HELOC Calculator - Calculate Your Home Equity Line of Credit Payments and Costs
HELOC Calculator
Loan Calculation Results
Amortization Tables
| Month | Date | Principal | Interest | Ending Balance |
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| Year | Date | Principal | Interest | Ending Balance |
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Loan Payment Schedule Visualization
What Is a HELOC Calculator?
A Home Equity Line of Credit (HELOC) calculator is a financial tool that helps homeowners estimate their monthly payments, total interest costs, and overall loan expenses for a HELOC. Unlike traditional loans, HELOCs typically have two distinct phases: a draw period where you pay interest-only, and a repayment period where you pay both principal and interest.
Our HELOC calculator provides comprehensive insights including:
- Interest-only payments during the draw period
- Principal and interest payments during the repayment period
- Total interest costs over the life of the loan
- Real APR including closing costs and annual fees
- Detailed monthly and annual amortization schedules
- Visual representations through interactive charts
How to Use This HELOC Calculator?
Step 1: Enter Basic Loan Information
Input your loan amount, total loan term (in years), and draw period duration. The draw period is when you can borrow funds and typically only pay interest.
Step 2: Set Your Interest Rate
Enter the annual interest rate for your HELOC. Note that HELOC rates are often variable and may change over time.
Step 3: Add Optional Costs
Include closing costs (as a dollar amount or percentage) and annual fees if applicable. Choose whether closing costs are deducted from the loan or paid upfront.
Step 4: Review Results
View your estimated monthly payments, total costs, APR, and detailed amortization schedules with interactive charts.
What Is the Monthly Payment on a $50,000 HELOC?
At 7% APR on a $50,000 HELOC, the monthly payment is about $291.67 during the interest-only period, and about $580.54 per month if it’s repaid over 10 years (principal + interest).
| Interest Rate | Draw Period Payment | Repayment Period Payment(10-year) |
|---|---|---|
| 7% | $291.67 | $580.54 |
| 7.5% | $312.50 | $593.51 |
| 8% | $333.33 | $606.64 |
| 8.5% | $354.17 | $619.93 |
| 9% | $375.00 | $633.38 |
| 9.5% | $395.83 | $646.99 |
| 10% | $416.67 | $660.75 |
| 10.5% | $437.50 | $674.67 |
How Much Is the HELOC Payment for $100,000?
At 8% APR on a $100,000 HELOC, the monthly payment is about $666.67 during the interest-only period, and about $2,027.64 per month if it’s repaid over 15 years (principal + interest).
| Interest Rate | Draw Period Payment | Repayment Period Payment(15-year) |
|---|---|---|
| 7% | $583.33 | $1,980.12 |
| 7.5% | $625.00 | $2,003.79 |
| 8% | $666.67 | $2,027.64 |
| 8.5% | $708.33 | $2,051.65 |
| 9% | $750.00 | $2,075.84 |
| 9.5% | $791.67 | $2,100.19 |
| 10% | $833.33 | $2,124.70 |
| 10.5% | $875.00 | $2,149.39 |
FAQ
What Is the Difference Between a Heloc and a Home Equity Loan?
A HELOC is a revolving line of credit that works like a credit card, allowing you to borrow as needed during the draw period. A home equity loan provides a lump sum upfront with fixed monthly payments from the start.
How Is Heloc Interest Calculated?
HELOC interest is typically calculated daily based on your outstanding balance and annual interest rate. Monthly interest charges equal your balance multiplied by the monthly interest rate.
Can I Make Principal Payments During the Draw Period?
Most HELOCs allow voluntary principal payments during the draw period, which can reduce your overall interest costs and future payment amounts.
What Happens if I Don'T Use My Full Heloc Credit Limit?
You only pay interest on the amount you actually borrow, not your total credit limit. If you borrow $20,000 on a $50,000 HELOC, you'll only pay interest on $20,000.
Is a HELOC Better Than a Personal Loan?
A HELOC can be better than a personal loan if you have home equity and want a typically lower, flexible rate and can accept variable payments and the risk of your home as collateral, while a personal loan is better if you want fixed payments without putting your home at risk.
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