What you provide
What you provide
- Current HELOC balance: Amount currently drawn on the credit line.
- Current annual rate: Rate used for both payment illustrations.
- Amortizing repayment term: Whole years used by the principal-and-interest view.
HOME EQUITY / TWO PAYMENT VIEWS
HELOC Payment Calculator
Compare an interest-only home-equity line payment with the higher payment required to amortize the current balance over a selected repayment term.
- 01 Calculated in this tab
- 02 Values stay in this browser tab
- 03 Use boundary
Use boundary
Calculation path
The interest-only amount covers one month of interest without principal reduction. The amortizing amount repays the same balance over the entered term.
Calculation path
Interest-only payment = balance x monthly rate. Amortizing payment uses the standard reducing-balance formula.
What you receive
What you receive
- Interest-only monthly payment
- Amortizing monthly payment
- First-month principal reduction and total interest
Use boundary
Choose the maximum decimal places shown. This does not increase source accuracy.
HELOC rates are often variable, draws can change the balance, and lenders may impose minimums, fees, or a separate draw period.
This is an educational planning estimate. Confirm lender, issuer, tax, accounting, and contractual rules with the relevant provider or qualified adviser before acting.