Heloc Payment Calculator
Calculate your Home Equity Line of Credit (HELOC) monthly payment based on the drawn balance, interest rate, and repayment term.
Published by:
isCalculator Editorial Team
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How to use this tool?
Use the HELOC Payment Calculator to estimate your monthly payment, total interest, and total repayment amount for a Home Equity Line of Credit.
- Enter Current Drawn Balance ($) – The amount you have withdrawn from your HELOC (e.g., 50000). Must be a positive number.
- Enter Annual Interest Rate (%) – Your current annual interest rate (e.g., 5.5). Must be a positive number.
- Enter Repayment Term (years) – The number of years to repay the balance (e.g., 10). Must be a whole number of 1 or more.
- Click "Calculate Payment" – The calculator will show your monthly payment, total interest paid, and total amount paid.
Note: All inputs are in US dollars and percentages. The calculator uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where r is the monthly interest rate and n is the total number of payments.
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Frequently Asked Questions
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home equity. You can draw funds as needed up to a limit, and repay over time.
The calculator uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the drawn balance, r is the monthly interest rate, and n is the total number of payments.
You need your current drawn balance, annual interest rate, and the repayment term in years. The calculator will compute the fixed monthly payment, total interest, and total amount paid.
