HELOC Payment Calculator
Estimate HELOC monthly payments on your current borrowed balance, not the full credit limit. Compare interest-only draw payments, principal-and-interest repayment, balloon amounts, and revolving payoff plans for US or Canadian agreements.
Your HELOC terms
Enter your current borrowed balance—not the credit line limit.
Currency: USD. Changing region resets all inputs; no FX conversion.
Your agreement's repayment structure
Choose what matches your lender's agreement. The country selection does not determine your contract type.
Already borrowed. Maximum $10,000,000.00.
Nominal annual rate from your agreement (0–100%).
0 allowed when the draw period has ended; up to 240.
Choose only what your agreement actually requires.
1–480 months; combined draw and repayment up to 600.
All estimates use the exact monthly calculation engine; no interest rate or fee is retrieved from a lender.
Estimated payments and balance
Your repayment estimate will appear here
Enter the balance and rate from your HELOC agreement, choose its repayment structure, and calculate. Nothing is assumed about your bank's required minimum.
HELOC payment estimate disclaimer: For planning and educational use, not a loan offer, lender statement, legal advice, or a contractual minimum-payment calculation. Actual HELOC terms, daily interest accrual, billing dates, variable rates, collateral risks, fees, and payment obligations vary. Verify the agreement and current lender statement before acting.
When to use this calculator
Use this HELOC repayment calculator to prepare for the end of a draw period, compare interest-only and amortizing payments, plan extra principal payments, or estimate the cost of keeping a revolving line open.
Some US HELOC agreements have a draw period followed by amortizing repayment or a balloon, as the CFPB explains. The FCAC describes Canadian HELOCs as revolving credit products; choose the ongoing model if your agreement has no fixed transition. Your agreement and lender statement take priority. Future redraws and lender-specific minimum-payment formulas are not modeled.
How HELOC payments are calculated
First, monthly planning interest equals the opening borrowed balance times the user-entered nominal annual interest rate divided by 12. Interest is rounded to cents each month. This can differ from a lender's daily-interest statement.
Interest-only draw month
Opening balance × nominal annual rate ÷ 12
Amortizing repayment PMT
P × i ÷ [1 − (1+i)−n]
P is the balance at repayment start, i the monthly interest rate, and n the remaining payment months. Enter annual rates as percentages; the formulas use their decimal equivalent (8% = 0.08). At 0% interest, PMT = P / n. A revolving plan instead adds the user-entered monthly principal amount to each month's interest, subject to its remaining balance.
Worked HELOC repayment example
Suppose your outstanding balance is $50,000, nominal annual interest is 8%, the remaining draw period is 120 months, and the subsequent repayment term is 120 months, with no extra principal or fees.
Draw interest/month
$333.33
Scheduled repayment/month
$606.64
Modeled total interest
$62,795.96
This is a hypothetical fixed-rate illustration for understanding a two-phase agreement—not a quoted HELOC rate or an account-specific payment schedule.
Revolving HELOC example: Assume a $50,000 balance at a fixed 6% nominal annual rate, a 12-month planning horizon, $0 per month in principal payments, and no fees or new draws. Monthly interest is $250; interest over 12 months is $3,000, and the remaining principal is $50,000. Paying interest alone does not reduce principal. This is a hypothetical planning example, not a lender quote.
Agreement compatibility and model limits
Included: two-phase amortization or balloon repayment, ongoing revolving principal planning, optional rate scenarios, user-entered upfront and annual fees, separate payoff target, and transparent monthly or annual schedules.
Not included: new future draws, rate changes on arbitrary dates, lender-specific minimum payments, fees you have not entered, daily balance interest, draw restrictions, qualifying criteria, taxes, or credit-line approval predictions. USD and CAD are not converted.
Balance paid off is not automatically account closed. The advanced account-setting option controls whether annual fees continue after principal has reached zero.
Frequently asked questions
What is a HELOC payment?
A home equity line of credit (HELOC) uses your home as collateral and lets you borrow against an approved credit line. Your payment depends on the balance actually borrowed, the rate, and your contract's repayment rules—not simply the full approved credit limit.
Why can my HELOC payment increase after the draw period?
Some HELOCs allow interest-only payments during a draw period. When principal repayment begins, your payment can rise sharply because you must repay the remaining balance as well as interest. Other contracts can require a lump-sum balloon payment.
Can I use this for a Canadian HELOC?
Yes, in CAD. Choose the ongoing revolving model when your agreement does not specify a two-stage draw-to-amortization schedule. The tool will not assume a US-style repayment structure simply because of your location.
Does the estimated payment equal my lender's minimum payment?
No. This is a planning calculation, not a contractual minimum-payment calculator. Actual lenders may have their own minimum-payment formulas, daily-interest methods, billing cycles, and fees. Consult your statement or agreement for the amount due.
How do higher or lower interest rates affect the estimate?
Enter a percentage-point change in advanced options to create a separate scenario. Each scenario recalculates interest and payments. It is a what-if comparison, not a forecast of future rates or a guarantee of future bills.
What happens if I make extra principal payments?
Paying additional principal lowers the outstanding balance and can reduce future interest. During a fixed-payment amortization period, this model keeps the scheduled payment the same unless the debt is paid off early; it does not assume the lender automatically recasts your payment.
Is a HELOC account closed when I pay the balance to zero?
Not necessarily. A revolving line may remain open after its balance reaches zero and continue to incur account fees. Select the advanced option to model either closure at payoff or maintenance charges through your chosen planning horizon.
Does the calculator include every bank fee and daily interest?
No. Closing costs and annual maintenance fees are included only when you enter them. The engine uses the annual nominal rate divided by twelve and rounds monthly interest to cents, so an actual bank statement using daily balances or different timing can vary.