HELOC Calculator
Calculate your Home Equity Line of Credit payments and understand the draw and repayment periods.
Property information
HELOC terms
Usage plan
HELOC Approved
Approved credit line: $75,000
Credit line status
Initial draw
$30,000
Available credit
$45,000
Available equity
$220,000
Maximum credit limit
$145,000
Draw period
Interest-only payment
$213
10 years
Repayment period
Principal + interest
$260
20 years
Total costs
Combined LTV
71.0%
Balance over time
What is a HELOC?
A Home Equity Line of Credit is a revolving credit line secured by your home. You can draw funds as needed during the draw period, then repay during the repayment period.
How it works
During the draw period (typically 10 years), you can borrow up to your limit and usually pay interest only. During repayment (10-20 years), you pay principal plus interest.
Pros and cons
Pros: Flexibility, only pay interest on what you use, potentially lower rates than credit cards. Cons: Variable rates, risk of overspending, home is collateral.