A HELOC (Home Equity Line of Credit) calculator helps you estimate the monthly payments and total cost of a home equity line of credit. Unlike a traditional home equity loan that provides a lump sum, a HELOC works like a credit card secured by your home — you can borrow as needed up to your credit limit during the draw period, then repay over the repayment period.
This calculator models both the draw period (interest-only payments) and the repayment period (principal + interest amortization). It shows your monthly payment, total interest, and a year-by-year breakdown so you can understand the full cost of borrowing against your home equity.
Key factors affecting your HELOC cost include the interest rate (typically variable, based on prime rate + margin), draw period length (usually 10 years), repayment period (usually 20 years), and closing costs (2-5% of the credit line).
