HELOC Payment Calculator
Understand your HELOC payments during both the draw period and repayment period. Plan your budget with confidence.
Draw Period (10 years)
Monthly Payment
$708
Interest-only
Total Paid in Draw Period
$85,000
Repayment Period (20 years)
Monthly Payment
$868
Principal + Interest
Total Paid in Repayment Period
$208,278
Credit Line Amount
$100,000
Total Interest Paid
$193,278
Total Amount Paid
$293,278
Interest-only payments during this period
Principal + interest payments during this period
Understanding HELOC Payments
HELOCs typically have two phases: a draw period where you pay only interest, followed by a repayment period where you pay both principal and interest. Your payment will increase significantly when entering the repayment phase.
How to Use This Calculator
Our HELOC calculator helps you understand your payment obligations throughout the life of your Home Equity Line of Credit. HELOCs typically have two distinct phases with different payment structures.
Understanding HELOC Phases:
- Draw Period (typically 10 years): During this phase, you can borrow against your credit line and make interest-only payments. Your payment stays relatively low.
- Repayment Period (typically 20 years): After the draw period ends, you enter the repayment phase where you pay both principal and interest. Your payment will increase significantly.
- Variable Rates: Most HELOCs have variable interest rates that can change over time, affecting your monthly payment.
- Total Cost: The calculator shows you the total interest you'll pay over the life of the HELOC, helping you make informed decisions.
Important: Payment Shock
Notice how your payment increases when transitioning from the draw period to the repayment period. This "payment shock" can be significant, so it's important to plan ahead and ensure you can afford the higher payment.
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