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Monthly during draw (interest-only)
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Monthly during repayment
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Interest during draw
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Total interest
A HELOC usually has an interest-only draw period, after which you repay principal and interest. This assumes the full amount stays drawn for the whole term.
Frequently Asked Questions
How does a HELOC differ from a loan?
A home equity line of credit lets you borrow as needed up to a limit. During the draw period you typically pay only interest; afterwards you repay the balance with principal and interest over the repayment period.
Estimate interest-only and repayment payments on a home equity line of credit.