A HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home. You can borrow up to your limit during the draw period, and most lines offer interest-only payments while you draw.

What happens after the HELOC draw period?

After the draw period ends, you enter the repayment period. You can no longer borrow, and your payments rise sharply because you now repay principal plus interest on the full balance.

HELOC Payment Calculator

Estimate interest-only and fully amortized payments.

HELOC Details

Credit Limit ($)

Interest Rate (% p.a.)

Usually variable

Draw Period (years)

yrs

Repayment Period (years)

yrs

Interest-Only During Draw Period

Interest-Only Payment (Draw Period)

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Draw Period Payment

—

Repayment Period Payment

—

Est. Total Interest

—

Est. Total Paid

—

How HELOC payments work

During the draw period (typically 10 years) you may borrow repeatedly up to your limit. With interest-only payments, you pay just the monthly interest — small payments, but the balance stays full. In the repayment period, you can no longer borrow and payments jump because you repay principal plus interest over the remaining term.

HELOC Calculator FAQ

Are HELOC rates fixed or variable?▶

Most HELOCs use a variable rate tied to a benchmark index, so your payment can change. Some lenders offer fixed-rate options for a portion of the balance.

Why is my HELOC payment so much higher after the draw period?▶

Because you stop paying interest-only and start repaying the principal too, over a shorter time. This calculator shows both payments so you can plan for the jump.