HOME EQUITY LINE OF CREDIT CALCULATOR

CALCULATE BOTH HOME EQUITY LINE OF CREDIT PAYMENTS

A Home Equity Line of Credit (HELOC) usually has two different monthly payment amounts during the life of the line. The first, the draw period monthly payment, is often a payment of only the interest on the drawn amount and is usually much lower than the payment during the repayment period. The repayment period payment is higher to cover interest and a portion of the remaining principal to pay down the loan.

Having a lot of equity built up in your home is an excellent financial safety net but tapping into that equity can also be an affordable way to pay for major expenses. This calculator can help you determine the line of credit amount that best fits your budget during both the draw period and repayment period, so you stay financially secure even as you pay for remodeling, college, medical expenses, or other major expenses.