HELOC Calculator

Calculate HELOC payments for both the draw period (interest-only) and repayment period.

Loan Details

5%36%
1 yr10 yrs

Monthly EMI

₹11,122

Total Amount Payable

₹6,67,333

Principal

₹5,00,000

Total Interest

₹1,67,333

HELOC Calculator Formula & How It Works

Draw Period: Payment = Balance × (Annual Rate ÷ 12) | Repayment: M = P[r(1+r)ⁿ]/[(1+r)ⁿ−1]
  • Draw period: typically 5–10 years, interest-only payments
  • Repayment period: typically 10–20 years, fully amortizing
  • HELOC rate = Prime Rate + Margin (variable)
  • Balance during draw = amount withdrawn from credit line

A HELOC has two phases: the draw period (borrow as needed, pay interest only on the amount drawn) and the repayment period (no more borrowing, balance amortizes over the remaining term). Payment can jump significantly at the start of the repayment period.

HELOC Calculator FAQs

What is the difference between HELOC draw period and repayment period?

During the draw period (typically 5–10 years), you can borrow up to your credit limit and make interest-only payments. During the repayment period (10–20 years), you repay the outstanding balance with principal and interest.

Are HELOC rates fixed or variable?

Most HELOCs have variable rates tied to the Prime Rate. When the Fed raises rates, your HELOC rate and payment increase. Some lenders offer fixed-rate options for portions of your balance.

Can I pay down a HELOC early?

Yes. HELOCs typically have no prepayment penalty. Paying down the balance during the draw period reduces future interest and increases your available credit.

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