HELOC Payoff Calculator
See when your home equity line is paid off, how much interest it costs, and what extra payments are worth. Enter the balance, your current rate and the payment you actually make.
Your lines of credit
$50,000 totalIf you carry a HELOC alongside other debt, add those balances to compare snowball and avalanche payoff order.
You are debt free in
10y 7m
around April 2037
- Total interest
- $25,849
- Total paid
- $75,849
- Monthly payment
- $600
- Balance today
- $50,000
What one more $50 does
Paying $650 instead of $600 each month:
9y 4m total
$22,491 total
Balance over time
Solid line is your current plan; the lighter line adds $50 a month.
Snowball vs avalanche, side by side
Debt snowball
Smallest balance first10y 7m
$25,849 total interest
Debt avalanche
Highest APR first10y 7m
$25,849 total interest
Both strategies cost about the same here — pick whichever keeps you motivated.
Month-by-month payoff schedule
Every payment, split into interest and principal.
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $600.00 | $354.17 | $245.83 | $49,754.17 |
| 2 | $600.00 | $352.43 | $247.57 | $49,506.59 |
| 3 | $600.00 | $350.67 | $249.33 | $49,257.26 |
| 4 | $600.00 | $348.91 | $251.09 | $49,006.17 |
| 5 | $600.00 | $347.13 | $252.87 | $48,753.30 |
| 6 | $600.00 | $345.34 | $254.66 | $48,498.63 |
| 7 | $600.00 | $343.53 | $256.47 | $48,242.16 |
| 8 | $600.00 | $341.72 | $258.28 | $47,983.88 |
| 9 | $600.00 | $339.89 | $260.11 | $47,723.77 |
| 10 | $600.00 | $338.04 | $261.96 | $47,461.81 |
| 11 | $600.00 | $336.19 | $263.81 | $47,198.00 |
| 12 | $600.00 | $334.32 | $265.68 | $46,932.32 |
Educational estimate, not financial advice. Plan My Payoff uses simplified monthly interest math and assumes fixed rates and on-time payments. Your lender's fees, compounding method, and payment posting dates will change the real result. Check your statements or talk to a qualified professional before making decisions.
How a HELOC is different
A home equity line of credit is revolving credit secured by your house. You draw what you need, up to a limit, and interest is charged on the drawn balance. That makes it behave more like a credit card than a mortgage — except the collateral is your home.
Two features drive your payoff date: the variable rate and the draw period. Both make a HELOC harder to plan than a fixed-rate loan, which is exactly why it helps to model the schedule instead of guessing.
Draw period vs repayment period
During the draw period, often ten years, the required payment usually covers interest only. Your balance stays flat unless you voluntarily pay principal. When the repayment period begins — typically 10 to 20 years — the payment recalculates to amortize the full balance, and it can double or more overnight.
To model an interest-only period here, enter a payment close to balance × rate ÷ 12 and you will see the balance barely move. Then raise the payment to see how much faster the line clears once you attack principal.
Variable rates and payment shock
Most HELOC rates equal the prime rate plus a margin, and they adjust when prime moves. A one-point rate increase on a $50,000 balance costs roughly $500 more per year in interest. Run this calculator at your current rate, then again two points higher, and plan around the worse of the two numbers.
A worked example
The default above is a $50,000 balance at 8.5% paying $600 a month. Paying $700 instead clears the line noticeably sooner and cuts thousands in interest — the schedule and chart above show the exact months and dollars for your own numbers.
See whether a fixed-rate home equity loan or refinance beats your current variable line.
If you use this link and take action, we may earn a commission — at no extra cost to you.
Paying it off faster
Stop drawing on the line first — otherwise you are refilling the bucket you are trying to empty. Then set a fixed monthly payment well above the interest-only minimum and keep it there even if the required payment drops. Windfalls like tax refunds or bonuses go further on a variable-rate balance than on a low fixed-rate mortgage.
Before your final payment, ask your lender for a payoff quote and confirm whether closing the line carries an early-termination fee. Some lenders charge one if the account closes within the first few years.
Frequently asked questions
- How does a HELOC payoff work?
- A home equity line of credit usually has a draw period where you pay interest only, followed by a repayment period where you pay principal and interest. Your payoff date depends on how much principal you pay each month, so entering a real payment amount matters more than the minimum.
- Why is my HELOC payment changing every month?
- Most HELOCs carry a variable rate tied to the prime rate plus a margin. When prime moves, your rate and payment move with it. This calculator assumes a fixed rate, so run it again with a higher rate to see your worst-case payoff.
- What is an interest-only draw period?
- During the draw period — often 10 years — your required payment covers only the interest. The balance does not go down unless you pay extra principal, and the payment jumps sharply when repayment begins.
- Should I pay off my HELOC early?
- If the rate is variable and higher than your other debt, paying it down early removes both interest cost and rate risk. It also protects the equity in your home, which secures the line.
- Should I pay the HELOC or my credit cards first?
- Compare rates. Credit cards are usually more expensive, so they normally come first. But a HELOC is secured by your home, so many people prioritize it once card rates are matched or if a payment shock is coming.
- Can I convert my HELOC to a fixed rate?
- Many lenders offer a fixed-rate lock option on all or part of the balance, or you can refinance into a home equity loan. Both trade rate certainty for less flexibility.
- Does closing my HELOC hurt my credit?
- Closing a line reduces your available credit, which can nudge your utilization up. Paying the balance to zero and keeping the line open usually looks better, if there is no annual fee.
- Is this the same as a mortgage payoff calculator?
- The math is similar, but a HELOC is typically a variable-rate, revolving line with a draw period, while a mortgage is a fixed installment loan. Use the mortgage calculator for a first mortgage and this one for your equity line.
Other free payoff calculators
Multiple cards, one plan. See every month until you're free.
See how extra principal payments shorten your home loan.
Smallest balance first — fast wins to keep momentum.
Highest APR first — the lowest total interest math.
See how extra payments shorten an auto loan.
Model several loans and one combined payoff date.