Heloc Payoff Calculator
Calculate the monthly payment and total interest for paying off a Home Equity Line of Credit (HELOC) during the draw period and repayment period.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the HELOC Payoff Calculator
- Enter your HELOC details:
- Credit Limit – Total line of credit (e.g., $50,000).
- Current Balance – Amount you currently owe (cannot exceed credit limit).
- Annual Interest Rate – Your HELOC’s yearly rate (e.g., 6.5%).
- Draw Period – Years you can borrow (interest-only payments).
- Repayment Period – Years to pay off the balance after draw ends.
- Extra Monthly Payment (optional) – Additional amount to pay each month during repayment to reduce principal faster.
- Click “Calculate” – The tool validates inputs and shows results.
- Read the results:
- Monthly Payment (Draw Period) – Interest-only payment during the draw phase.
- Monthly Payment (Repayment) – Amortized payment (including any extra) during repayment.
- Total Interest Paid – Sum of all interest over the full loan term.
- Adjust inputs – Change any value and recalculate to compare scenarios.
Note: All monetary values are in US dollars ($). Enter rates as percentages (e.g., 6.5 for 6.5%). Extra payments reduce principal and total interest.
Previous Results
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Frequently Asked Questions
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home equity. It typically has a draw period (e.g., 10 years) where you can borrow and make interest-only payments, followed by a repayment period (e.g., 20 years) where you pay back the principal plus interest.
During the draw period, the calculator assumes interest-only payments based on your current balance and annual rate. During the repayment period, it amortizes the remaining balance over the specified term. Extra payments reduce the principal faster, lowering total interest.
Yes, you can enter an extra monthly payment amount. The calculator will show the adjusted monthly payment (minimum plus extra) and recalculate total interest based on faster principal reduction.
