Calculate a Home Equity Line of Credit payment
See what a HELOC costs per month
Repaying a Home Equity Line of Credit (HELOC) requires payment to the lender, which typically includes both repayment of the loan principal plus monthly interest on the outstanding balance. Some HELOCs allow you to make interest-only payments for a defined period of time, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate.
Loan payments for the repayment period are amortized so that the monthly payment remains the same throughout the repayment period, but during that period, the percentage of the payment that goes toward principal will increase as the outstanding mortgage balance decreases. Find out how much a HELOC will cost per month.