Does this include variable rate changes?

No. Recalculate if prime moves; HELOC payments can change when rates adjust.

Can I pay principal during draw?

Yes—many lenders allow it. Paying principal lowers future repayment payments and interest.

What happens when draw ends?

Interest-only ends and the balance amortizes over the repayment term, increasing the payment.

Are there fees or minimum draws?

Not included here. Check your HELOC terms for annual fees, minimum draws, or early closure fees.

Is utilization important?

Yes—higher utilization can affect underwriting for other loans and can increase risk if rates rise.

finance calculator

HELOC Payment Calculator

Estimate HELOC interest-only payments during draw and amortized payments during repayment, plus utilization vs credit limit.

Results

Draw period payment (interest-only): $313
Repayment period payment: $403
Interest paid during draw: $37,500
Total paid during repayment: $96,671
Utilization of limit: 50.00%

How to use this calculator

Enter your credit limit and current drawn balance.
Enter APR, draw period, and repayment term.
See interest-only payment during draw, amortized payment during repayment, and total paid in each phase.

Inputs explained

HELOC credit limit: Total approved line amount.
Balance drawn: Current amount borrowed on the line.
APR (%): Annual percentage rate; many HELOCs have variable rates.
Draw period: Time when you can borrow; payments often interest-only.
Repayment period: Amortization term after the draw ends.
Interest-only toggle: Some HELOCs require amortization during draw; choose accordingly.

How it works

Interest-only draw payment = balance × monthly rate.

Repayment uses standard amortization over the repayment term on the drawn balance.

Utilization = drawn balance ÷ credit limit.

Formula

Monthly rate = APR ÷ 12
Interest-only payment = Balance × Monthly rate
Repayment payment = P × r(1+r)^n / [(1+r)^n − 1]
Utilization = Balance ÷ Credit limit

When to use it

Budgeting HELOC payments before or during a renovation.
Checking utilization vs limit to stay within comfort or lender covenants.
Comparing interest-only draw vs immediate amortization if required by the lender.

Tips & cautions

HELOCs often have variable rates; revisit payments if prime changes.
If you plan to keep a balance into repayment, note that the payment can jump when amortization starts.
Paying principal during draw reduces repayment-phase payment and total interest.
Assumes fixed APR; variable rates will change payments and totals.
Does not include fees, rate caps/floors, or periodic rate adjustments.
Assumes a fixed drawn balance; real balances can change during draw.

Worked examples

$100k limit, $50k drawn, 7.5% APR, 10-year draw (IO), 20-year repay

Interest-only ≈ $312.50/mo
Repayment ≈ $402/mo
Utilization = 50%

$80k limit, $30k drawn, 8% APR, 5-year draw, 15-year repay

Interest-only ≈ $200/mo
Repayment ≈ $286/mo
Utilization = 37.5%

Deep dive

This HELOC payment calculator shows your interest-only payment during the draw period and the amortized payment during repayment, plus utilization of your credit limit.

Use it to budget renovation financing or compare how different draw/repay terms and rates impact your payments.

FAQs

Does this include variable rate changes?: No. Recalculate if prime moves; HELOC payments can change when rates adjust.
Can I pay principal during draw?: Yes—many lenders allow it. Paying principal lowers future repayment payments and interest.
What happens when draw ends?: Interest-only ends and the balance amortizes over the repayment term, increasing the payment.
Are there fees or minimum draws?: Not included here. Check your HELOC terms for annual fees, minimum draws, or early closure fees.
Is utilization important?: Yes—higher utilization can affect underwriting for other loans and can increase risk if rates rise.

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Estimates only. HELOCs often have variable rates, fees, and specific draw/repay rules. Confirm terms with your lender and update calculations when rates or balances change.