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HELOC Amortization Calculator
HELOC Amortization Calculator excel is used to calculate the monthly payment for your HELOC loan. The HELOC payment calculator with amortization schedule shows you the interest only payments and regular repayment amounts.
Interest Only HELOC Calculator |
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Current HELOC Balance: |
$100,000.00 | |||||
Monthly Payment: |
$562.50 for 72 payments $1,968.35 for 60 payments |
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Interest Only Terms: |
6 years | |||||
Total Terms: |
11 years | |||||
Total # Of Payments: |
132 | |||||
Start Date: |
Apr, 2025 | |||||
Payoff Date: |
Mar, 2036 | |||||
Total Interest Paid: |
$58,600.69 | |||||
Total Payment: |
$158,601.00 | |||||
HELOC Amortization Schedule |
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| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Apr, 2025 | 1 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| May, 2025 | 2 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jun, 2025 | 3 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jul, 2025 | 4 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Aug, 2025 | 5 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Sep, 2025 | 6 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Oct, 2025 | 7 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Nov, 2025 | 8 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Dec, 2025 | 9 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jan, 2026 | 10 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Feb, 2026 | 11 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Mar, 2026 | 12 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Apr, 2026 | 13 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| May, 2026 | 14 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jun, 2026 | 15 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jul, 2026 | 16 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Aug, 2026 | 17 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Sep, 2026 | 18 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Oct, 2026 | 19 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Nov, 2026 | 20 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Dec, 2026 | 21 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jan, 2027 | 22 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Feb, 2027 | 23 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Mar, 2027 | 24 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Apr, 2027 | 25 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| May, 2027 | 26 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jun, 2027 | 27 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jul, 2027 | 28 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Aug, 2027 | 29 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Sep, 2027 | 30 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Oct, 2027 | 31 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Nov, 2027 | 32 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Dec, 2027 | 33 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jan, 2028 | 34 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Feb, 2028 | 35 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Mar, 2028 | 36 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Apr, 2028 | 37 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| May, 2028 | 38 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jun, 2028 | 39 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jul, 2028 | 40 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Aug, 2028 | 41 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Sep, 2028 | 42 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Oct, 2028 | 43 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Nov, 2028 | 44 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Dec, 2028 | 45 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jan, 2029 | 46 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Feb, 2029 | 47 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Mar, 2029 | 48 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Apr, 2029 | 49 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| May, 2029 | 50 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jun, 2029 | 51 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jul, 2029 | 52 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Aug, 2029 | 53 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Sep, 2029 | 54 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Oct, 2029 | 55 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Nov, 2029 | 56 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Dec, 2029 | 57 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jan, 2030 | 58 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Feb, 2030 | 59 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Mar, 2030 | 60 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Apr, 2030 | 61 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| May, 2030 | 62 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jun, 2030 | 63 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jul, 2030 | 64 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Aug, 2030 | 65 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Sep, 2030 | 66 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Oct, 2030 | 67 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Nov, 2030 | 68 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Dec, 2030 | 69 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Jan, 2031 | 70 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Feb, 2031 | 71 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Mar, 2031 | 72 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
| Apr, 2031 | 73 | $562.50 | $1,405.85 | $1,968.35 | $98,594.15 | |
| May, 2031 | 74 | $554.59 | $1,413.76 | $1,968.35 | $97,180.39 | |
| Jun, 2031 | 75 | $546.64 | $1,421.71 | $1,968.35 | $95,758.68 | |
| Jul, 2031 | 76 | $538.64 | $1,429.71 | $1,968.35 | $94,328.97 | |
| Aug, 2031 | 77 | $530.60 | $1,437.75 | $1,968.35 | $92,891.22 | |
| Sep, 2031 | 78 | $522.51 | $1,445.84 | $1,968.35 | $91,445.38 | |
| Oct, 2031 | 79 | $514.38 | $1,453.97 | $1,968.35 | $89,991.41 | |
| Nov, 2031 | 80 | $506.20 | $1,462.15 | $1,968.35 | $88,529.26 | |
| Dec, 2031 | 81 | $497.98 | $1,470.37 | $1,968.35 | $87,058.89 | |
| Jan, 2032 | 82 | $489.71 | $1,478.64 | $1,968.35 | $85,580.25 | |
| Feb, 2032 | 83 | $481.39 | $1,486.96 | $1,968.35 | $84,093.29 | |
| Mar, 2032 | 84 | $473.02 | $1,495.33 | $1,968.35 | $82,597.96 | |
| Apr, 2032 | 85 | $464.61 | $1,503.74 | $1,968.35 | $81,094.22 | |
| May, 2032 | 86 | $456.15 | $1,512.20 | $1,968.35 | $79,582.02 | |
| Jun, 2032 | 87 | $447.65 | $1,520.70 | $1,968.35 | $78,061.32 | |
| Jul, 2032 | 88 | $439.09 | $1,529.26 | $1,968.35 | $76,532.06 | |
| Aug, 2032 | 89 | $430.49 | $1,537.86 | $1,968.35 | $74,994.20 | |
| Sep, 2032 | 90 | $421.84 | $1,546.51 | $1,968.35 | $73,447.69 | |
| Oct, 2032 | 91 | $413.14 | $1,555.21 | $1,968.35 | $71,892.48 | |
| Nov, 2032 | 92 | $404.40 | $1,563.95 | $1,968.35 | $70,328.53 | |
| Dec, 2032 | 93 | $395.60 | $1,572.75 | $1,968.35 | $68,755.78 | |
| Jan, 2033 | 94 | $386.75 | $1,581.60 | $1,968.35 | $67,174.18 | |
| Feb, 2033 | 95 | $377.85 | $1,590.50 | $1,968.35 | $65,583.68 | |
| Mar, 2033 | 96 | $368.91 | $1,599.44 | $1,968.35 | $63,984.24 | |
| Apr, 2033 | 97 | $359.91 | $1,608.44 | $1,968.35 | $62,375.80 | |
| May, 2033 | 98 | $350.86 | $1,617.49 | $1,968.35 | $60,758.31 | |
| Jun, 2033 | 99 | $341.77 | $1,626.58 | $1,968.35 | $59,131.73 | |
| Jul, 2033 | 100 | $332.62 | $1,635.73 | $1,968.35 | $57,496.00 | |
| Aug, 2033 | 101 | $323.42 | $1,644.93 | $1,968.35 | $55,851.07 | |
| Sep, 2033 | 102 | $314.16 | $1,654.19 | $1,968.35 | $54,196.88 | |
| Oct, 2033 | 103 | $304.86 | $1,663.49 | $1,968.35 | $52,533.39 | |
| Nov, 2033 | 104 | $295.50 | $1,672.85 | $1,968.35 | $50,860.54 | |
| Dec, 2033 | 105 | $286.09 | $1,682.26 | $1,968.35 | $49,178.28 | |
| Jan, 2034 | 106 | $276.63 | $1,691.72 | $1,968.35 | $47,486.56 | |
| Feb, 2034 | 107 | $267.11 | $1,701.24 | $1,968.35 | $45,785.32 | |
| Mar, 2034 | 108 | $257.54 | $1,710.81 | $1,968.35 | $44,074.51 | |
| Apr, 2034 | 109 | $247.92 | $1,720.43 | $1,968.35 | $42,354.08 | |
| May, 2034 | 110 | $238.24 | $1,730.11 | $1,968.35 | $40,623.97 | |
| Jun, 2034 | 111 | $228.51 | $1,739.84 | $1,968.35 | $38,884.13 | |
| Jul, 2034 | 112 | $218.72 | $1,749.63 | $1,968.35 | $37,134.50 | |
| Aug, 2034 | 113 | $208.88 | $1,759.47 | $1,968.35 | $35,375.03 | |
| Sep, 2034 | 114 | $198.98 | $1,769.37 | $1,968.35 | $33,605.66 | |
| Oct, 2034 | 115 | $189.03 | $1,779.32 | $1,968.35 | $31,826.34 | |
| Nov, 2034 | 116 | $179.02 | $1,789.33 | $1,968.35 | $30,037.01 | |
| Dec, 2034 | 117 | $168.96 | $1,799.39 | $1,968.35 | $28,237.62 | |
| Jan, 2035 | 118 | $158.84 | $1,809.51 | $1,968.35 | $26,428.11 | |
| Feb, 2035 | 119 | $148.66 | $1,819.69 | $1,968.35 | $24,608.42 | |
| Mar, 2035 | 120 | $138.42 | $1,829.93 | $1,968.35 | $22,778.49 | |
| Apr, 2035 | 121 | $128.13 | $1,840.22 | $1,968.35 | $20,938.27 | |
| May, 2035 | 122 | $117.78 | $1,850.57 | $1,968.35 | $19,087.70 | |
| Jun, 2035 | 123 | $107.37 | $1,860.98 | $1,968.35 | $17,226.72 | |
| Jul, 2035 | 124 | $96.90 | $1,871.45 | $1,968.35 | $15,355.27 | |
| Aug, 2035 | 125 | $86.37 | $1,881.98 | $1,968.35 | $13,473.29 | |
| Sep, 2035 | 126 | $75.79 | $1,892.56 | $1,968.35 | $11,580.73 | |
| Oct, 2035 | 127 | $65.14 | $1,903.21 | $1,968.35 | $9,677.52 | |
| Nov, 2035 | 128 | $54.44 | $1,913.91 | $1,968.35 | $7,763.61 | |
| Dec, 2035 | 129 | $43.67 | $1,924.68 | $1,968.35 | $5,838.93 | |
| Jan, 2036 | 130 | $32.84 | $1,935.51 | $1,968.35 | $3,903.42 | |
| Feb, 2036 | 131 | $21.96 | $1,946.39 | $1,968.35 | $1,957.03 | |
| Mar, 2036 | 132 | $11.01 | $1,957.34 | $1,968.35 | $0.00 | |
HELOC Payment Calculator
The interest only HELOC calculator will calculate the monthly payments for both the draw period and the repayment period of a HELOC. During the draw period, the borrower has the option to make interest-only payments. After the draw period is over, borrowers are required to make principal plus interest payments which is the repayment period. Following are the required fields for the HELOC amortization calculator to work. Current HELOC Balance - the current balance of the HELOC Interest Rate - the interest rate on the HELOC Interest Only Period - this is the draw period where the borrower is only required to pay interest on the HELOC. Repayment Period - borrowers are required to repay the HELOC by regular payments which are principal and interest. Amortization Schedule - show the HELOC amortization schedule monthly or annually.
What is a HELOC?
A home equity line of credit or HELOC is a type of credit line that allows homeowners to borrow money against their home equity. The more equity a homeowner has in his house, the more money he can borrow. A HELOC is a secured loan using the homeowner's house as collateral. Therefore, if the homeowner failed to make payment, he may lose his home.
How does a HELOC work?
A HELOC works pretty much like a credit card where the borrower is given a credit limit. Borrowers can borrow and use up to the limit and pay interest only on the amount that they use. The borrower can repay all or a portion of the amount that they used monthly, and the limit would be reset to the credit limit that he is given initially minus the HELOC balance. Homeowners can borrow as little as they need to or as much as they want up to the credit limit. To qualify for a HELOC, homeowners need to have substantial equities in their homes. Homeowners can usually borrow up to 80% against the value of their home minus the amount that they owe on the mortgage. The approval process for HELOC is similar to when the borrower is getting their initial mortgage. Lenders will check their credit score, income, pay stubs, employment history, and debt to determine how much credit line to grant and at what interest rate.
What is a draw period on a HELOC?
Most HELOCs have two phases, first a draw period and then repayment. The draw period is usually 10 years, during which a borrower can draw as much as he can up to the credit limit. The borrower is only required to make interest payments during the draw payment, although he has the option to pay more towards the principal. After the draw period, the HELOC is closed and enters the repayment period. Borrowers are no longer able to borrow additional money and are required to make regular payments to repay the loan until the loan is paid off. If the HELOC carries a large balance during the repayment period, the borrower may end up paying a lot more in monthly payments than during the draw period since he now needs to pay for principal and interest.
HELOC vs. Home Equity Loan
Many people are confused by HELOCs and home equity loans. While both HELOC and a home equity loan allow homeowners to borrow against their home and use their house as collateral, there are differences between the two types of loans. A HELOC behaves more like a credit card, whereas a home equity loan is similar to any other loan or mortgage. A home equity loan comes with a fixed interest rate and fixed payments for the term of the loan. The borrowers are given a lump sum and are expected to repay in installments. They need to pay interest on the amount borrowed whether they use it or not.
HELOC Vs. Home Equity Loan |
||
| HELOC | Home Equity Loan | |
|---|---|---|
| Fix interest rate | No, HELOCs are variable rates | Yes, home equity loans are fixed interest rates with fixed terms. |
| Lump Sum Payment | No, the borrower is given a credit line and pays interest on the amount they use. | Yes, borrowers are given a lump sum and repay with installment payments. |
| Draw money as needed | Yes | No |
| Pay interest on only the money you draw | Yes, during the draw period, borrowers have the option to make interest-only payments. | No |
| Interest-only payment options | Yes | No |
| May lose the home if the borrower defaults on the loan | Yes | Yes |
Pros and cons of HELOC
There are benefits and drawbacks of getting HELOC versus other types of loans and credit cards. Here are the pros and cons of HELOC.
Pros of HELOC
- Lower interest rate - HELOC offers a lower interest rate than almost any other type of loan and credit card.
- Pay interest only on the balance - borrowers are only required to pay for the balance that is used, unlike a home equity loan where the borrower is expected to pay interest on the full amount.
- Flexible repayment option - borrowers can make only interest payments in the draw period, which means the initial payments are often much lower than a home equity loan.
- Large loan amount - a HELOC can be a much larger loan than personal loans and credit cards depending on the equity a borrower has in his home.
- Use the money for anything - there are not many restrictions on how a borrower should spend the money. Homeowners can use the HELOC for pretty much anything, such as home renovation, paying off credit cards or student loans, paying for continued education, medical bills, or emergencies.
- Low or no closing costs - there are very low or no closing costs for HELOC which is beneficial for homeowners who are on a tight budget.
- Pay it off anytime - the convenience of paying off early without penalties is another advantage of HELOC.
Cons of HELOC
- Home as collateral - since HELOC is secured by the borrower's home, failure to make payments will put the borrower's house at risk. This is different from an unsecured credit card loan where the most disastrous damage is a lower credit score in case of non-payment.
- Rising interest rate - the interest rate for HELOCs are often variable rates meaning in an environment where the rates are rising, borrowers will end up paying much more interest payments than a home equity loan.
- Substantial equity in homes - most lenders require homeowners to have a loan-to-value ratio of 80% or less and borrowers need to have substantial equities in their homes.
- Payment surprise - while the payments for the draw period are low. Homeowners may be surprised when the draw period is over and they are required to make much bigger payments in the repayment period.
- Declining house price - in a market where the house price is declining, it will erode the equity the homeowner has in his house. In the worst case scenario, the homeowner may owe more money on his mortgage and the HELOC than the value of his home.
- Minimum withdrawal requirement - some lenders may require a minimum withdrawal where the homeowner is forced to borrow even when he does not need the money.
- Longer process time - the approval process is longer than most personal loans and credit cards as lenders need to check the borrower's financial background and credit scores. The borrower's credit score will be lower temporarily due to a hard pull on the credit report by the lender.
Is HELOC interest deductible?
Yes, the interest for HELOC is tax-deductible if you use the money to buy, build, or make home improvements and itemize your deductions.
How much equity do I have in my home?
Home equity is calculated by subtracting your outstanding mortgage balance from the current market value of your home. For example, if the market value of your home is $800,000, and your current mortgage balance is $600,000, then you have $200,000 in your home equity.
How much can I borrow from my home equity?
Most lenders allow homeowners to borrow up to 85% of their home equity. Let's say you have $200,000 equity in your home, then you can borrow up to 85% of the $200,000 or $170,000.
Can I pay off my HELOC early?
Most lenders allow borrowers to pay off their HELOC early without penalty. However, you should check with the lender and review the terms of your HELOC loan.
What happens if I default on my HELOC?
HELOC is a secured loan that uses your home as collateral. If you default on the HELOC loan, you will face foreclosure and losing your home. Therefore, you should only apply for a HELOC when you need to and know you can afford to make the monthly payments.
Can you refinance HELOC?
Yes, just like a mortgage, you can refinance your HELOC into a fixed-rate home equity loan, a new HELOC, or a mortgage. Refinancing your HELOC may lower your monthly payments or interest rate, hence saving on interest payments. If you refinance the HELOC to a fixed-interest home equity loan, it makes your monthly payments more predictable without having to worry about a rising interest rate.
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