Free heloc calculator
Calculate your HELOC available credit, monthly interest-only payment, and repayment scenario — enter home value, mortgage balance, and rate, updated live, as you type.
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HELOC rates are variable. Payments will change if rate changes. Your home is collateral — consult a licensed lender.
Results are estimates. Consult a professional.
How the HELOC calculator works
A home equity line of credit (HELOC) has two phases: a draw period (typically 10 years) when you can borrow and repay repeatedly, and a repayment period (typically 20 years) when the outstanding balance amortizes. Most HELOCs carry a variable rate tied to the prime rate plus a lender margin.
Because HELOCs are variable rate, your payment moves when the prime rate moves. If prime rises 1%, your interest-only payment on a $60,000 balance rises by $50/month. Build a rate-rise cushion into your budget when drawing.
CFPB — What you should know about home equity lines of credit.Worked example: $60k drawn at 9.5%
You open a $100,000 HELOC and draw $60,000. Prime is 8.5%, your lender's margin is 1%, giving a HELOC rate of 9.5%. The draw period runs 10 years; repayment runs 20 years on whatever balance remains.
HELOC interest-only payments by balance and rate
The table shows your minimum interest-only monthly payment during the draw period for common HELOC balances and rates. Use it to sanity-check the calculator output or estimate costs before you draw.
| Balance Drawn | 7% rate | 9% rate | 11% rate |
|---|---|---|---|
| $25,000 | $146/mo | $188/mo | $229/mo |
| $50,000 | $292/mo | $375/mo | $458/mo |
| $75,000 | $438/mo | $563/mo | $688/mo |
| $100,000 | $583/mo | $750/mo | $917/mo |
Interest-only payments. Source: CFPB HELOC guide. Payments change if the prime rate moves.
Tips for managing a HELOC
A HELOC gives you flexible, low-cost access to equity — but the variable rate and the payment jump at the start of repayment catch many borrowers off guard. These five habits keep you in control.
- Pay principal during the draw period. Minimum payments are interest-only, but voluntarily reducing the balance now shrinks the repayment-period payment and total interest paid.
- Model a rate shock. Run the calculator at prime + 2% above today's rate and make sure you can still afford both the draw and repayment payments. The Fed can move prime multiple times in a year.
- Watch the end-of-draw cliff. When the draw period closes, some lenders require a balloon payment if you cannot refinance. Know your loan agreement before you open the line.
- Avoid drawing for depreciating assets. Using home equity to buy vehicles, vacations, or consumer goods puts your house at risk for spending that has no lasting value.
- Compare the all-in cost to a cash-out refi. HELOCs are efficient when you need funds in stages; a fixed-rate cash-out refinance can be cheaper if rates are low and you need a large lump sum all at once.
Accuracy and limitations
This calculator assumes a constant interest rate throughout both the draw and repayment periods. Real HELOCs adjust whenever the prime rate changes, so actual payments will differ. It also assumes you draw the stated amount on day one and do not repay principal during the draw period. Partial draws, mid-period paydowns, and rate caps set by your lender will all change the result.
Not financial or tax advice — consult a qualified professional for your situation.
HELOC terms defined
About this HELOC calculator
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