Plan with clarity
Estimate payments during a HELOC’s draw and repayment periods. See how a higher rate could affect the payment before deciding how much equity to use.
Starting values are examples, not current rates or lending terms.
No sign-up required. Calculations run in your browser. Saved scenarios last only while this page stays open.
Understand the numbers
Change an assumption above to see what moves the result. Save a scenario to compare it with your next calculation.
Put the estimate to work
A HELOC can have a draw period followed by a repayment period. This calculator assumes interest-only payments while drawing and a constant outstanding draw balance. It then amortizes that balance across the repayment period. That transition can raise the payment even if the interest rate does not change.
Enter a different repayment rate or use the rate-increase field to model a less favorable scenario. Actual variable rates and minimum-payment formulas depend on the agreement. This tool holds each entered rate constant within its period; it does not forecast an index, a margin or future adjustments. For an explanation of prime, lender margins and borrowing costs, read our Florida HELOC rates guide.
A HELOC can be evaluated alongside a cash-out refinance when you want to use home equity. Compare the combined payments, fees, variable-rate exposure and term of both debts. The CLTV estimate uses the full credit line limit with the first mortgage balance, rather than only the initial draw.
Interest-only draw payment = amount drawn × annual rate ÷ 12. Repayment payment amortizes that balance over the selected repayment term.
A simple example. A $100,000 draw at an assumed 8% annual rate produces about $666.67 in monthly interest before fees. Repaying principal later changes the payment.
Calculation model reviewed September 8, 2026. Examples are hypothetical.
Common questions
Use the estimate to prepare your questions, then review the property, documentation and financing terms with a mortgage broker.
Home equity and second mortgage options
Schedule a consultationThe draw estimate covers interest only. The repayment estimate also repays principal over the entered term. A higher rate can increase the change further.
No. It assumes the full entered draw is outstanding from the beginning and remains unchanged until repayment starts. Additional draws or voluntary principal payments change the result.
No. The limit is the available line under a hypothetical agreement; the amount drawn is the balance used to estimate interest. Actual access to funds and lender conditions require review.
Yes. Use the cash-out tool for new first-mortgage proceeds and payment, then compare that proposal with your current first mortgage plus the modeled HELOC payment and fees.
Compare today’s Florida HELOC rates, tap up to 90 % of your home’s value, and get a custom quote from Bennett Capital Partners Mortgage Brokers —call.
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