HELOC Payment Calculator to Calculate Interest Only Payment

HELOC Payment Calculator Sign

This free online calculator will calculate the monthly interest-only HELOC payment given your current balance, plus calculate the principal and interest payment that will take effect once the draw period expires.

If you would like to calculate the size of the home equity line of credit you might qualify for, please visit the HELOC Calculator.

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HELOC Payment Calculator

Calculate monthly interest-only HELOC payment, plus principal and interest payment after draw period expires.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
LOC bal:LOC balance:Current LOC balance:Current line of credit balance:

Current line of credit balance:

Enter the current balance of your home equity line of credit (without the dollar sign). If you want to calculate the interest-only HELOC payment for the total line of credit you qualified for, enter that amount instead.

$
Rate:HELOC rate:HELOC rate:HELOC rate:

HELOC rate:

Enter the annual interest rate of the home equity line of credit (without the percent sign).

%
# PI years:# of PI years:Years to calculate PI payment:Number of years to calculate PI payment:

Number of years to calculate PI payment:

If you would like the HELOC payment calculator to calculate the principal and interest payment that will begin once the draw period is over, enter the number of years to repay the line of credit.

#
IO payment:IO payment:Interest-only payment:Monthly interest-only HELOC payment:

Monthly interest-only HELOC payment:

This is your monthly interest-only HELOC payment.

PI payment:PI payment:Principal interest payment:Monthly principal and interest HELOC payment:

Monthly principal and interest HELOC payment:

This is the principal and interest payment that will take effect once the draw period has expired.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

What is HELOC, advantages, disadvantages, and how it compares to a home equity loan.

What is a HELOC?

In case you're not familiar with the acronym, HELOC stands for Home Equity Line of Credit. A HELOC is similar to a revolving charge account, where you can borrow from the line of credit as you need cash over the course of what's known as the draw period.

During the draw period, you will usually have the option of making interest-only payments. Later, at the end of the draw period (usually 5-10 years), your monthly payment will increase to include principal repayments.

The size of the home equity line of credit you may qualify for is typically based on the appraised value of your property, the amount you owe on your property (total of 1st mortgage, 2nd mortgage, home equity loan), and the loan to value (LTV) the lender is willing to extend to you.

HELOC versus Home Equity Loan

Just to be clear, a Home Equity Line of Credit is not the same thing as a Home Equity Loan. A Home Equity Loan is more like a traditional mortgage in that you borrow a specific amount and make fixed monthly payments over a fixed period of time.

HELOC Advantages

The main advantages of a home equity line of credit are that most lenders don't charge any closing costs, and you only pay interest on the portion of the line of credit you are using -- not on the total amount of the line of credit you qualify for. And, unlike revolving charge accounts, you may also be able to deduct the interest payments.

HELOC Disadvantages

One disadvantage to home equity lines of credit is that you will usually pay a higher interest rate than you would for a home equity loan.

Also, because a home equity line of credit is similar to a revolving charge account, if you're not careful, you can get into the same kind of debt trouble that credit card abuse can lead to.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.