HELOC Calculator

See your interest-only payment during the draw period and your fully-amortized payment during repayment.

Inputs

$
$
Up to $147,500.00
$
$
%
Interest-only payment (end of draw)
$1,800.00
Repayment payment
$2,159.34
Balance at end of draw
$240,000.00

How it works

We grow the balance by your monthly draw, charge interest-only payments during the draw period, then amortize the ending balance over the repayment period.

Frequently asked questions

What's the draw period?

Typically 10 years. You can borrow and repay flexibly and usually only owe interest on what's drawn.

When do payments jump?

When the repayment period begins (often after year 10) the balance amortizes — payments often double or more.

Is HELOC interest deductible?

Only if proceeds are used to buy, build, or improve the home and you itemize.

Can the rate change?

Yes — HELOCs are usually variable, tied to prime rate.

Is a HELOC cheaper than a credit card?

Usually yes — HELOC rates are much lower than cards, though the loan is secured by your home.

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