HELOC payment calculator
A line of credit has two phases: first you draw money and pay only interest, then you repay it all. We keep both phases apart.
Result
387.65Monthly payment in repayment period
- Total drawn
- 50,000.00
- Monthly payment at end of draw period (interest only)
- 291.67
- Interest in draw period
- 33,600.00
- Interest in repayment period
- 43,035.87
- Total interest
- 76,635.87
Year by year
Detailed table
| Year | Principal repaid | Interest paid | Left to pay |
|---|---|---|---|
| 1 | 0.00 | 2,100.00 | 30,000.00 |
| 2 | 0.00 | 5,600.00 | 50,000.00 |
| 3 | 0.00 | 9,100.00 | 50,000.00 |
| 4 | 0.00 | 12,600.00 | 50,000.00 |
| 5 | 0.00 | 16,100.00 | 50,000.00 |
| 6 | 0.00 | 19,600.00 | 50,000.00 |
| 7 | 0.00 | 23,100.00 | 50,000.00 |
| 8 | 0.00 | 26,600.00 | 50,000.00 |
| 9 | 0.00 | 30,100.00 | 50,000.00 |
| 10 | 0.00 | 33,600.00 | 50,000.00 |
| 11 | 1,189.48 | 37,062.32 | 48,810.52 |
| 12 | 2,464.94 | 40,438.65 | 47,535.06 |
| 13 | 3,832.60 | 43,722.78 | 46,167.40 |
| 14 | 5,299.14 | 46,908.04 | 44,700.86 |
| 15 | 6,871.69 | 49,987.28 | 43,128.31 |
| 16 | 8,557.92 | 52,952.84 | 41,442.08 |
| 17 | 10,366.04 | 55,796.51 | 39,633.96 |
| 18 | 12,304.88 | 58,509.47 | 37,695.12 |
| 19 | 14,383.88 | 61,082.26 | 35,616.12 |
| 20 | 16,613.16 | 63,504.77 | 33,386.84 |
| 21 | 19,003.61 | 65,766.12 | 30,996.39 |
| 22 | 21,566.85 | 67,854.67 | 28,433.15 |
| 23 | 24,315.40 | 69,757.92 | 25,684.60 |
| 24 | 27,262.64 | 71,462.47 | 22,737.36 |
| 25 | 30,422.93 | 72,953.98 | 19,577.07 |
| 26 | 33,811.68 | 74,217.02 | 16,188.32 |
| 27 | 37,445.40 | 75,235.09 | 12,554.60 |
| 28 | 41,341.81 | 75,990.47 | 8,658.19 |
| 29 | 45,519.89 | 76,464.19 | 4,480.11 |
| 30 | 50,000.00 | 76,635.87 | 0.00 |
How it is calculated
- Draw period: each draw is made at the start of its year; each month you pay only the interest (balance × rate ÷ 12).
- Repayment period: the balance drawn is repaid with fixed monthly payments over the chosen term.
- The total drawn cannot exceed the limit.
Example
Limit 80,000, draws of 30,000 then 20,000, rate 7%, 10-year draw then 20-year repayment: 291.67 a month at the end of the draw, then 387.65 a month; 76,635.87 of interest in total.
Good to know
- Fixed rate to keep it simple: real lines often have a variable rate.
- General mechanics; products (HELOC, readvanceable mortgage…) vary by country.
Frequently asked questions
What is this tool used for?
A line of credit has two phases: first you draw money and pay only interest, then you repay it all. We keep both phases apart.
How is the result calculated?
Draw period: each draw is made at the start of its year; each month you pay only the interest (balance × rate ÷ 12).
What should I check before using the result?
Fixed rate to keep it simple: real lines often have a variable rate.