Estimate your monthly HELOC interest-only payment with Bank of Brodhead’s calculator. Adjust your borrowed balance and interest rate to explore payment costs.
HELOC Interest-Only Calculator
Estimate your monthly interest-only payment based on the amount you borrow from your home equity line of credit.
HELOC Payment Snapshot
Adjust your borrowed balance and annual interest rate to see your estimated payment.
Interest Only
Estimated Monthly Interest-Only Payment
$343.75
Principal is not reduced
Borrowed Balance
$50,000.00
Amount drawn from your line of credit
Interest Over Selected Period
$4,125.00
Assumes an unchanged balance and rate
Your HELOC Details
$
Enter the amount actually borrowed, rather than your full credit limit.
%
Illustrative rate only. Enter the annual interest rate for your HELOC.
months
This period changes total estimated interest, not the monthly payment.
Understanding Your Payment
Estimated monthly interest$343.75
Principal paid with interest-only payments$0.00
Remaining borrowed balance$50,000.00
Selected estimate period12 months
Total estimated interest$4,125.00
How it is calculated:
Borrowed balance × (annual interest rate ÷ 100) ÷ 12.
During an interest-only period, payments cover interest and do
not reduce the principal balance. The borrowed amount still
needs to be repaid according to your HELOC agreement.
Payments may increase when principal repayment begins.
Planning estimate only.
This calculator assumes a constant balance and rate and
divides annual interest into 12 equal months. Actual payments
may differ based on daily interest accrual, billing-cycle
length, changes in your balance or variable rate, fees, and
minimum-payment requirements. The estimate period does not
represent the bank’s available draw-period terms. Refer to
your HELOC agreement for payment and repayment requirements.
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