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HELOC Payment Calculator
A HELOC payment has two phases: during the draw period you usually pay interest only; during repayment the principal amortizes. The line depends on home value, first mortgage balance and maximum CLTV; the rate is usually variable.
--Max line · $
--Draw · $
--Interest-only · $
--Repayment payment · $
--Total interest · $
Estimates only; verify on site before ordering or building.
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Example
| Item | Value | Unit |
|---|---|---|
| Home value | 500000 | $ |
| First mortgage | 300000 | $ |
| Max CLTV | 85 | % |
| Draw amount | 50000 | $ |
| Rate | 8 | % |
| Draw period | 10 | years |
| Repayment | 20 | years |
| Max line | 125000 | $ |
| Draw | 50000 | $ |
| Interest-only | 333.33 | $ |
| Repayment payment | 418.22 | $ |
| Total interest | 90372.81 | $ |
Where people go wrong
- Treating home value as the line without subtracting the first mortgage.
- Ignoring the CLTV cap.
- Treating the interest-only payment as permanent.
FAQ
Is a HELOC rate fixed?
Most are variable, often tied to Prime; fixed-rate options exist.
What happens when the draw period ends?
Repayment begins and the payment can jump; some loans require a balloon.
What does 85 percent CLTV mean?
All mortgage debt combined cannot exceed 85 percent of home value.