HELOC Calculator
Find a home equity line of credit's interest-only payment in the draw period and its payment once repayment starts, and your maximum line.
Change the values and press Calculate to work out your own figures.
Payments
Enter the amount drawn, rate, draw and repayment periods.
Show the working
- draw period = amount × rate ÷ 12
- repayment = amount × i ÷ (1 − (1 + i)^−n)
Maximum line
Enter the home's value, the mortgage owed and the lender's LTV limit.
Show the working
- limit = value × LTV − mortgage owed
How to use it
Enter the amount drawn, rate, draw and repayment periods. Enter the home's value, the mortgage owed and the lender's LTV limit.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
draw period = amount × rate ÷ 12 repayment = amount × i ÷ (1 − (1 + i)^−n) maximum line = value × LTV − mortgage owed
Variable rates
Most HELOCs have variable rates, so these payments change when rates do.
Questions
What does a $50,000 HELOC at 8% cost a month?
$333.33 interest-only, then $477.83 over 15 years.
Formulas
draw period = amount × rate ÷ 12 repayment = amount × i ÷ (1 − (1 + i)^−n) maximum line = value × LTV − mortgage owed
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.