HELOC payment calculator.

See what you pay while your line is open and interest only, what you pay once repayment starts, and how big the jump is between the two. Then move the rate to see what happens if prime changes.

Example: prime rate 7.00% as of Oct 20, 2026 plus a 1.00% margin. Your lender sets your margin.

A change in percentage points, like +0.50 or -0.25. It is added to your rate above.

Your monthly payments

Years 1 to 10, interest only

$533.33/mo

Next 20 years, principal and interest

$669.15/mo

Payment jump when repayment starts+$135.82 (+25%)
Interest over the draw period (10 years)$64,000
Interest over the repayment period (20 years)$80,596
Total interest, both periods$144,596

For the first 10 years you pay $533.33 a month, which covers interest only, so you still owe the full $80,000 when the draw period ends. Then the payment becomes $669.15 a month for 20 years to pay it off: $135.82 (25%) more every month.

These figures are estimates for planning only and are not an offer or a quote. They assume your balance stays the same through the draw period and the rate does not change unless you enter a change. See our disclosures.

How this is calculated

Standard loan math, with B as the amount drawn and r as the annual rate written as a decimal (8.00% is 0.08).

  • Interest-only payment, draw period

    B × r ÷ 12

    $80,000 × 0.08 ÷ 12 = $533.33 a month.

  • Principal-and-interest payment, repayment period

    B × i ÷ (1 − (1 + i)−n)

    Here i is the monthly rate (r ÷ 12) and n is the number of monthly payments (repayment years × 12). $80,000 at 8.00% over 240 months comes to $669.15 a month.

  • Interest over each period

    Draw: interest-only payment × draw months

    Repayment: payment × n − B

    Ten years at $533.33 is $64,000 of interest, and the full $80,000 is still owed when repayment starts.

Real HELOCs have variable rates, so your payment can change during either period, within any caps in your agreement. Some plans also require a minimum payment that includes principal, or a balloon payment at the end. For how a line works from start to finish, read What is a HELOC? To see how much you could borrow in the first place, use the HELOC and home equity calculator.

Questions about HELOC payments

What is my HELOC payment during the draw period?

On many HELOCs the minimum payment during the draw period covers interest only: the amount you have drawn times your annual rate, divided by 12. On $80,000 at 8.00%, that is $533.33 a month. Interest-only payments do not lower your balance, and some plans require a payment that includes some principal, so check your agreement for the exact minimum.

What happens to my HELOC payment after the draw period ends?

The line closes to new borrowing and you start paying back the balance with principal and interest over the repayment period, which usually means a bigger payment. On $80,000 at 8.00%, a 20-year repayment period costs $669.15 a month, 25% more than interest only. A shorter repayment period makes the jump bigger, and some plans instead ask for the full balance at once as a balloon payment.

How is a HELOC interest rate set?

Most HELOCs have a variable rate made of two parts: an index, usually the prime rate, plus a margin the lender adds. The prime rate was 7.00% as of October 20, 2026, so a 1.00% margin gives 8.00%. Your margin depends on the lender, your credit and how much of your home is borrowed against. When the index moves, your rate and payment move with it, within any caps in your agreement.

Can I pay principal early on a HELOC?

Usually, yes. Paying extra during the draw period lowers your balance, which lowers your interest-only payment and the payment you will owe once repayment starts. Some lenders charge an early termination fee if you close the line within the first few years, so read the fee section of your agreement before paying it off and closing it.

Keep reading

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