Does this calculate how much home equity I can borrow?

No. You enter an already drawn outstanding amount. The calculator does not use home value or a lender's loan-to-value limit.

Are the interest rates APR or current lender quotes?

No. They are entered nominal annual interest assumptions, constant in each phase. Fees and rate changes are excluded.

Can I model additional draws or pay principal during the draw period?

No. This scenario keeps the fully drawn principal outstanding until amortizing repayment begins.

HELOC Calculator

Model a fully drawn HELOC with interest-only draw payments followed by monthly amortization at two entered constant nominal rates; no borrowing-capacity estimate.

HELOC payment scenarios

Compare draw-period and repayment-period payments.

The entire entered amount is already drawn and remains outstanding during the whole-year draw period. Monthly draw payments cover interest only. Repayment then uses equal amortizing payments at each month end over the whole-year repayment period. Each entered nominal annual percentage is divided by 1200 to obtain its monthly rate and stays constant within that phase.

Fully drawn balance; no additional withdrawals

Constant nominal annual rate for each phase

Whole-year periods with monthly payments

HELOC Details

Outstanding amount (USD)

$10,000$500,000

Draw Period

years

1 year15 years

Draw nominal annual interest rate

2%15%

Repayment Period

years

5 years30 years

Repayment nominal annual interest rate

2%15%

Results

Interest-Only Payment (Draw Period)

$312.50

per month

Principal & Interest Payment (Repayment Period)

$418.22

per month

Total Interest Paid

$87,872.81

Scenario: the entire entered amount is already drawn and stays outstanding through the draw period; interest-only monthly payments then change to equal amortizing payments at month end. The two entered nominal annual rates remain constant in their respective phases (annual percentage ÷ 1200 per month). Excludes redraws, principal payments during draw, variable-rate changes, fees, daily accrual, lender cent rounding and balloon repayment. Defaults are illustrative; this is not a lender quote or an approval estimate.

Scope: CFPB explains that HELOC draw payments, fees and repayment arrangements vary and rates usually change. This calculator estimates only the fixed fully drawn scenario above. CFPB HELOC

Loan Balance Over Time

Enter the modeled payment terms

Fully drawn balance

Enter the outstanding balance in USD at the start of the draw period.

Interest-only draw period

Enter whole years and a constant nominal annual rate. Only interest is paid; principal remains outstanding.

Amortizing repayment period

Enter whole years and its constant nominal annual rate. Equal monthly payments repay principal and interest. At zero interest, principal is divided across repayment months.

Compare both phases

Nominal annual rates are divided by 12. The model does not calculate borrowing capacity or model fees, further draws or rate changes.