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HELOC payoff calculator
Coming off the draw period, or just want the line gone? Enter the balance, current rate and the years of repayment left to see the path to zero.
- Draw period
- Often 10 years (interest-only allowed)
- Repayment period
- Often 20 years
- Rate
- Variable, tied to the prime rate
$31,890
interest you never pay
- Monthly payment
- $441.86 + $200
- Debt-free
- 9 yrs 8 mo
- Time cut
- 10 yrs 4 mo
- Total interest
- $24,155 vs $56,045
Every extra dollar you put in saves about $1.39 in interest ($23,000 extra in total), a guaranteed, tax-free return equal to your 8.75% rate.
Amortization schedule with extra payments
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $4,238 | $1,064 | $2,400 | $46,536 |
| 2 | $3,923 | $1,380 | $2,400 | $42,756 |
| 3 | $3,578 | $1,724 | $2,400 | $38,633 |
| 4 | $3,203 | $2,100 | $2,400 | $34,133 |
| 5 | $2,793 | $2,509 | $2,400 | $29,224 |
| 6 | $2,346 | $2,957 | $2,400 | $23,867 |
| 7 | $1,858 | $3,445 | $2,400 | $18,022 |
| 8 | $1,325 | $3,977 | $2,400 | $11,645 |
| 9 | $744 | $4,558 | $2,400 | $4,687 |
| 10 | $148 | $3,287 | $1,400 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
The payment shock at the end of the draw period
During the draw period many HELOCs only require interest. When repayment begins, the payment jumps to cover principal over the remaining term. Paying principal early, even during the draw, softens that jump.
This calculator assumes today's rate stays fixed. HELOC rates follow the prime rate, so rerun it whenever your rate changes, or try a rate 1–2 points higher to stress-test the plan.
Several loans at once? The debt snowball and avalanche calculator orders them for you.
Questions people ask
Can I pay off a HELOC early?
Yes. Some lenders charge an early closure fee if you close the line within the first few years, but paying the balance down to zero while keeping the line open is usually free.
How is HELOC interest calculated?
Usually daily on the outstanding balance at a variable rate (prime plus a margin), billed monthly. That means extra payments reduce interest from the day they post.
Should I pay off a HELOC or my mortgage first?
Typically the HELOC, because its rate is usually higher and variable. Compare the two rates in the calculator.
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