HELOC payment calculator
This HELOC calculator estimates the interest-only payment during the draw period and the principal-and-interest payment once repayment starts, from the balance, rate and terms you enter.
Runs in your browser. What you type isn't sent or stored.
Calculate HELOC payments
Balance drawn
Rate and terms
The rate on the line today. There is no default.
How HELOC payments are calculated
Draw period, interest-only: monthly payment = balance drawn × annual rate ÷ 12.
Repayment period: the balance is amortized over the repayment months at the same rate, so each payment covers interest and part of the principal. At a 0% rate the balance is divided evenly by the months.
Total interest during the draw period = the interest-only payment over every draw month, with the balance unchanged.
Worked example
- $50,000 drawn at an 8% rate entered.
- Interest-only payment: $50,000 × 8% ÷ 12 = $333.33 a month.
- Over a 10-year draw period: $40,000.00 in interest.
- Over a 20-year repayment period: $418.22 a month in principal and interest.
Round numbers for illustration only; the rate and terms are not defaults.
Drawn balance or full line
Payments run on what's drawn. If you know the line amount and how much of it is drawn, switch to the line mode and enter both. For combined loan to value with the full line or the drawn balance, use the LTV and CLTV calculator.
HELOCs and bank statement income
For a self-employed borrower on a HELOC, the payment feeds the debt side and the income can come from bank statements. See the guide to bank statement HELOCs, then put the payment into the mortgage DTI calculator.
What this calculator doesn't do
- It's an estimate. It holds the entered rate fixed and ignores variable-rate changes, the index and margin, rate caps and fees.
- It doesn't apply a lender's minimum-payment rule or the payment a lender uses to underwrite the line.
- It sets no rate and no terms. Every figure is the one you type.
- It doesn't make a lending decision.
Questions
How is a HELOC payment calculated during the draw period?
On an interest-only draw period, the monthly payment is the balance drawn × the annual rate ÷ 12. The balance doesn't go down unless you pay extra.
How is the repayment-period payment calculated?
The calculator spreads the balance drawn over the repayment years you enter with a standard amortization formula at the rate you enter, the same way a fixed-rate loan payment is worked out. At a 0% rate the balance is divided evenly by the months.
What is total interest during the draw period?
The interest-only payment over every month of the draw period, at the entered rate and with the balance unchanged. It's an estimate, not a payoff figure.
Why doesn't my lender's figure match?
HELOC rates are variable on many lines and follow an index plus a margin, and lines can carry fees, minimum payments or a different payment method. This estimate holds the entered rate fixed and leaves those out, so confirm the figures with the lender.
Should I enter the full line or the amount drawn?
The payment is on what's drawn. Enter the balance drawn, or the line amount and the percent drawn, and the calculator works out the balance.
Where does CLTV come in?
A HELOC adds a second lien, so lenders look at combined loan to value. Use the LTV and CLTV calculator for that ratio.
Is anything I type saved?
No. The figures are calculated in your browser, and what you type isn't sent or stored.
Not legal or tax advice.
Ready for the real statements?
Upload 12 or 24 months of PDFs. StatementReady checks whether each statement's transactions add up to its printed balances.
This tool assists your review of the loan file. The lender makes all underwriting decisions.
StatementReady isn't affiliated with or endorsed by Fannie Mae or any lender named here.