HELOC payments by amount
Monthly payments at 7.75% APR (prime 7.00% plus 0.75). Open any amount for every rate, total interest and the equity you'd need.
What is the monthly payment on a HELOC?
At 7.75% APR (prime 7.00% plus 0.75), a HELOC costs about $646 a month per $100,000 drawn while you pay interest only, and about $821 a month once the balance is repaid over 20 years. A $50,000 line runs $323 interest-only or $410 on a 20-year payoff; a $200,000 line runs $1,292 or $1,642.
How HELOC payments work
During the draw period, usually 10 years, most HELOCs let you pay only the interest on what you've drawn. That's the "interest only" column. When the draw period ends, the remaining balance is repaid with principal and interest over the repayment period, often 20 years, which is the "20-yr payoff" column. The gap between the two is the payment jump many borrowers don't plan for. What happens when the draw ends.
Rates are variable: each figure assumes today's prime rate plus 0.75. Each amount's page shows payments at eight different rates, total interest by payoff plan, the home value you'd need, the income lenders look for, and how much extra payments save.
How much interest does each payoff plan cost?
Interest-only payments are the cheapest month to month and the most expensive overall. At 7.75% APR, paying only interest for the 10-year draw and then paying off over 20 years costs nearly twice the interest of paying off over 20 years from the start:
| Line balance | Interest only 10 yrs, then 20-yr payoff | 20-yr payoff from day one | 10-yr payoff |
|---|---|---|---|
| $50,000 | $87,264 | $48,514 | $22,006 |
| $100,000 | $174,528 | $97,028 | $44,013 |
| $200,000 | $349,055 | $194,055 | $88,026 |
Total interest at a constant 7.75% APR on a fully drawn line. Real HELOC rates move with prime.
What does a change in the prime rate do to the payment?
Most HELOCs are priced at prime plus a margin, so the payment moves every time prime does. On the interest-only payment, each 0.25-point move changes the cost by about $21 a month per $100,000 drawn:
| Line balance | Prime moves 0.25 point | Prime moves 1 point |
|---|---|---|
| $50,000 | $10 | $42 |
| $100,000 | $21 | $83 |
| $200,000 | $42 | $167 |
Change in the monthly interest-only payment, up or down. A rate cap or floor in your agreement limits how far it can go; see HELOC rate caps and floors.
Prefer a fixed payment? See home equity loan payments by amount.