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How it works
Formula & explanation
HELOC Calculator uses the following calculation:
InterestOnlyPayment = Draw × (rate/12)
This is a simplified model intended for planning and education. Real-world offers from lenders, institutions, or tax authorities may include additional fees, rules, or adjustments not reflected here.
FAQ
Frequently asked questions
What happens when the draw period ends?
You typically move into a repayment period where the balance amortizes over a set number of years, raising your monthly payment.
Are HELOC rates fixed or variable?
Most HELOCs carry a variable rate tied to a benchmark index, so payments can change over time.
Can I keep borrowing during the draw period?
Yes, up to your credit limit, similar to a credit card, which is what makes budgeting for future payments tricky.
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