GlenCalc

HELOC calculator

A HELOC usually lets you pay only interest while you can draw on it, then switches to repaying principal too. That jump surprises many borrowers; enter your balance to see both payments.

HELOC rates are usually variable; this assumes the rate stays put.

Your answer

Interest-only payment (draw period)$437.50
Payment in repayment period$530.23$92.73 more a month
Interest paid during the draw period$52,500.00
Interest paid during repayment$67,254.34

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How we worked it out

Updated as you change the numbers.

  1. Interest-only = $60,000.00 × 8.75% ÷ 12 = $437.50.
  2. Repayment = fixed-rate payment on $60,000.00 over 240 months = $530.23.

Method and assumptions

During the draw period the minimum payment is usually the interest on the balance. Once it ends, the balance is repaid over the repayment period like a fixed-rate loan. Real HELOCs have variable rates, and some lenders calculate interest daily, so actual payments change over time.

Questions

How much is the interest-only payment on a $60,000 HELOC at 8.75%?

$437.50 a month. Repaying it over 20 years takes $530.23 a month.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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