Amortization Schedule


HELOC Payoff Calculator



HELOC Payoff Calculator is used to calculate the savings on interest payments when you make extra payments for your HELOC loan. HELOC extra payment calculator with amortization schedule will also show you how much earlier you can pay off the HELOC.

HELOC Extra Payment Calculator

Current Balance
$
Interest Rate
Current Monthly Payment
$
Extra Monthly Payment
$
OR
Desired Payoff Years
years

Original vs. HELOC Payoff

Original HELOC Payoff
Monthly Payment
$900.00
$2,000.00
Expected Payoff Time
106 months
40 months
Total Interest
$24,834.91 $8,882.69
Total Principal
$70,000.00 $70,000.00
Total Payment
$94,834.91 $78,882.69
Total Interest Savings
$0 $15,952.22
Payoff Date
Feb, 2033 Aug, 2027

HELOC Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
May, 2024 1 $422.92 $1,577.08 $2,000.00 $68,422.92
Jun, 2024 2 $413.39 $1,586.61 $2,000.00 $66,836.31
Jul, 2024 3 $403.80 $1,596.20 $2,000.00 $65,240.11
Aug, 2024 4 $394.16 $1,605.84 $2,000.00 $63,634.27
Sep, 2024 5 $384.46 $1,615.54 $2,000.00 $62,018.72
Oct, 2024 6 $374.70 $1,625.30 $2,000.00 $60,393.42
Nov, 2024 7 $364.88 $1,635.12 $2,000.00 $58,758.30
Dec, 2024 8 $355.00 $1,645.00 $2,000.00 $57,113.30
Jan, 2025 9 $345.06 $1,654.94 $2,000.00 $55,458.35
Feb, 2025 10 $335.06 $1,664.94 $2,000.00 $53,793.42
Mar, 2025 11 $325.00 $1,675.00 $2,000.00 $52,118.42
Apr, 2025 12 $314.88 $1,685.12 $2,000.00 $50,433.30
May, 2025 13 $304.70 $1,695.30 $2,000.00 $48,738.00
Jun, 2025 14 $294.46 $1,705.54 $2,000.00 $47,032.46
Jul, 2025 15 $284.15 $1,715.85 $2,000.00 $45,316.61
Aug, 2025 16 $273.79 $1,726.21 $2,000.00 $43,590.40
Sep, 2025 17 $263.36 $1,736.64 $2,000.00 $41,853.76
Oct, 2025 18 $252.87 $1,747.13 $2,000.00 $40,106.63
Nov, 2025 19 $242.31 $1,757.69 $2,000.00 $38,348.94
Dec, 2025 20 $231.69 $1,768.31 $2,000.00 $36,580.63
Jan, 2026 21 $221.01 $1,778.99 $2,000.00 $34,801.64
Feb, 2026 22 $210.26 $1,789.74 $2,000.00 $33,011.90
Mar, 2026 23 $199.45 $1,800.55 $2,000.00 $31,211.34
Apr, 2026 24 $188.57 $1,811.43 $2,000.00 $29,399.91
May, 2026 25 $177.62 $1,822.38 $2,000.00 $27,577.54
Jun, 2026 26 $166.61 $1,833.39 $2,000.00 $25,744.15
Jul, 2026 27 $155.54 $1,844.46 $2,000.00 $23,899.69
Aug, 2026 28 $144.39 $1,855.61 $2,000.00 $22,044.08
Sep, 2026 29 $133.18 $1,866.82 $2,000.00 $20,177.27
Oct, 2026 30 $121.90 $1,878.10 $2,000.00 $18,299.17
Nov, 2026 31 $110.56 $1,889.44 $2,000.00 $16,409.73
Dec, 2026 32 $99.14 $1,900.86 $2,000.00 $14,508.87
Jan, 2027 33 $87.66 $1,912.34 $2,000.00 $12,596.53
Feb, 2027 34 $76.10 $1,923.90 $2,000.00 $10,672.63
Mar, 2027 35 $64.48 $1,935.52 $2,000.00 $8,737.11
Apr, 2027 36 $52.79 $1,947.21 $2,000.00 $6,789.90
May, 2027 37 $41.02 $1,958.98 $2,000.00 $4,830.92
Jun, 2027 38 $29.19 $1,970.81 $2,000.00 $2,860.11
Jul, 2027 39 $17.28 $1,982.72 $2,000.00 $877.39
Aug, 2027 40 $5.30 $877.39 $882.69 $0.00


How to pay off HELOC faster?

The way to pay off HELOC faster is by increasing your monthly payments during the draw payment. When you make extra payments with a HELOC towards the principal, you will reduce the balance and interest payments on the HELOC loan. During the draw period, limit your spending to only the necessary. Draw money from the HELOC when you need it. This will keep your HELOC balance to the minimum and hence you will end up paying less on interest. If you can afford it, you can also make a large payment to reduce the principal amount or a lump sum to pay off the HELOC altogether. You should notify your lender that the extra payment is toward the principal instead of as an early payment. Some lenders have prepayment penalties for borrowers who pay off their HELOC early, make sure you check with your lender to see if there are any prepayment penalties. HELOC loans have an interest-only period where borrowers are only required to pay interest. You can increase your monthly payments to keep the balance smaller to save money on interest payments.

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