate ÷ 12) Repayment payment = Balance × r ÷ [1 − (1 + r)−n] where r = rate ÷ 12 and n = months in the repayment period
HELOC Payment Example
You borrow $50,000 on a HELOC at 8.00% with a 10-year draw period and a 20-year repayment period.
| Interest-only draw period | Principal + interest from day one | |
|---|---|---|
| Payment, years 1–10 | $333.33 | $366.88 |
| Payment, years 11–30 | $418.22 | $366.88 |
| Total interest | $90,373 | $82,078 |
With interest-only payments, your payment rises about $85 a month (25%) when the repayment period begins. Paying principal from the start keeps the payment steady and saves about $8,300 in interest.
What Happens if HELOC Rates Rise
HELOCs usually have variable rates that move with an index, most often the prime rate, plus a margin set by your lender. If rates rise, both your interest-only payment and your later repayment payment go up.
| Rate on $50,000 | Interest-only payment | Repayment payment | Total interest |
|---|---|---|---|
| 8.00% | $333.33 | $418.22 | $90,373 |
| 9.00% | $375.00 | $449.86 | $102,967 |
| 10.00% | $416.67 | $482.51 | $115,803 |
Ask your lender about rate caps, which limit how high your rate can go, and whether you can lock part of your balance at a fixed rate.
How Much Can You Borrow With a HELOC?
Lenders usually limit your combined loan-to-value ratio (CLTV), which is your mortgage balance plus the HELOC limit divided by your home’s value. Many lenders cap CLTV around 80% to 85%.
Maximum HELOC = (Home value × Max CLTV) − Mortgage balance
For a $400,000 home with a $250,000 mortgage and an 85% limit: ($400,000 × 0.85) − $250,000 = $90,000. Your credit score, income, and debt-to-income ratio also affect what you’re offered.
HELOC vs. Home Equity Loan
| HELOC | Home equity loan | |
|---|---|---|
| How you get the money | Borrow as needed, up to a limit | One lump sum |
| Rate | Usually variable | Usually fixed |
| Payments | Can change; often interest-only at first | Fixed monthly payment |
| Best for | Ongoing or uncertain costs | One known expense |
Both are secured by your home, so missing payments can put your home at risk.
Frequently Asked Questions
What is the monthly payment on a $100,000 HELOC?
At 8.00%, interest-only payments would be about $666.67 a month during the draw period. Over a 20-year repayment period, the payment would be about $836.44 a month.
Can I pay off a HELOC early?
Usually yes, and paying more than the minimum during the draw period lowers both your interest and your future payment. Some lenders charge an early closure fee if you close the line within the first few years, so check your agreement.
Is HELOC interest tax deductible?
Only in some cases. Under current IRS rules, interest on a home equity loan or line of credit is deductible only if you use the money to buy, build, or substantially improve the home that secures the loan, and you itemize deductions.
Does a HELOC hurt my credit?
Applying usually involves a hard credit check, which can lower your score slightly for a short time. Making on-time payments can help your credit over time.
More free calculators
Sources
- Consumer Financial Protection Bureau: What is a home equity line of credit (HELOC)?
- Consumer Financial Protection Bureau: What should I look for when shopping for a HELOC?
- IRS: Publication 936, Home Mortgage Interest Deduction
This calculator provides estimates for educational purposes only and is not financial advice. Your HELOC agreement determines your actual payments, rate, and fees. Last updated: October 12, 2026.