In terms of the HELOC, you typically only need to make interest repayments during the draw period, which is usually between 10-15 years. You have access to a given set of funds in the same way you have a credit limit on the value of funds you can access via your credit card. In many ways, HELOCs act in a very similar way to a credit card. HELOCs can be attractive because they are available at a lower interest rate than some alternative loans and the interest on the loan is typically tax deductible. It provides you with access to a revolving line of credit that you can use to fund significant expenses or pay off any other debts or lines of credit you may have.

What is a HELOC?Ī HELOC is a form of loan that is secured against your home. Hit the 'Calculate' button to obtain the HELOC calculation.Provide the date at which your loan commenced (month and year).Input the repayment period of your line of credit i.e., the period during which you will make both interest and principal payments.Input details of the initial period of your line of credit loan during which you make interest-only payments.Input the annual interest rate you are charged on your HELOC.This HELOC calculator is designed to help you quickly and easily calculate your monthly HELOC payment per your loan term, current interest rate, and remaining balance.

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