Payment changes
The repayment phase includes principal as well as interest, so its payment can exceed the earlier interest-only payment. Repeated draws can make that change larger.
Loans
HELOC Payment Calculator
Calculate interest-only HELOC payments during the draw period and amortizing repayment afterward. Include repeated draws, a credit limit and separate phase rates.
Monthly repayment after the draw period
$250.93
First draw-period interest-only payment
$200.00
Last draw-period payment
$200.00
Balance entering repayment
$30,000.00
Total interest across both phases
$54,223.68
Total payments
$84,223.68
Result comparison
Monthly repayment after the draw period: $250.93Monthly repayment after the draw period · $250.93
First draw-period interest-only payment: $200.00First draw-period interest-only payment · $200.00
Last draw-period payment: $200.00Last draw-period payment · $200.00
Balance entering repayment: $30,000.00Balance entering repayment · $30,000.00
Total interest across both phases: $54,223.68Total interest across both phases · $54,223.68
Total payments: $84,223.68Total payments · $84,223.68
Monthly repayment after the draw periodTotal payments
Hover, tap or focus a column to see its exact value.
HELOC draw and repayment schedule
Detailed values use the same assumptions as the summary above.
| Phase | New draw | Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|---|
| Draw / interest-only | $0.00 | 1 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 2 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 3 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 4 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 5 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 6 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 7 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 8 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 9 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 10 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 11 | $200.00 | $200.00 | $0.00 | $30,000.00 |
| Draw / interest-only | $0.00 | 12 | $200.00 | $200.00 | $0.00 | $30,000.00 |
Rates are held constant within each phase for comparison. Actual HELOC rates may vary, and contracts may use different payment rules or a balloon payment.
Calculation method
Formula and method
Each additional monthly draw increases principal before that month’s interest is calculated. Planned balances cannot exceed the entered credit limit. The rate for the repayment phase can differ from the draw-phase rate.
Detailed guide
Compare HELOC draw and repayment payments
A home equity line of credit can have a draw period followed by a repayment period. This model keeps principal outstanding during the draw phase while you pay interest. When drawing ends, the accumulated balance is repaid in monthly installments.
For a 30,000 balance at 8%, the interest-only monthly payment is 200. Principal remains 30,000 without additional draws. Repaying it over 20 years at the same modeled rate increases the payment to about 250.93.
Formula and method
Draw payment = balance × annual rate / 12; repayment = P × r / (1−(1+r)^−n)
Each additional monthly draw increases principal before that month’s interest is calculated. Planned balances cannot exceed the entered credit limit. The rate for the repayment phase can differ from the draw-phase rate.
Set the remaining draw period to zero to start directly with repayment. The table identifies each phase and separates draws, interest, principal repayment and remaining balance.
Using the results
Rate scenarios
Many HELOC contracts use variable rates. Run separate scenarios with different entered rates; a fixed phase rate here is only a comparison assumption.
Frequently asked questions
Can I calculate interest-only payments?
Yes. Enter a drawn balance and draw rate. Monthly interest equals balance times the annual rate divided by 12.
Can I model further borrowing?
Yes. Enter a repeated monthly draw. It is added at the start of every remaining draw-period month, subject to the credit limit.
Does this calculate a balloon payment?
No. The repayment phase amortizes the balance over the entered term. Check your agreement if principal is due as one lump sum.
Data sources
These sources explain the concepts used in the calculation. Check the applicable contract or issuer documents for your actual parameters.
Updated: October 1, 2026
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