HELOC Payoff Calculator
Enter your HELOC balance and APR, choose interest-only or a fixed payment, and add any extra you can pay each month. You'll see the payoff time and interest.
Paid off in 6 years, 11 months · $16,266.91 total interest See results
The amount you've drawn.
Today's rate from your statement.
The balance never goes down
Interest-only payment
$354.17
Interest-only cost per year
$4,250.04
Time to pay off
6 years, 11 months
Total interest
$16,266.91
Interest saved by the extra
$9,582.10
vs 10 years, 7 months without the extra
Time saved
3 years, 8 months
Assumes the rate stays the same and you draw nothing more from the line.
- With extra payments
- Without the extra
Month-by-month schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $800.00 | $354.17 | $445.83 | $49,554.17 |
| 2 | $800.00 | $351.01 | $448.99 | $49,105.18 |
| 3 | $800.00 | $347.83 | $452.17 | $48,653.01 |
| 4 | $800.00 | $344.63 | $455.37 | $48,197.64 |
| 5 | $800.00 | $341.40 | $458.60 | $47,739.04 |
| 6 | $800.00 | $338.15 | $461.85 | $47,277.19 |
| 7 | $800.00 | $334.88 | $465.12 | $46,812.07 |
| 8 | $800.00 | $331.59 | $468.41 | $46,343.66 |
| 9 | $800.00 | $328.27 | $471.73 | $45,871.93 |
| 10 | $800.00 | $324.93 | $475.07 | $45,396.86 |
| 11 | $800.00 | $321.56 | $478.44 | $44,918.42 |
| 12 | $800.00 | $318.17 | $481.83 | $44,436.59 |
| 13 | $800.00 | $314.76 | $485.24 | $43,951.35 |
| 14 | $800.00 | $311.32 | $488.68 | $43,462.67 |
| 15 | $800.00 | $307.86 | $492.14 | $42,970.53 |
| 16 | $800.00 | $304.37 | $495.63 | $42,474.90 |
| 17 | $800.00 | $300.86 | $499.14 | $41,975.76 |
| 18 | $800.00 | $297.33 | $502.67 | $41,473.09 |
| 19 | $800.00 | $293.77 | $506.23 | $40,966.86 |
| 20 | $800.00 | $290.18 | $509.82 | $40,457.04 |
| 21 | $800.00 | $286.57 | $513.43 | $39,943.61 |
| 22 | $800.00 | $282.93 | $517.07 | $39,426.54 |
| 23 | $800.00 | $279.27 | $520.73 | $38,905.81 |
| 24 | $800.00 | $275.58 | $524.42 | $38,381.39 |
| 25 | $800.00 | $271.87 | $528.13 | $37,853.26 |
| 26 | $800.00 | $268.13 | $531.87 | $37,321.39 |
| 27 | $800.00 | $264.36 | $535.64 | $36,785.75 |
| 28 | $800.00 | $260.57 | $539.43 | $36,246.32 |
| 29 | $800.00 | $256.74 | $543.26 | $35,703.06 |
| 30 | $800.00 | $252.90 | $547.10 | $35,155.96 |
| 31 | $800.00 | $249.02 | $550.98 | $34,604.98 |
| 32 | $800.00 | $245.12 | $554.88 | $34,050.10 |
| 33 | $800.00 | $241.19 | $558.81 | $33,491.29 |
| 34 | $800.00 | $237.23 | $562.77 | $32,928.52 |
| 35 | $800.00 | $233.24 | $566.76 | $32,361.76 |
| 36 | $800.00 | $229.23 | $570.77 | $31,790.99 |
| 37 | $800.00 | $225.19 | $574.81 | $31,216.18 |
| 38 | $800.00 | $221.11 | $578.89 | $30,637.29 |
| 39 | $800.00 | $217.01 | $582.99 | $30,054.30 |
| 40 | $800.00 | $212.88 | $587.12 | $29,467.18 |
| 41 | $800.00 | $208.73 | $591.27 | $28,875.91 |
| 42 | $800.00 | $204.54 | $595.46 | $28,280.45 |
| 43 | $800.00 | $200.32 | $599.68 | $27,680.77 |
| 44 | $800.00 | $196.07 | $603.93 | $27,076.84 |
| 45 | $800.00 | $191.79 | $608.21 | $26,468.63 |
| 46 | $800.00 | $187.49 | $612.51 | $25,856.12 |
| 47 | $800.00 | $183.15 | $616.85 | $25,239.27 |
| 48 | $800.00 | $178.78 | $621.22 | $24,618.05 |
| 49 | $800.00 | $174.38 | $625.62 | $23,992.43 |
| 50 | $800.00 | $169.95 | $630.05 | $23,362.38 |
| 51 | $800.00 | $165.48 | $634.52 | $22,727.86 |
| 52 | $800.00 | $160.99 | $639.01 | $22,088.85 |
| 53 | $800.00 | $156.46 | $643.54 | $21,445.31 |
| 54 | $800.00 | $151.90 | $648.10 | $20,797.21 |
| 55 | $800.00 | $147.31 | $652.69 | $20,144.52 |
| 56 | $800.00 | $142.69 | $657.31 | $19,487.21 |
| 57 | $800.00 | $138.03 | $661.97 | $18,825.24 |
| 58 | $800.00 | $133.35 | $666.65 | $18,158.59 |
| 59 | $800.00 | $128.62 | $671.38 | $17,487.21 |
| 60 | $800.00 | $123.87 | $676.13 | $16,811.08 |
| 61 | $800.00 | $119.08 | $680.92 | $16,130.16 |
| 62 | $800.00 | $114.26 | $685.74 | $15,444.42 |
| 63 | $800.00 | $109.40 | $690.60 | $14,753.82 |
| 64 | $800.00 | $104.51 | $695.49 | $14,058.33 |
| 65 | $800.00 | $99.58 | $700.42 | $13,357.91 |
| 66 | $800.00 | $94.62 | $705.38 | $12,652.53 |
| 67 | $800.00 | $89.62 | $710.38 | $11,942.15 |
| 68 | $800.00 | $84.59 | $715.41 | $11,226.74 |
| 69 | $800.00 | $79.52 | $720.48 | $10,506.26 |
| 70 | $800.00 | $74.42 | $725.58 | $9,780.68 |
| 71 | $800.00 | $69.28 | $730.72 | $9,049.96 |
| 72 | $800.00 | $64.10 | $735.90 | $8,314.06 |
| 73 | $800.00 | $58.89 | $741.11 | $7,572.95 |
| 74 | $800.00 | $53.64 | $746.36 | $6,826.59 |
| 75 | $800.00 | $48.36 | $751.64 | $6,074.95 |
| 76 | $800.00 | $43.03 | $756.97 | $5,317.98 |
| 77 | $800.00 | $37.67 | $762.33 | $4,555.65 |
| 78 | $800.00 | $32.27 | $767.73 | $3,787.92 |
| 79 | $800.00 | $26.83 | $773.17 | $3,014.75 |
| 80 | $800.00 | $21.35 | $778.65 | $2,236.10 |
| 81 | $800.00 | $15.84 | $784.16 | $1,451.94 |
| 82 | $800.00 | $10.28 | $789.72 | $662.22 |
| 83 | $666.91 | $4.69 | $662.22 | $0.00 |
| Total | $66,266.91 | $16,266.91 | $50,000.00 | $0.00 |
More than one debt? Plan all your debts together in the debt payoff planner, with this line of credit already filled in.
How we calculate thisYour numbers never leave your device.
This HELOC payoff calculator shows what your home equity line of credit costs each month on interest-only payments, and how long it takes to pay off at a fixed payment. Enter your balance, APR and payment. Add an extra monthly amount to see how much sooner the line is paid off and how much interest you save.
How to use this calculator
- Enter your balance, the amount you’ve drawn, from your latest statement.
- Enter your APR. HELOCs typically have a variable rate, so use today’s rate from your statement.
- Choose the payment type. Interest-only shows the cost of paying just the interest. Fixed payment runs a payoff at the amount you enter.
- Enter your monthly payment for the fixed payment option.
- Add an extra monthly payment to see what paying more does.
The calculator assumes you don’t draw any more from the line while paying it down.
What the results mean
- Interest-only monthly cost
- One month of interest on your balance. Paying this keeps the balance flat. It never goes down.
- Payoff time and total interest
- At your fixed payment, how many months until the balance hits $0 and the interest paid along the way. If the payment is lower than the monthly interest, the balance never falls, and the result says so.
- Savings from extra
- How many months and how much interest your extra monthly payment removes compared with the fixed payment alone.
Worked example
Say you’ve drawn $50,000 at 8.5% APR. The interest-only payment is $354.17 a month, and after a year of those payments you still owe the full $50,000.
Pay a fixed $600 a month instead. The line is paid off in 10 years, 7 months, with $25,849.01 in interest.
Raise that to $800 a month. Now it takes 6 years, 11 months, and the interest falls to $16,266.91.
Draw period, repayment period and the payment jump
A HELOC has two phases. During the draw period you can borrow up to your limit. The CFPB gives 10 years as an example. When it ends, you can no longer borrow and the repayment period begins, often 10 or 20 years. The CFPB notes that monthly payments are often significantly higher once repayment starts, and in some plans the whole balance comes due at once.
Lenders must tell you when you apply if paying only the minimum may not repay any principal and could leave a balloon payment. If you’ve been paying interest only, this calculator shows what a fixed payment would take before the repayment period sets one for you.
How we calculate this
Each month the calculator adds interest at the APR divided by 12, rounded to the cent, then subtracts your payment plus any extra. The final payment is exactly what’s left. The rate is held fixed for the whole payoff, so if your HELOC rate is variable, rerun the numbers when it changes. See the methodology page.
Related
- Mortgage payoff calculator: extra payments on your first mortgage.
- APR vs interest rate: which number your HELOC statement shows.
- Loan payoff calculator: fixed-rate loans with a lump sum option.
FAQ
How do I pay off a HELOC faster?
Pay more than the interest every month, and add a fixed extra amount on top. Every dollar above the monthly interest lowers the balance, which lowers next month’s interest. Avoid new draws while you pay it down. Enter your balance and a fixed payment above to see how many months each extra dollar removes.
What happens if I only pay interest on my HELOC?
Your balance stays the same. On $50,000 at 8.5% APR, interest-only costs $354.17 a month and repays nothing. When the draw period ends, the repayment period begins and the CFPB notes that payments are often significantly higher. Some plans require the full balance at that point.
How long does it take to pay off a HELOC?
It depends on the balance, the rate and your payment. At 8.5% APR, $50,000 paid at $600 a month takes 10 years, 7 months. Your lender also sets a repayment period, often 10 or 20 years according to the CFPB. Paying more than the scheduled amount finishes sooner and saves interest.
Does a variable rate change the payoff?
Yes. The CFPB says HELOCs typically have variable rates, so your interest, and your payment if it is based on the rate, can change from month to month. The calculator holds your APR fixed. When your rate changes, enter the new rate and your current balance to get an updated payoff date.
What is the difference between the draw period and the repayment period?
During the draw period you can borrow against the line, up to your limit, and payments may cover only interest. When it ends, you can no longer borrow. The repayment period follows, often 10 or 20 years according to the CFPB, and your payments then have to repay the balance.