HELOC Calculator · Practical guide
HELOC Payment on $50,000
Interest-only payments during the draw period start around $292 a month at 7% — then the repayment phase changes everything.
At a glance
The short answer
On a $50,000 HELOC balance, the interest-only payment during the draw period is the balance times the rate divided by 12. At 7%, that is $291.67 per month. Once the draw period ends and the balance amortizes over a typical 20-year repayment term, the principal-and-interest payment on the same $50,000 at 7% rises to $387.64 per month — about 33% higher.
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HELOC Calculator
Enter your own values, then compare the result with the examples below.
Interest-only payment by rate
HELOC rates are usually variable, so it pays to know how the draw-period payment moves with the rate:
| Rate | Interest-Only Payment on $50,000 |
|---|---|
| 6.0% | $250.00 |
| 7.0% | $291.67 |
| 8.0% | $333.33 |
| 9.0% | $375.00 |
Full cost of a $50,000 draw at 7%
Assume a 10-year draw period where you pay the $291.67 interest-only amount each month, then a 20-year repayment period. Draw-period interest totals about $35,000, the balance is still $50,000 when repayment begins, and the 240 payments of $387.64 add roughly $43,035 more in interest. All in, that $50,000 of borrowing costs about $78,035 in interest over 30 years.
What if you pay less than the interest?
Some lenders allow very low minimum payments during the draw. Paying nothing at all means the unpaid interest capitalizes: at 7%, a $50,000 balance compounds to roughly $100,483 after 10 years, and the repayment payment jumps to about $779.04 a month. Even paying $500 a month — about $208 toward principal — cuts the end-of-draw balance to around $13,941 and slashes total interest to roughly $35,940. Run your own numbers in the calculator above.
Frequently Asked Questions
Is the HELOC payment based on the limit or the balance?
Payments are based on what you have actually drawn, not the credit limit. A $100,000 line with a $50,000 balance accrues interest only on the $50,000.
Why is my HELOC payment higher than the interest-only estimate?
During the repayment period you pay principal plus interest, which is always higher than interest-only. On $50,000 at 7% over 20 years, the payment rises from $291.67 to $387.64.
Do HELOC rates change over time?
Most HELOCs have variable rates tied to the prime rate, so your payment can move up or down. The figures here assume a constant rate, which is the right baseline for planning.
How much does an extra $200 a month save on a $50,000 HELOC?
Paying $500 instead of the $291.67 interest-only amount during a 10-year draw at 7% reduces the balance to about $13,941 and saves roughly $42,000 in total interest over the life of the line.