HELOC Payment calculator: Home Equity Line of Credit Payment Calculator | Ent Credit Union (2024)

FAQs

How do I manually calculate my HELOC payment? ›

Determine how much you've used from the HELOC, i.e., your current HELOC balance. Multiply the current HELOC balance by the annual interest rate charged on loan. Divide the value by 12 to determine how much you will pay monthly.

To find out how much you can borrow, multiply your home's appraisal value by 0.85 and then subtract the remaining balance on your mortgage from the total.

Assuming a borrower who has spent up to their HELOC credit limit, the monthly payment on a $50,000 HELOC at today's rates would be about $403 for an interest-only payment, or $472 for a principle-and-interest payment.

Now let's calculate the monthly payments on a 15-year fixed-rate home equity loan for $20,000 at 8.89%, which was the average rate for 15-year home equity loans as of October 16, 2023. Using the formula above, the monthly principal and interest payments for this loan option would be $201.55.

If you took out a 10-year, $100,000 home equity loan at a rate of 8.75%, you could expect to pay just over $1,253 per month for the next decade. Most home equity loans come with fixed rates, so your rate and payment would remain steady for the entire term of your loan.

You can figure out how much equity you have in your home by subtracting the amount you owe on all loans secured by your house from its appraised value. This includes your primary mortgage as well as any home equity loans or unpaid balances on home equity lines of credit.

That all noted, here's how much a $30,000 HELOC will cost per month, assuming today's average 9.16% HELOC rate remains the same: 10-year HELOC at 9.16%: Your monthly payment would be $382.63, with $15,915.59 in total interest paid for an overall amount of $45,915.59.

That said, the average HELOC interest rate is currently 9.88%. Assuming that your HELOC had the average interest rate, and that rate stayed the same over the course of a 10-year payoff period, your monthly payments on a $40,000 HELOC would be $525.95.

A $10,000 Home Equity Loan at 8.49% would equal an APR of 8.49% with 120 monthly payments of $123.94. 10 Year- 7.99% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required.

How to calculate minimum payment on HELOC? ›

HELOC or GELOC minimum monthly payments are determined by the HELOC or GELOC interest rate. HELOCs or GELOCs that closed at an interest rate of 8.0% or lower: Minimum monthly payment is 1% of the member's unpaid principal balance.

For this example, we'll calculate the monthly cost for a $25,000 loan using an interest rate of 8.75%, which is the current average rate for a 10-year fixed home equity loan. Using the formula above, the monthly payment for this loan would be $313.32 (assuming there are no extra fees to calculate in).

HELOC or GELOC minimum monthly payments are determined by the HELOC or GELOC interest rate. HELOCs or GELOCs that closed at an interest rate of 8.0% or lower: Minimum monthly payment is 1% of the member's unpaid principal balance.

First, find your current balance, including any pending charges or fees. You'll also need your monthly minimum payment basis, which you can find on your card's original documents or by calling the issuer's customer service. Then, calculate your minimum payment by multiplying your balance with the minimum payment basis.