HELOC payment calculator
Most HELOC payments come in two stages. This shows both, and what happens if the rate moves.
How is a HELOC monthly payment calculated?
A HELOC payment comes in two stages: interest only during the draw period, then principal and interest during repayment. An $80,000 balance at 7.75% APR costs $517/mo interest-only during a 10-year draw period. When 20-year repayment starts, it becomes $657/mo, a +27% jump. If rates rise 1 point, repayment is $707/mo.
Draw period (often 10 years): borrow and repay freely; the minimum is usually interest only, balance × rate ÷ 12.
Repayment period (often 20 years): the line closes to new draws and the balance is paid off with principal and interest.
Variable rate: prime plus a fixed margin. Prime is 7.00% as of October 28, 2026; it changed last on September 17, 2026.
HELOC payment, now and after the draw period
Prime 7.00% as of October 28, 2026Total interest over the life of the line at today's rate: $139,622. Assumes the full balance is held through the draw period with interest-only payments.
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How the calculator works
During the draw period, the interest-only payment is balance × rate ÷ 12. For repayment, it uses the standard loan formula to pay the balance to zero over the repayment term at the same rate. The stress test adds one point to the rate. Real lenders calculate interest daily, so actual bills vary by a few dollars month to month.
How to read the result
- The interest-only payment is the least you'll pay during the draw period if your line allows it.
- The repayment payment is what you'll owe each month once you can no longer draw, if the balance hasn't changed.
- The jump shows how much the payment rises. Many households find the jump, not the rate, is what strains a budget.
Using it to plan
Try entering the repayment payment as what you'll pay starting now. If that fits your budget, you'll pay down principal through the draw period and avoid the jump. Payment tables for common amounts are on the HELOC payments pages.
Questions people ask
How do I lower the HELOC payment jump after the draw period?
You can soften the HELOC payment jump by paying principal during the draw period, locking part of the balance at a fixed rate, or refinancing before the draw period ends. Five ways to prepare.
Why does the HELOC payment calculator assume interest-only payments?
The HELOC payment calculator assumes interest-only payments to show the worst case for payment shock: the full balance still owed when repayment starts. Paying more along the way only lowers the later payment.
How often does a HELOC rate change?
A variable HELOC rate changes when the prime rate changes, usually within one billing cycle. The rate is prime plus a fixed margin, so only the prime part moves. Prime rate change log.
Want a specific amount?
See payment tables for $10,000 to $500,000.
Example
An $80,000 balance at 7.75% APR: interest-only about $517 a month; over a 20-year repayment about $657; over 15 years about $753. If you start paying $657 now, the balance falls through the draw period and the jump disappears.
Mistakes to avoid
- Budgeting only for the interest-only payment.
- Forgetting that the rate can change.
- Ignoring the repayment period's length; a 10-year repayment payment is much higher than a 20-year one.
Also asked
Why is my HELOC bill different from the payment calculator?
Lenders calculate interest daily and billing cycles vary in length, so actual bills differ by a few dollars.
Does the calculator include annual fees?
No. Add any annual fee separately.
What if my lender's repayment period is 10 or 15 years?
Then the payment after the draw period will be higher than the 20-year figure here. On $80,000 at 7.75% APR, a 15-year repayment is about $753 a month and a 10-year is about $960. Check your agreement for the repayment term, and use the payment tables to see the figure for your balance.