HELOC Calculator
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Draw period versus repayment period
A HELOC works like a credit card secured by your home. During the draw period — often ten years — you borrow what you need and typically pay interest only on the outstanding balance. When the repayment period starts, the balance amortizes over the remaining term and the payment jumps, because principal now must be retired too. The two payment rows above show both regimes.
Frequently Asked Questions
Why did my HELOC payment change without a new draw?
Most HELOC rates float with the prime rate, so the payment moves at each rate adjustment. Interest-only payments also change whenever your balance changes.
Is a HELOC cheaper than a home equity loan?
The starting rate is often lower, but it can rise. Choose a HELOC for flexible or staged spending, and a fixed lump-sum loan when you need certainty — run both calculators and compare worst cases.