Calculate HELOC available credit, draw period interest-only payments, and repayment period payments. Understand total interest cost across both phases.
HELOC Details
$
$
%
$
%
years
years
Available Credit Line
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Draw Period Payment
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Max Credit Line
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Draw Period (P&I)
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Repayment Period
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Total Interest
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Home Value
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Mortgage Balance
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Current Equity
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Max Credit Line (at CLTV)
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Amount Drawn
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Draw Period Payment (interest only)
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Interest During Draw Period
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Repayment Period Payment (P+I)
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Interest During Repayment
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Total Interest Paid
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⚠️ Variable Rate: HELOC rates are tied to Prime Rate and change with Fed rate decisions. Budget for rate increases — consider worst-case scenarios.
FAQ
What is a HELOC?
A Home Equity Line of Credit is a revolving credit line secured by your home equity. Unlike a lump-sum home equity loan, you draw funds as needed during the draw period, then repay during the repayment period.
What is the draw period?
During the draw period (typically 5-10 years), you can borrow from the line and usually pay interest-only on the amount drawn. The credit line is revolving — you can repay and re-borrow.
What happens when the draw period ends?
The HELOC enters the repayment period (10-20 years). You can no longer draw funds and must repay the outstanding balance in fixed installments of principal plus interest. This can cause "payment shock."
What CLTV is needed for a HELOC?
Most lenders require CLTV ≤ 80-85%. Combined LTV = (Mortgage Balance + HELOC Amount) / Home Value. With $600K home and $350K mortgage at 85% CLTV: max HELOC = $600K × 0.85 − $350K = $160K.