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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: |
Oct, 2024 | |||||
Payoff Date: |
Sep, 2035 | |||||
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 | |
---|---|---|---|---|---|---|
Oct, 2024 | 1 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Nov, 2024 | 2 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Dec, 2024 | 3 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jan, 2025 | 4 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Feb, 2025 | 5 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Mar, 2025 | 6 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Apr, 2025 | 7 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
May, 2025 | 8 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jun, 2025 | 9 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jul, 2025 | 10 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Aug, 2025 | 11 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Sep, 2025 | 12 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Oct, 2025 | 13 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Nov, 2025 | 14 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Dec, 2025 | 15 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jan, 2026 | 16 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Feb, 2026 | 17 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Mar, 2026 | 18 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Apr, 2026 | 19 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
May, 2026 | 20 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jun, 2026 | 21 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jul, 2026 | 22 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Aug, 2026 | 23 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Sep, 2026 | 24 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Oct, 2026 | 25 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Nov, 2026 | 26 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Dec, 2026 | 27 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jan, 2027 | 28 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Feb, 2027 | 29 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Mar, 2027 | 30 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Apr, 2027 | 31 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
May, 2027 | 32 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jun, 2027 | 33 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jul, 2027 | 34 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Aug, 2027 | 35 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Sep, 2027 | 36 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Oct, 2027 | 37 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Nov, 2027 | 38 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Dec, 2027 | 39 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jan, 2028 | 40 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Feb, 2028 | 41 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Mar, 2028 | 42 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Apr, 2028 | 43 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
May, 2028 | 44 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jun, 2028 | 45 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jul, 2028 | 46 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Aug, 2028 | 47 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Sep, 2028 | 48 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Oct, 2028 | 49 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Nov, 2028 | 50 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Dec, 2028 | 51 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jan, 2029 | 52 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Feb, 2029 | 53 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Mar, 2029 | 54 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Apr, 2029 | 55 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
May, 2029 | 56 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jun, 2029 | 57 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jul, 2029 | 58 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Aug, 2029 | 59 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Sep, 2029 | 60 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Oct, 2029 | 61 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Nov, 2029 | 62 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Dec, 2029 | 63 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jan, 2030 | 64 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Feb, 2030 | 65 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Mar, 2030 | 66 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Apr, 2030 | 67 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
May, 2030 | 68 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jun, 2030 | 69 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Jul, 2030 | 70 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Aug, 2030 | 71 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Sep, 2030 | 72 | $562.50 | $0.00 | $562.50 | $100,000.00 | |
Oct, 2030 | 73 | $562.50 | $1,405.85 | $1,968.35 | $98,594.15 | |
Nov, 2030 | 74 | $554.59 | $1,413.76 | $1,968.35 | $97,180.39 | |
Dec, 2030 | 75 | $546.64 | $1,421.71 | $1,968.35 | $95,758.68 | |
Jan, 2031 | 76 | $538.64 | $1,429.71 | $1,968.35 | $94,328.97 | |
Feb, 2031 | 77 | $530.60 | $1,437.75 | $1,968.35 | $92,891.22 | |
Mar, 2031 | 78 | $522.51 | $1,445.84 | $1,968.35 | $91,445.38 | |
Apr, 2031 | 79 | $514.38 | $1,453.97 | $1,968.35 | $89,991.41 | |
May, 2031 | 80 | $506.20 | $1,462.15 | $1,968.35 | $88,529.26 | |
Jun, 2031 | 81 | $497.98 | $1,470.37 | $1,968.35 | $87,058.89 | |
Jul, 2031 | 82 | $489.71 | $1,478.64 | $1,968.35 | $85,580.25 | |
Aug, 2031 | 83 | $481.39 | $1,486.96 | $1,968.35 | $84,093.29 | |
Sep, 2031 | 84 | $473.02 | $1,495.33 | $1,968.35 | $82,597.96 | |
Oct, 2031 | 85 | $464.61 | $1,503.74 | $1,968.35 | $81,094.22 | |
Nov, 2031 | 86 | $456.15 | $1,512.20 | $1,968.35 | $79,582.02 | |
Dec, 2031 | 87 | $447.65 | $1,520.70 | $1,968.35 | $78,061.32 | |
Jan, 2032 | 88 | $439.09 | $1,529.26 | $1,968.35 | $76,532.06 | |
Feb, 2032 | 89 | $430.49 | $1,537.86 | $1,968.35 | $74,994.20 | |
Mar, 2032 | 90 | $421.84 | $1,546.51 | $1,968.35 | $73,447.69 | |
Apr, 2032 | 91 | $413.14 | $1,555.21 | $1,968.35 | $71,892.48 | |
May, 2032 | 92 | $404.40 | $1,563.95 | $1,968.35 | $70,328.53 | |
Jun, 2032 | 93 | $395.60 | $1,572.75 | $1,968.35 | $68,755.78 | |
Jul, 2032 | 94 | $386.75 | $1,581.60 | $1,968.35 | $67,174.18 | |
Aug, 2032 | 95 | $377.85 | $1,590.50 | $1,968.35 | $65,583.68 | |
Sep, 2032 | 96 | $368.91 | $1,599.44 | $1,968.35 | $63,984.24 | |
Oct, 2032 | 97 | $359.91 | $1,608.44 | $1,968.35 | $62,375.80 | |
Nov, 2032 | 98 | $350.86 | $1,617.49 | $1,968.35 | $60,758.31 | |
Dec, 2032 | 99 | $341.77 | $1,626.58 | $1,968.35 | $59,131.73 | |
Jan, 2033 | 100 | $332.62 | $1,635.73 | $1,968.35 | $57,496.00 | |
Feb, 2033 | 101 | $323.42 | $1,644.93 | $1,968.35 | $55,851.07 | |
Mar, 2033 | 102 | $314.16 | $1,654.19 | $1,968.35 | $54,196.88 | |
Apr, 2033 | 103 | $304.86 | $1,663.49 | $1,968.35 | $52,533.39 | |
May, 2033 | 104 | $295.50 | $1,672.85 | $1,968.35 | $50,860.54 | |
Jun, 2033 | 105 | $286.09 | $1,682.26 | $1,968.35 | $49,178.28 | |
Jul, 2033 | 106 | $276.63 | $1,691.72 | $1,968.35 | $47,486.56 | |
Aug, 2033 | 107 | $267.11 | $1,701.24 | $1,968.35 | $45,785.32 | |
Sep, 2033 | 108 | $257.54 | $1,710.81 | $1,968.35 | $44,074.51 | |
Oct, 2033 | 109 | $247.92 | $1,720.43 | $1,968.35 | $42,354.08 | |
Nov, 2033 | 110 | $238.24 | $1,730.11 | $1,968.35 | $40,623.97 | |
Dec, 2033 | 111 | $228.51 | $1,739.84 | $1,968.35 | $38,884.13 | |
Jan, 2034 | 112 | $218.72 | $1,749.63 | $1,968.35 | $37,134.50 | |
Feb, 2034 | 113 | $208.88 | $1,759.47 | $1,968.35 | $35,375.03 | |
Mar, 2034 | 114 | $198.98 | $1,769.37 | $1,968.35 | $33,605.66 | |
Apr, 2034 | 115 | $189.03 | $1,779.32 | $1,968.35 | $31,826.34 | |
May, 2034 | 116 | $179.02 | $1,789.33 | $1,968.35 | $30,037.01 | |
Jun, 2034 | 117 | $168.96 | $1,799.39 | $1,968.35 | $28,237.62 | |
Jul, 2034 | 118 | $158.84 | $1,809.51 | $1,968.35 | $26,428.11 | |
Aug, 2034 | 119 | $148.66 | $1,819.69 | $1,968.35 | $24,608.42 | |
Sep, 2034 | 120 | $138.42 | $1,829.93 | $1,968.35 | $22,778.49 | |
Oct, 2034 | 121 | $128.13 | $1,840.22 | $1,968.35 | $20,938.27 | |
Nov, 2034 | 122 | $117.78 | $1,850.57 | $1,968.35 | $19,087.70 | |
Dec, 2034 | 123 | $107.37 | $1,860.98 | $1,968.35 | $17,226.72 | |
Jan, 2035 | 124 | $96.90 | $1,871.45 | $1,968.35 | $15,355.27 | |
Feb, 2035 | 125 | $86.37 | $1,881.98 | $1,968.35 | $13,473.29 | |
Mar, 2035 | 126 | $75.79 | $1,892.56 | $1,968.35 | $11,580.73 | |
Apr, 2035 | 127 | $65.14 | $1,903.21 | $1,968.35 | $9,677.52 | |
May, 2035 | 128 | $54.44 | $1,913.91 | $1,968.35 | $7,763.61 | |
Jun, 2035 | 129 | $43.67 | $1,924.68 | $1,968.35 | $5,838.93 | |
Jul, 2035 | 130 | $32.84 | $1,935.51 | $1,968.35 | $3,903.42 | |
Aug, 2035 | 131 | $21.96 | $1,946.39 | $1,968.35 | $1,957.03 | |
Sep, 2035 | 132 | $11.01 | $1,957.34 | $1,968.35 | $0.00 |
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.
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.
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.
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.
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 |
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HELOC | Home Equity Loan | |
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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 |
There are benefits and drawbacks of getting HELOC versus other types of loans and credit cards. Here are the pros and cons of HELOC.
Yes, the interest for HELOC is tax-deductible if you use the money to buy, build, or make home improvements and itemize your deductions.
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.
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.
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.
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.
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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