HELOC Payment Calculator
Calculate HELOC payments in both phases: interest-only during the draw period, then principal + interest after. See available equity and payment shock. Free.
HELOCs have a trick: during the draw period (usually 10 years) you pay interest only, then the line freezes and the payment jumps to principal + interest over the remaining term. Homeowners who budget for the draw-phase payment get blindsided by the step-up.
This calculator shows both phases: your available equity (up to the typical 80–85% combined LTV), the interest-only payment, and the higher repayment-phase payment — so the payment shock is a known number, not a surprise.
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Home Equity Loan Calculator
Calculate your home equity, max borrowable amount, and monthly payments for HELOC or equity loans.
Lump sum disbursement
Closes after funding
Variable interest rate
Reusable credit line
Estimates only. Actual rates, terms, and borrowing limits vary by lender, credit score, and market conditions. This is not financial advice — consult a mortgage professional.
Home equity loans vs. HELOCs — illustrated
Your home equity is home value − outstanding mortgage. Most lenders let you borrow up to an 80% combined loan-to-value — so the maximum draw is 80% × home value − mortgage balance, capped by your equity. The tool then prices a fixed-rate home equity loan (one lump sum, amortized payments) or notes the mechanics of a HELOC (a revolving line you draw from as needed, paying variable-rate interest on the balance during the draw period). Because your home secures the debt, default can mean foreclosure — and under TCJA, interest is only deductible if the funds substantially improve the home.
Example: $500,000 home with a $300,000 mortgage. At an 80% LTV cap the maximum combined debt is $400,000, so $100,000 is borrowable — as a lump sum (loan) or a revolving line (HELOC).
Maria's home is worth $500,000 with a $300,000 mortgage. She picks an 80% LTV limit and a 15-year fixed home equity loan at 8.5% to consolidate debt.
- Equity:$500,000 − $300,000 = $200,000 of equity (40% of value).
- Borrowing limit:80% × $500,000 = $400,000 combined cap − $300,000 mortgage = $100,000 max borrowable.
- Fixed loan payment:$100,000 over 15 years at 8.5% ≈ $985/month (amortized).
- True cost & LTV:Total paid ≈ $177k → ~$77k of interest over 15 years; combined LTV after borrowing is exactly 80%.
About this HELOC payment calculator
This page covers home equity line of credit payment, heloc interest only calculator, how much can i borrow heloc, heloc repayment period payment jump — all the same underlying task as HELOC payment calculator. The tool above is FreeToolHub's home equity calculator embedded in full: every feature works right here, and nothing you process is uploaded to any server.
Frequently asked questions
How much can I borrow with a HELOC?
Lenders typically cap the combined loan-to-value at 80–85%: (home value × 0.85) − existing mortgage balance = your maximum line. On a $500,000 home with $300,000 owed, that's up to $125,000 — actual offers depend on credit score, income, and the lender's LTV policy.
Why does my HELOC payment go up after the draw period?
Draw-period payments are interest-only on whatever you've drawn; when the repayment period begins, the drawn balance amortizes over the remaining term (often 20 years), so principal enters the payment. On a $50,000 balance at 8.5%, that's roughly $354 interest-only versus $490+ with principal — budget for the higher number.