HELOC Payment Calculator
Interest-only draw period payments and full amortized repayment-period payments for a home equity line of credit.
How each phase is calculated
$60,000 drawn at 8.5%, 10-year draw + 15-year repayment
Drawing $60,000 at 8.5% means interest-only payments of about $425/month for the entire 10-year draw period — roughly $51,000 in interest paid without touching the principal. Once repayment begins, the same $60,000 balance amortizes over 15 years at around $591/month, adding another $46,400 in interest before the balance reaches zero.
Common questions
During the draw period, most HELOCs only require interest-only payments — you're paying the cost of borrowing but not reducing what you owe. Once the repayment period starts, the payment jumps to a fully amortizing payment covering both principal and interest, which is why many borrowers see a significant payment increase at that transition.