HELOC Calculator
July 9, 2025 • 2 mins
Article Contents
If you take out a home equity line of credit (HELOC) to pay for your kitchen renovation or another big expense, your loan payment will depend on the size of the loan and the interest rate.
It also depends on the HELOC’s “draw” period (when you can borrow money) and its repayment period (during which you can no longer borrow money and must repay the loan plus interest).
How to calculate a HELOC payment
A HELOC’s “draw” period usually lasts up to 10 years. In many cases, the borrower may be able to repay only the interest during this time. The interest-only payments are based on your loan balance and the interest rate, which may be variable.
So if you owe $10,000 and your interest rate is fixed at 8.00% Annual Percentage Rate (APR), your interest-only monthly payment would be $66.67.
You may also be able to make payments on the loan principal, depending on the HELOC’s terms.
Next, the repayment period begins. You may need to make a single balloon payment or may have several years to repay the loan, depending on your HELOC’s terms. If you continue making monthly payments, they’ll include both the principal and interest.
If you owe $10,000 and your rate is fixed at 8.00% APR, and the repayment period is 15 years, your repayment period monthly payment would be $95.57. The total amount of interest on a HELOC with these terms would be $15,201.74.
Can you sell your home if you have a HELOC?
Yes, you can sell your home if you’ve taken out a HELOC. However, you may need to repay the loan when you make the sale. Check your HELOC’s terms for details.
Calculate my HELOC loan payment
With a HELOC, you can borrow as much (or as little) as you want, up to a specified percentage of your home’s equity.
Using the calculator below, punch in different loan amounts to find out what your interest rate and loan payments would be.
A Patelco Credit Union HELOC has a 10-year draw period (interest-only) with a 15-year repayment period.
Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.
Sources:
Consumer Financial Protection Bureau, What You Should Know About Home Equity Lines of Credit (HELOC), accessed May 27, 2025.
Experian, “What Is a Draw Period on a HELOC?” May 22, 2025.
Experian, “How Does HELOC Repayment Work?” October 24, 2022.
This article was created in accordance with the Patelco editorial policy.
Learn More About Loans
July 22, 2025
Considering home equity financing? Learn how it works and the types (loan, HELOC, reverse and second mortgage, cash-out refinance), to make the best decision for you.
November 8, 2019
Do you have home equity and want to consolidate your debt? Follow these steps to learn how to use a home equity loan or HELOC for debt consolidation.
October 4, 2024
It is important to understand the terms of a loan before borrowing money to avoid financial pitfalls. Learn the definitions used in loans.