Softonic

HELOC Payment Calculator

This is a fixed-rate snapshot of a simplified U.S.-style HELOC: interest-only payments during the draw period, followed by full amortization. It is not a quote, lender decision, or financial, legal, or tax advice.

Step 1 / 4 HELOC payment estimate

Use the amount currently owed, not the full credit limit. Enter 0.01 to 1,000,000,000 in one consistent currency unit.

Estimate two simplified payment phases for a U.S.-style home equity line of credit (HELOC): an interest-only draw payment and a fully amortizing repayment payment. Enter the balance currently owed, the current annual interest rate, and the remaining years in each phase. Results use one currency unit consistently and do not predict a lender statement.

How to estimate a HELOC payment

  1. 1

    Enter the drawn balance

    Use the amount currently owed, not the total credit limit or unused borrowing capacity.

  2. 2

    Enter the current rate

    Use the note rate shown on the latest statement. Most HELOC rates can change, so this is only a snapshot.

  3. 3

    Set both remaining periods

    Add the remaining draw years and the repayment years from the agreement. Each period is rounded to the nearest whole month.

  4. 4

    Compare the phases

    Review the interest-only payment, amortized payment, estimated increase, and projected interest under the stated assumptions.

What this estimate calculates

During the draw phase, the model uses:

Monthly interest-only payment = balance × annual rate ÷ 12

During repayment, it applies the standard fixed-rate amortization formula to the same balance:

Payment = B × r × (1 + r)^n ÷ ((1 + r)^n − 1)

Here, B is the balance, r is the entered annual rate divided by 12, and n is the repayment period in months. At a 0% rate, the balance is divided evenly across the repayment months.

Worked snapshot

For a balance of 50,000 at 8.5%, with 10 draw years and 20 repayment years:

Result Estimate
Interest-only payment 354.17 per month
Fully amortized payment 433.91 per month
Estimated monthly increase 79.74
Projected interest across both phases 96,638.79

The projected-interest figure assumes the balance and entered rate stay unchanged throughout the draw phase, no principal is prepaid, and the full balance then amortizes over the repayment period.

Important limits

  • Many HELOCs have variable rates, so actual payments can change even when the balance does not.
  • Some draw-period minimum payments include principal rather than interest only.
  • Some agreements require a balloon payment instead of full amortization.
  • Additional draws, principal payments, fees, rate floors or caps, taxes, and insurance are not modeled.
  • The entered amount may use any currency unit, but every amount must use the same unit. No currency conversion occurs.

Read the actual credit agreement and statement before making a decision. The Consumer Financial Protection Bureau explains the difference between a HELOC and a home equity loan, and its HELOC booklet describes variable rates, draw periods, repayment periods, fees, and possible balloon payments.

Frequently Asked Questions

This calculator assumes an interest-only minimum based on the entered balance and annual rate. Your agreement may include principal, a payment floor, fees, a different balance method, or another minimum-payment rule.

No. It holds the rate constant for one scenario. Run separate estimates at other plausible rates and compare them with the rate cap and adjustment terms in your agreement.

No. It excludes application, appraisal, annual, inactivity, conversion, closing, and early-termination fees, as well as later draws and principal prepayments.

Yes for the arithmetic. Enter the balance in one currency and read every amount in that same currency. The calculator does not convert currencies or determine whether a HELOC-equivalent product follows the same rules in another country.

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