HELOC Payment Calculator
A home equity line of credit is borrowed against as you need it and paid on the balance you are carrying. Put in a balance and the rate you were quoted, and this HELOC payment calculator works out a monthly figure, as interest alone or with the balance being paid down over the span you pick.
HELOC payment
What that works out to
- Monthly payment
- Needs a rate
Enter the rate you have been quoted and the numbers appear. We do not publish rates.
These are estimates from the figures you entered, not a quote, an offer, or a commitment to lend.
A calculator works from the figures you typed into it. Your loan officer works from your file and your credit, against the lenders on our panel.
Ask us for a real quoteHow the math works
Interest alone is the balance times the rate divided by twelve: the cost of carrying the balance for a month without reducing it.
Paying the balance down uses the standard amortization formula: the rate spread across the months in the span you picked, solved for the payment that clears the balance at the end of it. A rate of nothing spreads the balance evenly across the months rather than failing.
Both are worked at the one rate and the one balance you entered. A line's balance moves as it is borrowed against and paid back, so treat this as the figure for one month at that balance.
Nothing is rounded until it is printed.
Starting assumptions
No property taxes, insurance or dues here: a line's payment is about the balance and the rate. The balance it opens on is a round starting point, and the rate field starts empty.
These are estimates from the figures you entered, not a quote, an offer, or a commitment to lend.
Questions about HELOC payments
How is a HELOC payment calculated?
On the balance being carried and the rate, either as interest alone or as a payment that pays the balance down over a set span. This calculator shows both from the balance and rate you enter. What a particular line requires each month is set by its lender and its agreement.
Why does the rate field start empty?
A rate is a credit term, and publishing one would oblige us to publish more terms beside it. Rates also change. Put in the rate you were quoted, or one you want to try, and the figure appears.
Does this calculator include taxes, insurance or dues?
No. A HELOC sits behind the first mortgage, and the property's taxes and insurance are already carried with that loan. The figure here is the payment on the line's balance alone.
How is a HELOC different from a cash-out refinance?
A line leaves the first mortgage in place and sits behind it as a second mortgage. A cash-out refinance replaces the first mortgage with a larger loan and pays the difference in cash, so the whole balance moves to the new loan's rate and terms.
Pick the question you are trying to answer
- Monthly payment
What leaves your account each month once taxes, insurance and dues are inside the figure.
- Affordability
What your income carries once your debts, the taxes and the insurance come out of it.
- Refinance break-even
The month the closing costs are paid back, and what the new loan costs over its life.
- Amortization schedule
Every payment, split into interest and principal, year by year.
- DSCR check
Whether a rental's rent covers its own payment, taxes, insurance and dues.
- Rent vs buy
What renting costs against what owning costs over the years you plan to stay, with the sale at the end counted.
- Closing costs
Add up the lines on a Loan Estimate and see what the credits take off.
A quote needs your file
Send us what you are working with, and your loan officer can price it against the lenders on our panel.
No credit pull to get started. This is not a commitment to lend. Equal Housing Opportunity.