Home Equity Line of Credit Payment Calculator
Your line's minimum payment today, the amortized payment when the draw phase ends, and the interest bill across both.
Credit card flexibility, mortgage stakes
A home equity line of credit behaves like a giant, cheap credit card with your house as the guarantee. That combination — low rate, high limit, flexible borrowing — is useful and dangerous in equal measure. The first step to using one safely is knowing what it actually costs per month, in both of its phases. That’s what this calculator does.
What to enter
- Current balance— what you’ve actually drawn, not the credit limit.
- Rate— today’s APR from your statement (prime + your margin).
- Years left in the draw phase — check your agreement; ten-year draws are the norm.
- Repayment period — how long the lender amortizes the balance after the draw ends.
Reading the results like a lender
The interest-only figure is your minimum— the cheapest month your line will ever have. The post-draw figure is closer to the true cost of carrying the balance. If the second number worries you, that’s useful information today: principal payments during the draw phase shrink it dollar for dollar, and a payoff plan turns that into a habit. Our free planner will happily schedule your line of credit right next to the rest of your debts.
Frequently asked questions
What is a home equity line of credit?
A home equity line of credit (HELOC) is revolving credit secured by your home. Like a credit card, you borrow as needed up to a limit and pay interest only on what you use — but the rate is far lower because your house backs the line.
What payment does a home equity line of credit require?
While the line is open (the draw phase), most lenders require only the monthly interest on your current balance. When the line closes, the outstanding balance converts to a fixed amortization schedule — that second, larger payment is what surprises many borrowers.
How do rising interest rates affect my line of credit?
HELOC rates track the prime rate, so each Fed move changes your interest charge within a billing cycle or two. A $60,000 balance costs $400/month at 8% and $475/month at 9.5% — same debt, different month. Re-run the calculator whenever rates move.
Should I convert my line of credit balance to a fixed rate?
Many lenders offer fixed-rate locks on part of the balance, and refinancing into a home equity loan is also common. Fixing costs a slightly higher rate today in exchange for immunity to future increases — worth considering when rates are climbing.
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Calculations assume monthly compounding (APR ÷ 12) and fixed minimum payments. Eagle Debt Payoff is a planning tool, not financial advice.