HELOC Payment Calculator
Payment Estimates:
Monthly Interest Payment: $0.00
Annual Interest Payment: $0.00
Total Interest During Draw Period: $0.00
About This HELOC Calculator
This Home Equity Line of Credit (HELOC) calculator helps you estimate:
- Monthly interest-only payments
- Annual interest costs
- Total interest during the draw period
How It Works
The calculator uses the following formula:
Monthly Payment = (Credit Limit × Interest Rate) ÷ 12
Note: This assumes interest-only payments during the draw period. Actual payments may vary based on lender terms.
Key HELOC Considerations
- HELOCs typically have variable interest rates
- Draw periods usually last 5-10 years
- Repayment period follows draw period
- Minimum payments may vary by lender
Limitations
- Doesn't account for principal payments
- Assumes constant interest rate
- Doesn't include fees/closing costs
0 Comments