HELOC payment calculator
See how your payment changes between the draw and repayment periods.
A HELOC has two phases with two different payments. During the draw period, you pay interest only. Once repayment begins, you start paying down what you borrowed too, and the payment jumps.
HELOC payment
Enter what you've drawn, your rate, and both periods. We'll show the payment in each phase.
When the draw period ends your payment goes up about 1.2×, because nothing you paid during the draw touched the balance - that’s $42,500 of interest with the full $50,000 still owing. Budget for the repayment figure, not the draw one.
Estimates only, based on the figures you enter, not an offer of credit. Your actual rate and payment depend on the lender and your circumstances.
Reading your result
| Your result | What it means |
|---|---|
| During the draw | Your estimated interest-only payment while the draw period is open. This does not reduce the balance you owe. |
| Once repayment starts | Your estimated payment after the draw period ends, when you begin paying down both interest and principal. |
| The jump | How much your monthly payment may increase when repayment begins. |
Nothing you pay during the draw touches the balance, so the full amount is still owed when repayment starts. That's why the jump happens, and why it's worth budgeting for the repayment payment now, not the draw payment.