HELOC Calculator
Calculate payments for a Home Equity Line of Credit
Loan Details
Typical: 7.5% - 12%
Loan Summary
Loan Details
Financial Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary. This is not financial advice. Consult with a qualified financial advisor or lender for specific guidance. PayoffCalculator.io is not a lender and does not provide loans.
How to Use This HELOC Calculator
Enter your credit limit, current balance, interest rate, draw period, and repayment period. See interest-only payments during the draw phase and fully amortizing payments during repayment.
Understanding HELOC Loans
HELOCs are revolving credit lines secured by your home equity. During the draw period, you can borrow up to your limit and often make interest-only payments. Once the draw period ends, you enter repayment where you pay back both principal and interest.
Tips for Getting the Best HELOC Rate
Use your HELOC strategically for home improvements that add value. Make principal payments during the draw period to reduce your balance. Have a repayment plan before the draw period ends to avoid payment shock.
Frequently Asked Questions
A HELOC has two phases: a draw period (typically 10 years) where you can borrow and make interest-only payments, and a repayment period (typically 20 years) where you pay back principal and interest.