What will a HELOC cost each month, now and when repayment starts?
A home equity line of credit has two phases. During the draw period, usually 10 years, you borrow as needed and most lenders require only interest on the balance. When the draw period ends, the balance is amortized over the repayment period, often 20 years, and the payment jumps. Because HELOC rates are variable, tied to the prime rate plus a margin, the payment also moves whenever prime moves. This calculator shows all of it: the interest only payment, the repayment phase payment, total interest, and the payment at higher and lower rates, starting from today's MonitorBankRates average HELOC rate. Pick your state to load the state average and median home value, or use the home equity loan calculator for a fixed rate lump sum. Compare lenders on the home equity loan and HELOC rates page.
HELOC calculator for your state
Each state page is prefilled with that state's MonitorBankRates average HELOC rate and median home value, and lets you apply verified lender rates with one click.
Or load your state's numbers into this calculator
Loads the MonitorBankRates average HELOC and home equity loan rates in your state and the Census median home value into the calculator below.
HELOC Payment Estimator
Enter the line details. Results update as you type.
Monthly payment over the life of the line
Year by year
| Year | Phase | Monthly Payment | Interest Paid | Ending Balance |
|---|
What a HELOC Costs Right Now
As of September 24, 2026, the MonitorBankRates national average HELOC rate is 6.78% and the average home equity loan rate is 6.75%. A $50,000 HELOC balance at that rate costs about $282 a month in interest only payments during a 10 year draw period, then about $381 a month once a 20 year repayment period begins, for total interest of roughly $75,346 if the rate never changes. If the prime rate rises one point the interest only payment becomes $324; two points, $366. The same $50,000 as a fixed rate home equity loan over 15 years costs $442 a month.
| $50,000 HELOC balance, 10 year draw, 20 year repayment | Rate | Interest only | Repayment |
|---|---|---|---|
| Prime down 2 points | 4.78% | $199 | $324 |
| Prime down 1 point | 5.78% | $241 | $352 |
| Today's MonitorBankRates average | 6.78% | $282 | $381 |
| Prime up 1 point | 7.78% | $324 | $411 |
| Prime up 2 points | 8.78% | $366 | $443 |
| Prime up 3 points | 9.78% | $407 | $475 |
Rates change daily. The example is recalculated every time this page loads using the current MonitorBankRates average.
HELOC Payment by State
Interest only payment on a $50,000 HELOC balance and the payment once a 20 year repayment period starts, at each state's current MonitorBankRates average HELOC rate. Sorted from the lowest average rate to the highest. Click a state for its calculator, or the rate for its full lender table.
| State | Avg HELOC rate | Avg home equity loan rate | Interest only | Repayment | Median home |
|---|---|---|---|---|---|
| South Carolina | 6.19% | 6.49% | $258 | $364 | $259,000 |
| New York | 6.24% | 7.11% | $260 | $365 | $423,800 |
| Hawaii | 6.27% | n/a | $261 | $366 | $839,100 |
| Rhode Island | 6.28% | 7.13% | $262 | $366 | $404,200 |
| Alaska | 6.29% | n/a | $262 | $367 | $352,900 |
| Missouri | 6.37% | 6.93% | $265 | $369 | $230,300 |
| Indiana | 6.41% | 7.04% | $267 | $370 | $218,200 |
| North Carolina | 6.43% | 6.96% | $268 | $371 | $288,900 |
| Minnesota | 6.47% | 6.59% | $269 | $372 | $329,300 |
| Tennessee | 6.50% | 6.91% | $271 | $373 | $286,700 |
| Vermont | 6.53% | 7.06% | $272 | $374 | $316,600 |
| New Jersey | 6.58% | 6.76% | $274 | $375 | $454,400 |
| Arkansas | 6.59% | 6.68% | $274 | $375 | $188,000 |
| New Hampshire | 6.61% | 7.30% | $275 | $376 | $402,500 |
| Connecticut | 6.61% | 6.67% | $275 | $376 | $366,900 |
| Delaware | 6.62% | 6.41% | $276 | $376 | $352,000 |
| Maine | 6.63% | 7.15% | $276 | $377 | $296,600 |
| California | 6.64% | 7.47% | $277 | $377 | $734,700 |
| Arizona | 6.68% | 7.45% | $278 | $378 | $394,500 |
| Pennsylvania | 6.69% | 6.29% | $279 | $378 | $254,500 |
| Kentucky | 6.70% | 6.83% | $279 | $379 | $205,600 |
| Georgia | 6.70% | 7.77% | $279 | $379 | $303,300 |
| Nebraska | 6.71% | 7.55% | $280 | $379 | $238,600 |
| Wisconsin | 6.78% | 7.56% | $282 | $381 | $266,500 |
| Massachusetts | 6.79% | 7.72% | $283 | $381 | $562,100 |
| Nevada | 6.80% | 8.03% | $283 | $382 | $435,400 |
| Wyoming | 6.82% | 7.10% | $284 | $382 | $309,700 |
| Florida | 6.84% | 7.02% | $285 | $383 | $359,000 |
| Virginia | 6.84% | 6.90% | $285 | $383 | $383,700 |
| Ohio | 6.87% | 6.98% | $286 | $384 | $214,800 |
| Utah | 6.87% | 8.11% | $286 | $384 | $489,400 |
| Illinois | 6.88% | 7.08% | $287 | $384 | $263,300 |
| Washington | 6.88% | 8.07% | $287 | $384 | $564,600 |
| District of Columbia | 6.91% | 6.67% | $288 | $385 | $737,100 |
| Iowa | 6.91% | 6.78% | $288 | $385 | $208,000 |
| West Virginia | 6.92% | 6.91% | $288 | $385 | $162,600 |
| Idaho | 6.95% | n/a | $289 | $386 | $418,600 |
| Oregon | 7.01% | 7.12% | $292 | $388 | $477,600 |
| North Dakota | 7.01% | 6.93% | $292 | $388 | $249,900 |
| Michigan | 7.02% | 7.34% | $293 | $388 | $231,600 |
| Maryland | 7.12% | 7.11% | $297 | $391 | $419,900 |
| Colorado | 7.17% | 7.15% | $299 | $393 | $539,400 |
| Alabama | 7.20% | 7.36% | $300 | $394 | $209,900 |
| Louisiana | 7.21% | 7.56% | $301 | $394 | $216,500 |
| Montana | 7.28% | 6.37% | $303 | $396 | $375,800 |
| Kansas | 7.36% | 6.83% | $307 | $398 | $217,200 |
| South Dakota | 7.38% | n/a | $308 | $399 | $257,400 |
| Mississippi | 7.50% | 6.94% | $313 | $403 | $169,800 |
| New Mexico | 7.69% | 7.29% | $320 | $409 | $248,100 |
| Texas | 7.73% | 6.82% | $322 | $410 | $283,800 |
| Oklahoma | 8.35% | 7.95% | $348 | $429 | $199,800 |
Rates: MonitorBankRates state averages as of September 24, 2026, computed from rates published by banks and credit unions in each state. Home values: U.S. Census Bureau American Community Survey medians.
HELOC Calculators by State
Every state page starts from the MonitorBankRates state average HELOC rate and the Census median home value, with one click access to the lowest verified lender rate in that state.
How This HELOC Calculator Works
During the draw period the calculator charges interest on the drawn balance each month and, unless you check the principal box, assumes you pay only that interest, so the balance stays flat. When the draw period ends, the remaining balance is amortized over the repayment period with the standard loan formula, which is why the payment rises sharply at that point. The rate change scenario applies your chosen shift to both phases so you can see what a move in the prime rate does to each payment.
HELOC rates are quoted as the prime rate plus a margin. The margin is fixed for the life of the line, so when the Federal Reserve changes its target rate and banks move prime, your rate moves by the same amount on the next billing cycle. Many lenders offer a low introductory rate for the first 6 to 12 months; enter the rate that applies after the intro period for a realistic long term estimate.
HELOC Definitions
How to Use the HELOC Calculator
- Enter the balance you expect to carry
Interest is charged only on what you draw, not the full credit line, so enter the balance you will actually use. The rate defaults to today's MonitorBankRates average HELOC rate; pick your state above for the state average or enter a quote.
- Set the draw and repayment periods
Ten years of draw followed by twenty years of repayment is the most common structure. Shorter repayment periods raise the second phase payment but cut total interest.
- Test a rate change
Enter how far you think prime could move. The calculator shows the interest only and repayment payments at that higher or lower rate, which is the risk fixed rate home equity loans do not carry.
- Check your equity
Enter your home's value and mortgage balance to see the largest line most lenders would approve at an 80% combined loan to value limit.
Frequently Asked Questions
How is a HELOC payment calculated?
During the draw period most lenders require only the interest that accrued that month: the balance times the annual rate divided by 12. A $50,000 balance at 6.78% costs about $282 a month interest only. When repayment begins the balance is amortized over the repayment period like a regular loan, so the same balance over 20 years costs about $381 a month.
What is the average HELOC rate right now?
As of September 24, 2026, the MonitorBankRates national average HELOC rate is 6.78% and the average home equity loan rate is 6.75%, computed daily from rates published by banks and credit unions nationwide. Averages differ by state; pick your state above to load its figure.
Why does my HELOC payment jump after the draw period?
Because the draw period payment is interest only and the repayment payment includes principal. On a $50,000 balance at 6.78%, the payment goes from about $282 to about $381 when a 20 year repayment period starts. Paying some principal during the draw period, or refinancing the balance into a fixed rate home equity loan before the draw period ends, softens the jump.
What happens to my HELOC payment when the prime rate changes?
HELOC rates are prime plus a fixed margin, so your rate moves with prime. Each one point move changes the interest only payment on a $50,000 balance by about $42 a month. The rate change scenario in the calculator shows the payment at the rate you choose. Existing HELOC rates change with the prime rate, unlike home equity loans, which are fixed.
HELOC or home equity loan?
A HELOC suits expenses spread over time and borrowers who want flexibility, at the cost of a variable rate and a payment jump after the draw period. A home equity loan suits a single large expense and a predictable fixed payment. Today the MonitorBankRates averages are 6.78% for HELOCs and 6.75% for home equity loans; a $50,000 fixed loan over 15 years costs $442 a month. Use the home equity loan calculator to compare.
How much can I borrow with a HELOC?
Most lenders cap combined loan to value at 80%, some at 85% or 90%. On a $332,700 home with a $183,000 mortgage, an 80% cap allows a credit line of up to about $83,200. Lenders also review your credit score and debt to income ratio, and many set a minimum line of $10,000 to $25,000.
Are there fees on a HELOC?
Some lenders charge no closing costs but require the line to stay open for two or three years to avoid an early closure fee. Others charge an appraisal, origination or annual fee. Introductory rates are common for the first 6 to 12 months; the calculator should use the rate that applies after the intro period.
Do HELOC rates vary by state?
Yes. MonitorBankRates computes a separate average for every state from the rates published by banks and credit unions in that state. The state table on this page shows the interest only and repayment payments on a $50,000 balance at each state's average.
