Credit limit, interest-only draw period payment and repayment period payment for a home equity line of credit. Results update as you type.
A HELOC limit is set by the home value times the maximum loan-to-value ratio, minus the current mortgage balance. During the draw period you pay interest only on the amount drawn. During repayment, the drawn amount is paid off like a regular loan.
Results are estimates for education only and are not financial advice.
When the draw period ends you can no longer borrow, and the balance enters the repayment period, where each payment covers interest plus principal until the balance is paid off. The repayment payment here assumes the full draw amount is repaid over the repayment period at the same rate.
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