Amortization Schedule


HELOC Payment Calculator With Amortization Schedule


HELOC Payment Calculator With Amortization Schedule is used to calculate monthly payment for your HELOC loan. The Home equity line of credit calculator will show you an HELOC amortization schedule excel that you can view all the payments each month.

Home Equity Line of Credit Calculator

Current HELOC Balance
Interest Rate
Interest Only Period
years
Repayment Period
years
First Payment Date
Amortization schedule
Show By Month Show By Year

HELOC Results

Current HELOC Balance:
$100,000.00
Monthly Payment:
$333.33 for 72 payments
$1,841.65 for 60 payments
Interest Only Terms:
6 years
Total Terms:
11 years
Total # Of Payments:
132
Start Date:
Sep, 2022
Payoff Date:
Aug, 2033
Total Interest Paid:
$34,499.17
Total Payment:
$134,499.17

HELOC Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Sep, 2022 1 $333.33 $0.00 $333.33 $100,000.00
Oct, 2022 2 $333.33 $0.00 $333.33 $100,000.00
Nov, 2022 3 $333.33 $0.00 $333.33 $100,000.00
Dec, 2022 4 $333.33 $0.00 $333.33 $100,000.00
Jan, 2023 5 $333.33 $0.00 $333.33 $100,000.00
Feb, 2023 6 $333.33 $0.00 $333.33 $100,000.00
Mar, 2023 7 $333.33 $0.00 $333.33 $100,000.00
Apr, 2023 8 $333.33 $0.00 $333.33 $100,000.00
May, 2023 9 $333.33 $0.00 $333.33 $100,000.00
Jun, 2023 10 $333.33 $0.00 $333.33 $100,000.00
Jul, 2023 11 $333.33 $0.00 $333.33 $100,000.00
Aug, 2023 12 $333.33 $0.00 $333.33 $100,000.00
Sep, 2023 13 $333.33 $0.00 $333.33 $100,000.00
Oct, 2023 14 $333.33 $0.00 $333.33 $100,000.00
Nov, 2023 15 $333.33 $0.00 $333.33 $100,000.00
Dec, 2023 16 $333.33 $0.00 $333.33 $100,000.00
Jan, 2024 17 $333.33 $0.00 $333.33 $100,000.00
Feb, 2024 18 $333.33 $0.00 $333.33 $100,000.00
Mar, 2024 19 $333.33 $0.00 $333.33 $100,000.00
Apr, 2024 20 $333.33 $0.00 $333.33 $100,000.00
May, 2024 21 $333.33 $0.00 $333.33 $100,000.00
Jun, 2024 22 $333.33 $0.00 $333.33 $100,000.00
Jul, 2024 23 $333.33 $0.00 $333.33 $100,000.00
Aug, 2024 24 $333.33 $0.00 $333.33 $100,000.00
Sep, 2024 25 $333.33 $0.00 $333.33 $100,000.00
Oct, 2024 26 $333.33 $0.00 $333.33 $100,000.00
Nov, 2024 27 $333.33 $0.00 $333.33 $100,000.00
Dec, 2024 28 $333.33 $0.00 $333.33 $100,000.00
Jan, 2025 29 $333.33 $0.00 $333.33 $100,000.00
Feb, 2025 30 $333.33 $0.00 $333.33 $100,000.00
Mar, 2025 31 $333.33 $0.00 $333.33 $100,000.00
Apr, 2025 32 $333.33 $0.00 $333.33 $100,000.00
May, 2025 33 $333.33 $0.00 $333.33 $100,000.00
Jun, 2025 34 $333.33 $0.00 $333.33 $100,000.00
Jul, 2025 35 $333.33 $0.00 $333.33 $100,000.00
Aug, 2025 36 $333.33 $0.00 $333.33 $100,000.00
Sep, 2025 37 $333.33 $0.00 $333.33 $100,000.00
Oct, 2025 38 $333.33 $0.00 $333.33 $100,000.00
Nov, 2025 39 $333.33 $0.00 $333.33 $100,000.00
Dec, 2025 40 $333.33 $0.00 $333.33 $100,000.00
Jan, 2026 41 $333.33 $0.00 $333.33 $100,000.00
Feb, 2026 42 $333.33 $0.00 $333.33 $100,000.00
Mar, 2026 43 $333.33 $0.00 $333.33 $100,000.00
Apr, 2026 44 $333.33 $0.00 $333.33 $100,000.00
May, 2026 45 $333.33 $0.00 $333.33 $100,000.00
Jun, 2026 46 $333.33 $0.00 $333.33 $100,000.00
Jul, 2026 47 $333.33 $0.00 $333.33 $100,000.00
Aug, 2026 48 $333.33 $0.00 $333.33 $100,000.00
Sep, 2026 49 $333.33 $0.00 $333.33 $100,000.00
Oct, 2026 50 $333.33 $0.00 $333.33 $100,000.00
Nov, 2026 51 $333.33 $0.00 $333.33 $100,000.00
Dec, 2026 52 $333.33 $0.00 $333.33 $100,000.00
Jan, 2027 53 $333.33 $0.00 $333.33 $100,000.00
Feb, 2027 54 $333.33 $0.00 $333.33 $100,000.00
Mar, 2027 55 $333.33 $0.00 $333.33 $100,000.00
Apr, 2027 56 $333.33 $0.00 $333.33 $100,000.00
May, 2027 57 $333.33 $0.00 $333.33 $100,000.00
Jun, 2027 58 $333.33 $0.00 $333.33 $100,000.00
Jul, 2027 59 $333.33 $0.00 $333.33 $100,000.00
Aug, 2027 60 $333.33 $0.00 $333.33 $100,000.00
Sep, 2027 61 $333.33 $0.00 $333.33 $100,000.00
Oct, 2027 62 $333.33 $0.00 $333.33 $100,000.00
Nov, 2027 63 $333.33 $0.00 $333.33 $100,000.00
Dec, 2027 64 $333.33 $0.00 $333.33 $100,000.00
Jan, 2028 65 $333.33 $0.00 $333.33 $100,000.00
Feb, 2028 66 $333.33 $0.00 $333.33 $100,000.00
Mar, 2028 67 $333.33 $0.00 $333.33 $100,000.00
Apr, 2028 68 $333.33 $0.00 $333.33 $100,000.00
May, 2028 69 $333.33 $0.00 $333.33 $100,000.00
Jun, 2028 70 $333.33 $0.00 $333.33 $100,000.00
Jul, 2028 71 $333.33 $0.00 $333.33 $100,000.00
Aug, 2028 72 $333.33 $0.00 $333.33 $100,000.00
Sep, 2028 73 $333.33 $1,508.32 $1,841.65 $98,491.68
Oct, 2028 74 $328.31 $1,513.34 $1,841.65 $96,978.34
Nov, 2028 75 $323.26 $1,518.39 $1,841.65 $95,459.95
Dec, 2028 76 $318.20 $1,523.45 $1,841.65 $93,936.50
Jan, 2029 77 $313.12 $1,528.53 $1,841.65 $92,407.97
Feb, 2029 78 $308.03 $1,533.62 $1,841.65 $90,874.35
Mar, 2029 79 $302.91 $1,538.74 $1,841.65 $89,335.61
Apr, 2029 80 $297.79 $1,543.86 $1,841.65 $87,791.75
May, 2029 81 $292.64 $1,549.01 $1,841.65 $86,242.74
Jun, 2029 82 $287.48 $1,554.17 $1,841.65 $84,688.57
Jul, 2029 83 $282.30 $1,559.35 $1,841.65 $83,129.22
Aug, 2029 84 $277.10 $1,564.55 $1,841.65 $81,564.67
Sep, 2029 85 $271.88 $1,569.77 $1,841.65 $79,994.90
Oct, 2029 86 $266.65 $1,575.00 $1,841.65 $78,419.90
Nov, 2029 87 $261.40 $1,580.25 $1,841.65 $76,839.65
Dec, 2029 88 $256.13 $1,585.52 $1,841.65 $75,254.13
Jan, 2030 89 $250.85 $1,590.80 $1,841.65 $73,663.33
Feb, 2030 90 $245.54 $1,596.11 $1,841.65 $72,067.22
Mar, 2030 91 $240.22 $1,601.43 $1,841.65 $70,465.79
Apr, 2030 92 $234.89 $1,606.76 $1,841.65 $68,859.03
May, 2030 93 $229.53 $1,612.12 $1,841.65 $67,246.91
Jun, 2030 94 $224.16 $1,617.49 $1,841.65 $65,629.42
Jul, 2030 95 $218.76 $1,622.89 $1,841.65 $64,006.53
Aug, 2030 96 $213.36 $1,628.29 $1,841.65 $62,378.24
Sep, 2030 97 $207.93 $1,633.72 $1,841.65 $60,744.52
Oct, 2030 98 $202.48 $1,639.17 $1,841.65 $59,105.35
Nov, 2030 99 $197.02 $1,644.63 $1,841.65 $57,460.72
Dec, 2030 100 $191.54 $1,650.11 $1,841.65 $55,810.61
Jan, 2031 101 $186.04 $1,655.61 $1,841.65 $54,155.00
Feb, 2031 102 $180.52 $1,661.13 $1,841.65 $52,493.87
Mar, 2031 103 $174.98 $1,666.67 $1,841.65 $50,827.20
Apr, 2031 104 $169.42 $1,672.23 $1,841.65 $49,154.97
May, 2031 105 $163.85 $1,677.80 $1,841.65 $47,477.17
Jun, 2031 106 $158.26 $1,683.39 $1,841.65 $45,793.78
Jul, 2031 107 $152.65 $1,689.00 $1,841.65 $44,104.78
Aug, 2031 108 $147.02 $1,694.63 $1,841.65 $42,410.15
Sep, 2031 109 $141.37 $1,700.28 $1,841.65 $40,709.87
Oct, 2031 110 $135.70 $1,705.95 $1,841.65 $39,003.92
Nov, 2031 111 $130.01 $1,711.64 $1,841.65 $37,292.28
Dec, 2031 112 $124.31 $1,717.34 $1,841.65 $35,574.94
Jan, 2032 113 $118.58 $1,723.07 $1,841.65 $33,851.87
Feb, 2032 114 $112.84 $1,728.81 $1,841.65 $32,123.06
Mar, 2032 115 $107.08 $1,734.57 $1,841.65 $30,388.49
Apr, 2032 116 $101.29 $1,740.36 $1,841.65 $28,648.13
May, 2032 117 $95.49 $1,746.16 $1,841.65 $26,901.97
Jun, 2032 118 $89.67 $1,751.98 $1,841.65 $25,149.99
Jul, 2032 119 $83.83 $1,757.82 $1,841.65 $23,392.17
Aug, 2032 120 $77.97 $1,763.68 $1,841.65 $21,628.49
Sep, 2032 121 $72.09 $1,769.56 $1,841.65 $19,858.93
Oct, 2032 122 $66.20 $1,775.45 $1,841.65 $18,083.48
Nov, 2032 123 $60.28 $1,781.37 $1,841.65 $16,302.11
Dec, 2032 124 $54.34 $1,787.31 $1,841.65 $14,514.80
Jan, 2033 125 $48.38 $1,793.27 $1,841.65 $12,721.53
Feb, 2033 126 $42.41 $1,799.24 $1,841.65 $10,922.29
Mar, 2033 127 $36.41 $1,805.24 $1,841.65 $9,117.05
Apr, 2033 128 $30.39 $1,811.26 $1,841.65 $7,305.79
May, 2033 129 $24.35 $1,817.30 $1,841.65 $5,488.49
Jun, 2033 130 $18.29 $1,823.36 $1,841.65 $3,665.13
Jul, 2033 131 $12.22 $1,829.43 $1,841.65 $1,835.70
Aug, 2033 132 $6.12 $1,835.70 $1,841.82 $0.00



HELOC Calculator

The 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. 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.

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