HELOC Payment Calculator
Enter your draw amount and rate — instantly see your interest-only draw payment and the full P&I repayment that starts when the draw period ends.
About this tool
The single most-searched HELOC question is 'what will my payment be?' This calculator answers it for both phases — and shows the jump you need to plan for.
How to use it
Quick steps to get the most out of this utility.
- 1
Enter your draw amount
How much you plan to borrow from the HELOC.
- 2
Set your interest rate
Current HELOC rate — treat as fixed for projection (real rates are variable).
- 3
Set draw and repayment terms
Typical: 10-year draw, 20-year repayment.
- 4
Read both payments
See draw-phase payment, repayment payment, and the gap between them.
HELOC Payments Explained: Why Two Phases Matter
Most borrowers focus on the draw-phase payment because it is lower and what they pay immediately. But the repayment payment is what matters for long-term budgeting. Planning for the payment shock years in advance is the single most important HELOC financial discipline.
Frequently asked questions
Why does my payment jump so much at repayment?+
During the draw period, you're only paying interest — principal stays constant. At repayment, you're now paying down both principal and interest over 10-20 years. For a $50k HELOC at 8.5%, this jump is typically $70-100/month.
Can I pay principal during the draw period?+
Yes! Most HELOCs allow voluntary principal payments during the draw period, which both reduces interest and frees up credit. If you pay aggressively during draw, your repayment payment will be lower.
Keep exploring
More utilities and reading from Toolisk.
More views of the same calculator
Open main calculator →Same underlying engine, written for different use cases. Pick the angle that matches your situation.