HELOC Payment Calculator

See why an interest-only draw-period payment does not reduce your balance, and compare it with a separate amortizing payment over your chosen repayment term.

Enter all amounts in one currency. Currency selection changes labels, not amounts or jurisdiction. No conversion is performed.

Mortgage interest scenarios use the stated monthly-rate approximation. Selecting CAD does not apply Canadian semiannual mortgage compounding; use lender terms to check an actual mortgage quote.

Range: 0–1,000,000,000
Range: 0–100
Range: 1–600; whole numbers

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

Interest-only monthly cost is balance × nominal annual rate / 12. The balance remains unchanged after that payment. A separate fixed-loan calculation repays principal and interest over the entered repayment months.

Worked example

A 12,000 drawn balance at 12% nominal annual interest costs 120 monthly on an interest-only basis and still owes 12,000 afterward. At 0% over 12 repayment months, the separate principal payment would be 1,000.

Assumptions and limits

Assumes a constant rate and no new draws. Does not reproduce a lender’s draw period, minimum payment, variable index, interest floor, balloon or fees. Your home secures a HELOC; the amortizing scenario is separate from the interest-only snapshot.

How to choose your inputs

Enter the drawn balance, not the approved credit limit, and select a rate assumption from the agreement. Use the repayment term for the separate amortizing estimate, not the number of months still available for draws. If the rate can reset, rerun the same balance at a higher rate to examine payment sensitivity.

How to interpret your result

An interest-only payment leaves principal outstanding; it is not an alternative payoff schedule. Compare it with the amortizing payment to understand how principal repayment can change monthly cash needs after draws end. The form does not reproduce a lender’s contractual transition, balloon or minimum payment, so check the repayment provisions in the agreement.

Primary references

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

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