A HELOC calculator estimates your maximum available credit, interest-only payments during the draw period, and fully-amortized repayment period payments for a Home Equity Line of Credit.
HELOC Details
Most lenders: 80-85%
Understanding HELOC Payments
This HELOC calculator shows both phases of a home equity line of credit: the draw period (interest-only payments on amount drawn) and repayment period (fully amortized payments to pay off the balance). The payment jump at the end of the draw period surprises many borrowers.
The Draw Period to Repayment Transition
A common HELOC structure is 10 years draw / 20 years repayment. During the draw period on a $75,000 draw at 9%, your interest-only payment is $563/month. When the repayment period starts, the same balance must be fully amortized in 20 years — payment jumps to approximately $675/month (plus any additional draws you may have taken). Plan for this payment increase.
HELOC Rate Risk
HELOC rates are variable (typically Prime + margin). In 2022-2023, Prime Rate rose from 3.25% to 8.5% in under 2 years. If Prime Rate rises 2%, your monthly payment on a $75,000 HELOC increases by approximately $125/month. Model a higher rate scenario before committing to a large HELOC.
FAQ
Is this HELOC calculator free?
Yes, completely free with no signup required.
Is my data private?
Yes. All calculations run locally in your browser.
What is a HELOC?
A HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home's equity, similar to a credit card. It has two phases: the draw period (typically 10 years) where you can borrow up to your credit limit and pay interest only, and the repayment period (typically 20 years) where the balance is fully amortized.
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line at a variable rate — flexible borrowing and interest-only payments during the draw period. A home equity loan provides a fixed lump sum at a fixed rate with equal monthly payments from day one. HELOCs work better for ongoing or uncertain expenses; home equity loans work better for large one-time expenses.
What HELOC rates can I expect?
HELOC rates are typically variable, pegged to Prime Rate plus a margin (0.5%-2%). As of 2026, Prime Rate is around 7.5%, so typical HELOCs are 8-9.5%. Your credit score, LTV, and lender affect the margin. Compare offers from multiple lenders including local credit unions.