This Home Equity Line of Credit (HELOC) calculator will help you the interest payments that will be required during the initial phase of your HELOC. During this phase, known as the draw period, you may borrow against your line of credit and pay only the interest charges on the amount borrowed. The calculator will show the monthly interest payment for the total amount borrowed and interest rate.
The calculator will also show the effects of making additional payments toward principal on a monthly, yearly or one-time basis. The "Principal Balances" chart shows the remaining balances owed every 12 months after the first additional payment. Click "view report" to see the full breakdown.