HELOC Calculator
Estimate your interest-only payment during the draw period and your amortizing payment once repayment begins.
Interest-Only Payment (Draw Period)
$333.33
- Repayment period payment
- $477.83
- Total interest
- $76,008
Assumptions
- Fixed rate for simplicity (real HELOCs are usually variable)
- No additional draws after the draw period starts
How it's calculated
Draw period payment = drawn balance × monthly rate. Repayment period payment uses the standard amortization formula on the remaining balance.
Worked example
A $50,000 drawn balance at 8% has an interest-only draw payment, then an amortizing repayment payment over 15 years, shown live above.
Frequently asked questions
Why two different payments?
A HELOC is interest-only during the draw period, then converts to a fully amortizing loan for the repayment period — a genuinely two-phase product.