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HELOC payoff calculator

Estimate a HELOC draw-period payment, repayment-period amortized payment, payoff time, and interest when extra payments reduce principal.

  • USD inputs · transparent calculation assumptions
  • Instant updates as inputs change
  • Data is calculated in this browser only
USD inputs · transparent calculation assumptions
Your scenario
Updates as you type
Estimated payoff time138 months
First draw-period payment
$700.00
Scheduled repayment-period payment
$549.07
Balance entering repayment
$38,797.67
Draw-period interest
$12,007.00
Repayment-period interest
$16,676.98
Estimated total interest
$28,683.98
Remaining balance after modeled term
$0.00
Calculation notes

Understand the HELOC payoff calculator

The Home Equity Line of Credit Payoff Calculator validates every input, normalizes monthly and annual amounts, and calculates draw-period payments, repayment amortization, extra payments, payoff time, and interest from one consistent scenario.

Formula and logic

How does the Home Equity Line of Credit Payoff Calculator calculate draw-period payments, repayment amortization, extra payments, payoff time, and interest?

During the remaining draw period, interest I = balance × annual percentage / 1200. Required payment = max(I, balance × minimum-payment fraction); extra payment then reduces principal. Remaining balance is amortized over the entered repayment period using a fixed monthly rate.

Worked example

What does a worked Home Equity Line of Credit Payoff Calculator example show?

A $50,000 balance at 9% accrues $375 first-month interest. At a 1% minimum payment the required amount is $500. With $200 extra, payment is $700 and principal falls $325, leaving $49,675 for the next month.

How to read the result

How should I interpret the Home Equity Line of Credit Payoff Calculator results?

  • Interest-only repayment leaves principal unchanged unless an extra principal payment is made.
  • At the repayment transition, the scheduled amount changes because the remaining principal must amortize.
Limits and assumptions

Which costs, rules, or risks are outside the Home Equity Line of Credit Payoff Calculator?

  • Assumes no new draws and a constant rate. Real HELOCs often have variable rates, different minimum-payment clauses, fees or balloon terms.

Content and calculation reviewed:

Understand the calculation

How to use it and the math behind it

Read the complete explanation

Four steps to check your inputs and results

  1. Confirm currency and monthly versus annual amounts. U.S. tax and loan models should be used within their stated scope.
  2. Prepare Current HELOC balance, Annual interest rate, Remaining draw period, Repayment period, Draw-period minimum-payment rate, Extra monthly payment. Defaults demonstrate the model rather than your personal circumstances.
  3. Check the headline result and its components. A key interpretation for this tool is: Interest-only repayment leaves principal unchanged unless an extra principal payment is made.
  4. Compare the baseline with a changed scenario: At the repayment transition, the scheduled amount changes because the remaining principal must amortize.

Annuities and the remaining-balance recurrence

A fixed-payment loan is an annuity: the discounted value of all future payments equals the amount borrowed today. Summing that geometric series gives the monthly-payment equation. Match the rate and time unit: monthly payments use an annual nominal rate divided by twelve and a term counted in months.

P = Σ[t=1…n] M/(1+r)^t
M = Pr / (1 − (1+r)^−n)
Iₜ = Bₜ₋₁r; Bₜ = Bₜ₋₁ + Iₜ − paymentₜ

The detailed guide adds variable definitions, a reproducible example, a practice question and model limitations.

Keep calculating
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