25,000 drawn on an 80,000 line at 8.5%
$25,000.00 borrowed at 8.5%. Draw 120 months, then 180 months of repayment.
Interest-only $177.08. Repayment $246.18. Total interest $40,563.28.
HELOC payment calculator
During the draw you pay only the interest. After that, you pay the balance down.
The amount you borrowed stays the same during the draw. The rate does not change on its own.
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Symbol only. Amounts are not converted.
Interest-only payment
$177.08
Then $246.18 a month to pay it down.
- Repayment
- $246.18
- Total interest
- $40,563.28
- Total repaid
- $65,563.28
- Borrowed
- $25,000.00
Next: Refinance break-evenReplace the loan instead of drawing on a line.
How this is calculated
Interest-only, then an amortizing remainder
draw payment = borrowed × rate ÷ 12
| borrowed | What you have drawn, not the full credit limit. |
|---|---|
| repayment | The amortizing payment that clears that balance over the repayment months. |
A HELOC rate usually floats. This page holds the rate still, so treat the result as a what-if, not a lender quote.
You cannot borrow more than the limit. A figure above the limit is cut back to the limit.
Worked examples
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The whole line drawn
$80,000.00 borrowed at 8.5%. Draw 60 months, then 120 months of repayment.
Interest-only $566.67. Repayment $991.89. Total interest $73,026.26.
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<iframe src="/embed/heloc-payment-calculator" title="HELOC payment" width="100%" height="720" style="border:0;max-width:42rem" loading="lazy"></iframe>Questions
Why is the draw payment so much smaller?
It does not pay the balance down. You are only covering that month’s interest. The balance is still there when repayment starts.
Does the credit limit change the payment?
Only as a ceiling. The payment uses the amount borrowed. Unused credit does not add interest.
What if the rate changes next year?
Type the new rate. The page does not forecast index changes.