HELOC Payment Calculator
Find your HELOC monthly payment in both phases — the interest-only payment during the draw, and the fully-amortizing payment after it.
A HELOC has two monthly payments, not one. During the draw period you pay interest only — about $333/mo on a $50,000 balance at 8%. When the draw ends, the balance amortizes over the repayment term and the payment rises to about $418/mo. Enter your balance, rate, and terms to see both payments exactly, plus the final true-up payment that closes out the line.
These results are estimates for informational purposes only and are not financial, tax, or legal advice. Your actual figures from a lender or the IRS may differ. Consult a qualified professional before making decisions.
Payment shock when the draw ends
$333.33/mo → $418.22/mo
Your payment jumps $84.89 (+25.47%) when interest-only ends and the balance begins to amortize.
Month-by-month schedule
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About the HELOC Payment Calculator
The question this calculator answers is simple — what will my HELOC actually cost each month — but a HELOC has two answers, and lenders quote the smaller one. The draw-period payment is interest only: your balance times the monthly rate. On $50,000 at 8% that is about $333, and because it pays no principal, it stays flat for the whole draw. The repayment-period payment is a normal amortizing payment on the balance that remains when the draw ends, spread over the repayment term — about $418 a month here. That second number is the one to budget around, because it is what you will pay for the longest stretch and it is roughly a quarter higher than the payment you started with. This tool shows both to the cent, along with the final true-up payment: because interest is posted and rounded monthly, the very last payment differs slightly from the regular one to zero out the balance exactly, the same way your lender closes the account. Remember the rate is an assumption — a HELOC is variable, so test a higher rate to see how much both payments can move.
Frequently asked questions
Why does a HELOC have two different payments?+
Because it has two phases. In the draw period you can borrow and repay freely and typically owe interest only, so the payment is low and flat. In the repayment period you can no longer draw, and the remaining balance is amortized — principal plus interest — over a set term, so the payment is higher and pays the line down.
What is the final true-up payment?+
Because interest is posted and rounded to the cent every month, the scheduled payment leaves a few cents of rounding by the end. The last payment is adjusted — remaining balance plus that month's interest — so the balance lands exactly at zero. It differs slightly from the regular payment by design; this tool shows it separately.
Does the interest-only payment reduce my balance?+
No. During the draw, an interest-only payment covers only the interest that accrued that month; the principal is untouched. That is why the balance you owe when the draw ends is the same as when it started — unless you choose to pay extra principal along the way.
How accurate are these numbers?+
The math runs in exact decimal and posts interest rounded to the cent each month, then sums those posted amounts — the same convention a lender's ledger uses. So the payments and totals match a real statement rather than drifting like a floating-point approximation.
By D.J. Gelner
D.J. Gelner is a former attorney and product builder who writes and verifies the math behind ManyTools' calculators. This HELOC model uses real lender-ledger conventions — interest posted and rounded to the cent every month, exactly as a line of credit accrues — and every result is checked against hand-verified test cases. It is an educational estimate, not financial advice; confirm the numbers with your lender.
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