Check out our home equity line of credit (HELOC) calculator to see your monthly payment based on factors like loan amount, interest rate, and repayment period.
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving loan that allows homeowners to borrow against the equity in their home. Unlike a traditional loan, you can borrow and repay during the draw period. The amount you’re able to borrow typically depends on your home’s appraised value, minus your existing mortgage balance.
How to Use the HELOC Payment Calculator
To use Benzinga’s HELOC payment calculator, you’ll need to enter the amount you intend to borrow (this will go in the loan amount section), your interest rate (this will be determined by your lender), and your repayment period. You’ll also be able to tweak the interest-only period yourself, plus check out both a monthly and yearly breakdown of interest and principal paid.
Benefits of Using a HELOC Payment Calculator
With our HELOC payment calculator, you’ll be able to get a clearer picture of what you’ll owe if you decide to utilize a Home Equity Line of Credit (HELOC). This can help you keep your finances in order and plan appropriately for the years ahead.
About Caroline Lubinsky
Caroline is a professional writer and editor from Charlotte, North Carolina. She is currently the Senior Editor for the Mortgages and Real Estate Investing verticals at Benzinga. Extremely detail-oriented, Caroline prioritizes publishing factually accurate content that maintains journalistic integrity. Besides her work at Benzinga, Caroline currently writes freelance commerce articles for Everyday Health, Forbes, Men’s Health, and Taste of Home.