Interest Only Heloc Calculator
Calculate the monthly payments during the interest-only period of a Home Equity Line of Credit (HELOC) and the total interest paid.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Interest Only HELOC Calculator
- Enter Credit Limit – Input your total approved HELOC limit (e.g., $50,000). This is the maximum you can borrow.
- Enter Annual Interest Rate – Provide the yearly rate as a percentage (e.g., 5.5 for 5.5%).
- Enter Amount Drawn – Input the current balance you have withdrawn (e.g., $30,000). This cannot exceed the credit limit.
- Click "Calculate" – The tool will compute:
- Monthly Interest Payment – The interest-only amount due each month.
- Total Interest Paid (Annual) – The total interest over 12 months.
Important Notes:
- All values must be positive numbers. The draw amount must be less than or equal to the credit limit.
- This calculator assumes an interest-only period (no principal repayment). The formula is: Monthly Payment = (Draw Amount × Annual Rate / 12).
- Use the same currency (USD) for all inputs.
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Frequently Asked Questions
An interest-only HELOC allows you to pay only the interest on the amount drawn during the draw period, typically 10 years, without paying down the principal.
The monthly interest payment is calculated by multiplying the drawn amount by the annual interest rate divided by 12.
No, this calculator only estimates the interest-only payment. It does not account for fees, principal reduction, or changes in interest rates.
