Home Equity Line of Credit Calculator
Estimate your HELOC payments during both draw and repayment periods
Payment Summary
Draw Period
Repayment Period
Payment Schedule
Amortization Summary
| Period | Monthly Payment | Total Payments | Principal Paid | Interest Paid |
|---|
Ready to Calculate
Enter your HELOC details and click "Calculate HELOC Payments" to see your estimated payments and amortization schedule.
About Home Equity Lines of Credit
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home's equity. Unlike a traditional home equity loan, a HELOC allows you to borrow only what you need, when you need it, during the draw period.
Draw Period: During the draw period (typically 5-10 years), you can borrow from your credit line as needed, and you'll usually make interest-only payments on the amount you've borrowed.
Repayment Period: After the draw period ends, you enter the repayment period (typically 10-20 years), during which you can no longer borrow funds and must repay both principal and interest.
Note: This calculator provides estimates based on the information you enter. Actual HELOC terms may vary by lender. The calculator assumes you borrow the full amount at the beginning of the draw period and make interest-only payments during the draw period.
Spluxly’s free online HELOC Payment Calculator is a comprehensive home equity financing tool designed for homeowners, mortgage planners, and anyone evaluating a Home Equity Line of Credit as a borrowing option. A HELOC is a revolving credit line secured against the equity in your home, structured in two distinct phases. During the draw period — typically 5 to 10 years — you can borrow from the credit line as needed and generally make interest-only monthly payments on the outstanding balance. After the draw period ends, the repayment period begins — typically 10 to 20 years — during which no further borrowing is permitted and monthly payments cover both principal and interest until the full balance is cleared. Enter your loan amount, annual interest rate (APR), draw period in years, and repayment period in years, and the calculator instantly returns the monthly interest-only payment for the draw period, the monthly principal and interest payment for the repayment period, total interest paid across both phases, and the total overall cost of the HELOC. An amortization summary table breaks down payments, principal paid, and interest paid across both periods for complete financial transparency. Whether you are comparing a HELOC against a home equity loan, budgeting for a renovation project, or simply understanding the full cost of a credit line before applying, this calculator delivers accurate results instantly. Completely free, no registration required.
How to Use the HELOC Payment Calculator Online
Estimating your HELOC payments takes just seconds. Follow these simple steps:
- Enter Loan Amount – Type the total HELOC credit line amount you plan to draw (e.g., $100,000) into the loan amount field; you can also use the slider to set the value
- Enter Interest Rate (APR) – Type the annual percentage rate as a percentage (e.g., 7.5%) into the interest rate field; you can also use the slider; decimals are accepted
- Set Draw Period – Type the number of years for the draw period (e.g., 10) into the draw period field or use the slider; this is the period during which you can borrow and make interest-only payments
- Set Repayment Period – Type the number of years for the repayment period (e.g., 20) into the repayment period field or use the slider; this is the period during which you repay principal and interest
- Click Calculate HELOC Payments – Instantly receive your draw period monthly payment, repayment period monthly payment, total loan amount, total interest, and total cost
- Review the Payment Summary – See the draw period interest-only monthly payment and repayment period principal and interest monthly payment displayed side by side with total figures beneath
- Explore the Amortization Summary – View the table showing monthly payment, total payments, principal paid, and interest paid for both the draw period and repayment period in a structured comparison
How HELOC Payments Are Calculated
HELOC payments are calculated differently for each of the two phases using standard interest and amortization formulas.
Draw Period — Interest-Only Monthly Payment: Draw Payment = Loan Amount × (Annual Rate ÷ 12)
Example for $100,000 at 7.5% APR:
- Monthly Rate: 7.5% ÷ 12 = 0.625%
- Draw Period Monthly Payment: $100,000 × 0.00625 = $625.00 per month
- Total Draw Period Payments (10 years): $625 × 120 = $75,000 (all interest, no principal reduction)
Repayment Period — Principal and Interest Monthly Payment: At the end of the draw period the full outstanding balance becomes due over the repayment term using standard amortization:
Repayment Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Where:
- P = Outstanding balance at end of draw period (full loan amount)
- r = Monthly interest rate (Annual Rate ÷ 12)
- n = Repayment period in months
Example for $100,000 at 7.5% APR over 20 years repayment:
- Repayment Monthly Payment = $806.59 per month
- Total Repayment Period Payments (20 years): $806.59 × 240 = $193,581.60
Total Cost Summary:
| Metric | Value |
|---|---|
| Total Loan Amount | $100,000 |
| Total Draw Period Interest | $75,000 |
| Total Repayment Period Interest | $93,581.60 |
| Total Interest | $168,581.60 |
| Total HELOC Cost | $268,581.60 |
HELOC vs Home Equity Loan:
| Feature | HELOC | Home Equity Loan |
|---|---|---|
| Structure | Revolving credit line | Lump sum loan |
| Draw Period | Yes (borrow as needed) | No (full amount upfront) |
| Interest Type | Usually variable rate | Usually fixed rate |
| Draw Period Payments | Interest-only | Full principal and interest |
| Best For | Ongoing or variable expenses | One-time large expense |
Why Use Spluxly’s HELOC Payment Calculator?
- Two-Phase Payment Calculation – Separately calculates the interest-only draw period monthly payment and the principal and interest repayment period monthly payment, reflecting the actual two-phase structure of a HELOC rather than treating it as a standard amortizing loan
- Total Interest and Cost Breakdown – Returns total draw period interest, total repayment period interest, and overall total HELOC cost as distinct figures, giving borrowers a complete picture of the true long-term cost of a home equity credit line
- Slider and Text Input – All four inputs — loan amount, interest rate, draw period, and repayment period — accept both direct text entry and slider adjustment, making it fast and intuitive to model different scenarios by dragging sliders and watching results update
- Amortization Summary Table – A structured table presents monthly payment, total payments, principal paid, and interest paid for both the draw period and repayment period side by side, making the cost of each phase immediately comparable
- HELOC Education Section – Clear explanations of how draw periods and repayment periods work, and a comparison between HELOCs and home equity loans, help users understand what a HELOC is and whether it suits their borrowing needs before making a decision
- Important Assumptions Note – A transparent disclaimer explains that the calculator assumes the full credit line amount is borrowed at the start of the draw period, helping users understand the basis of the estimate and adjust expectations for partial draws
- 100% Free & Instant – No registration, no fees — your complete HELOC payment estimate with draw period, repayment period, total interest, and amortization summary delivered in seconds