Financial Tools
HELOC Payment Calculator
A home equity line has two payments, not one: interest only while you can draw, then a full amortising payment after. This shows both and the size of the jump between them.
The Line
Balance Drawn
Interest Rate (percent, most HELOCs are variable)
Draw Period
Repayment Period
Paying Faster
Extra Principal During the Draw (per month, on top of the interest)
Extra Principal in Repayment (per month)
Values shown are examples. A variable rate can move, so treat the payment as a snapshot at the rate you entered.
The Two Payments
| Interest Only, During the Draw | $0 |
| Payment After the Draw Ends | $0 |
| The Jump | $0 |
| Jump as a Percentage | n/a |
| Balance When the Draw Ends | $0 |
| Interest Paid During the Draw | $0 |
| Interest Paid in Repayment | $0 |
| Total Interest | $0 |
| Total Time | n/a |
For illustration only, not financial advice. Results are estimates based on the numbers you enter and do not constitute an offer, rate quote or approval.
Home equity rates move. See where they are.
Compare published home equity offers with the APR, draw period and fee on each.
Questions people ask
Why does a HELOC have two payments?
During the draw period the minimum on this page is interest only, the balance times the rate divided by twelve. When the draw ends, the remaining balance is paid off over the repayment period with a full principal and interest payment.
What is The Jump?
It is the difference between the interest only payment and the payment after the draw ends. Jump as a Percentage shows how large that rise is compared with the draw payment.
How does extra principal during the draw help?
Each extra dollar lowers the balance before repayment starts, so the payment after the draw ends is smaller and total interest falls.
Does the page account for a variable rate?
No. It applies the rate you enter for the whole life of the line. Most HELOCs are variable, so treat the payment as a snapshot at that rate.
