HELOC Payment Calculator
Make informed decisions about your Home Equity Line of Credit with our comprehensive calculators and tools.
Everything You Need to Understand Your HELOC
Our comprehensive calculators help you make informed decisions about your home equity.
Payment Calculator
Calculate monthly payments, total interest, and view your complete amortization schedule with intuitive visual tools.
Loan Comparison
Compare HELOC vs. traditional mortgage options to find the best financial solution for your specific needs.
Tax Benefits
Estimate potential tax savings from your HELOC interest payments and understand the financial implications.
HELOC Payment Calculator
Calculate your monthly payments, total interest, and view your complete amortization schedule.
HELOC Payment Calculator
Calculate your Home Equity Line of Credit (HELOC) payments and view your amortization schedule.
Calculator Input
Loading current interest rate data...
Payment Results
Monthly Payment
$0.00
Total Interest
$0.00
Total Payment
$250000.00
Payment Breakdown
Fixed vs Variable Rate
Amortization Schedule
Click "Show Table" to view your complete amortization schedule.
HELOC vs Mortgage Comparison
Compare the costs and benefits of a HELOC versus a traditional mortgage.
HELOC vs. Mortgage Comparison
Compare the costs of financing with a Home Equity Line of Credit versus a traditional mortgage.
Comparison Inputs
Comparison Results
HELOC Summary
Monthly Payment:
$0.00
Total Interest:
$0.00
Total Payments:
$250000.00
Payoff Timeline:
15 years
Mortgage Summary
Monthly Payment:
$0.00
Total Interest:
$0.00
Total Payments:
$250000.00
Payoff Timeline:
30 years
Key Differences
Monthly Payment Difference:
HELOC payment is $0.00 lower per month
Total Interest Savings:
Using a mortgage saves $0.00 in interest
Recommended Option:
The mortgage option may be better for total interest savings.
Note: Consider other factors like tax benefits, flexibility, and future rate changes before making a final decision.
Important Considerations
- HELOCs typically have variable interest rates that can change over time
- Mortgages usually have fixed rates for the entire term
- HELOCs may have lower closing costs than traditional mortgages
- Some HELOCs require interest-only payments during the draw period
HELOC Early Payment Calculator
See how much you can save by making extra payments on your HELOC.
HELOC Early Payment Calculator
See how much you can save by making extra payments on your HELOC.
Early Payment Inputs
Early Payment Results
Interest Savings
$0.00
Time Shortened
0.0 years
Standard Term
0.0 years
New Term
0.0 years
Payment Comparison
Standard Payment Plan
Monthly Payment:
$0.00
Total Interest:
$0.00
Total Paid:
$250000.00
Loan Term:
0.0 years
With Extra Payments
Monthly Payment:
$0.00
Total Interest:
$0.00
Total Paid:
$250000.00
Loan Term:
0.0 years
Balance Over Time
Tips for Making Extra Payments
- Make sure your HELOC has no prepayment penalties
- Ensure extra payments are applied to the principal balance
- Consider bi-weekly payments as an alternative strategy
- Maintain consistency with your extra payment schedule
- Start with smaller extra payments if you're concerned about cash flow
HELOC Tax Benefits Calculator
Estimate potential tax savings from your HELOC interest payments.
HELOC Tax Benefits Calculator
Estimate potential tax savings from the interest paid on your HELOC.
Important Tax Disclaimer
This calculator provides estimates only and is not tax advice. Tax laws change regularly and vary by location. Consult a tax professional for advice specific to your situation.
Under current U.S. tax law, HELOC interest is generally deductible only when the loan is used to buy, build, or substantially improve the home that secures the loan, and when you itemize deductions.
Tax Benefit Inputs
Note: You must itemize deductions to claim HELOC interest.
Tax Benefit Results
Total Interest Paid
$0.00
Total Tax Savings
$0.00
Effective Interest Rate
5.66%
After tax benefits
Yearly Interest and Tax Savings
Qualifying HELOC Uses for Tax Deduction
Generally Deductible
- Home improvements (kitchen remodel, bathroom renovation)
- Building an addition to your home
- Major repairs that add value to your home
- Installing energy-efficient systems
- Building a new garage or outbuilding
Generally Not Deductible
- Debt consolidation
- Paying for college tuition
- Buying a car or other vehicle
- Taking a vacation
- Paying for daily expenses
Note: This information is based on U.S. tax law as of 2023. Tax laws may change, and there are limitations on total qualified debt. Always consult a tax professional.
Understanding Home Equity Lines of Credit
Learn the basics of HELOCs and how they can benefit homeowners.
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow against the equity in their home. Unlike a traditional home equity loan, which provides a lump sum amount, a HELOC works more like a credit card, allowing you to borrow as needed up to a predetermined credit limit.
How Does a HELOC Work?
HELOCs typically have two phases:
- Draw Period: Usually 5-10 years, during which you can borrow funds as needed and typically make interest-only payments.
- Repayment Period: Usually 10-20 years, during which you can no longer borrow funds and must repay both principal and interest.
Benefits of a HELOC
- Flexibility: Borrow only what you need, when you need it.
- Interest Rates: Often lower than credit cards or personal loans.
- Tax Benefits: Interest may be tax-deductible when used for home improvements (consult a tax professional).
- Access to Funds: Provides access to large sums of money for major expenses like home renovations, education, or debt consolidation.
Considerations Before Getting a HELOC
- Your Home is Collateral: Failure to repay could result in foreclosure.
- Variable Interest Rates: Most HELOCs have variable rates that can change over time.
- Additional Costs: May include closing costs, annual fees, and transaction fees.
- Market Fluctuations: Changes in home values can affect your available equity.
Frequently Asked Questions
Get answers to common questions about HELOCs and our calculators.
What's the difference between a HELOC and a home equity loan?
A HELOC works like a credit line that you can draw from as needed, usually with variable interest rates. A home equity loan provides a one-time lump sum with fixed interest rates and payments.
How much can I borrow with a HELOC?
Most lenders allow you to borrow up to 80-85% of your home's value, minus your outstanding mortgage balance. For example, if your home is worth $400,000 and you owe $200,000 on your mortgage, you might be able to borrow up to $140,000 with a HELOC (85% of $400,000 = $340,000, minus $200,000 = $140,000).
Are HELOC interest payments tax-deductible?
Under current U.S. tax law, HELOC interest is generally deductible only when the loan is used to buy, build, or substantially improve the home that secures the loan, and when you itemize deductions. Consult a tax professional for advice specific to your situation.
How accurate are the calculators on this site?
Our calculators provide close estimates based on the information you input. However, actual rates, terms, and fees will vary by lender. These calculators are for educational purposes and should not be considered financial advice.
What factors affect HELOC interest rates?
HELOC rates are typically variable and based on a benchmark rate (like the prime rate) plus a margin determined by factors such as your credit score, loan-to-value ratio, debt-to-income ratio, and relationship with the lender.
What Our Users Say About Our Calculators
Hear from homeowners who have used our HELOC calculation tools
Michael Johnson
Homeowner in Seattle, WA
Sarah Davis
Homeowner in Austin, TX
Robert Kim
Homeowner in Chicago, IL
Ready to Explore Your HELOC Options?
Use our calculators to make informed decisions about your home equity