HELOC Interest Only Calculator
During many draw periods you pay interest only on what you borrowed — enter balance and APR for a quick IO payment. Click any i for detail.
Draw balance
Drawn balance ($)
i
Drawn balance
Amount currently outstanding on the line. |
|
|---|---|
APR (%)
i
APR
Current HELOC annual rate. |
How to use this calculator
- Enter drawn balance.
- Set APR.
- Read monthly interest-only payment.
Results explained
Headline is the interest-only payment — no principal reduction in the draw period sketch.
Quick reference: HELOC IO
One-line payment.
| Item | Detail |
|---|---|
| Monthly IO | Balance × APR ÷ 12 |
Repayment-phase amortization is different — use the full HELOC payment calculator.
How the estimate is built
Monthly payment = drawn balance × (APR ÷ 12).
Example scenario
$52,000 at 8.75% APR → about $379/month interest-only if the balance stays flat.
FAQ
Will my payment change?
Variable HELOCs reprice when the index moves.
Do I pay on the whole line?
Usually only on drawn amount.
When does principal kick in?
After the draw period ends per your note.