Heloc Payoff Calculator

The HELOC Payoff Calculator helps users determine how long it will take to pay off their Home Equity Line of Credit and the total amount of interest paid, based on current balance, interest rate, monthly payment, and additional payments.

Use Our Heloc Payoff Calculator

Guide to Using the HELOC Payoff Calculator

To successfully use the HELOC Payoff Calculator and gain insights into your Home Equity Line of Credit (HELOC) payoff strategy, please follow the steps outlined below. This guide will walk you through each field required to calculate the necessary financial parameters.

Step 1: Input Current HELOC Balance

  • Locate the field labeled Current HELOC Balance ($).
  • Enter the current outstanding balance of your HELOC.
  • Ensure the value is a non-negative number, as this is required for accurate calculations.

Step 2: Specify Interest Rate

  • Find the Current Interest Rate (%) input field.
  • Input the annual interest rate applicable to your HELOC.
  • The rate should be between 0.01% and 100%, with increments allowed up to 0.01%.

Step 3: Enter Monthly Payment

  • In the Monthly Payment Amount ($) section, input your regular monthly payment.
  • This value must be a non-negative number and is required for the calculation.

Step 4: Additional Monthly Payment (Optional)

  • Under Additional Monthly Payment ($), enter any extra amount you plan to pay each month.
  • This field is optional and can be left blank if no additional payment is made.
  • If used, ensure the value is non-negative.

Step 5: Provide the Draw Period End Date

  • Find the field labeled Draw Period End Date.
  • Select the end date of your HELOC’s draw period, using a date between January 1, 2024, and December 31, 2054.

Step 6: Interpret the Results

Upon entering all necessary data, the calculator will process the information to provide the following results:

  • Total Monthly Payment: The sum of your stated monthly and additional payments, displayed with two decimal places.
  • Months Until Payoff: The estimated number of months required to pay off your HELOC, shown as a whole number.
  • Estimated Payoff Date: An approximate date by which your HELOC will be completely paid off. This date is formatted as YYYY-MM-DD.
  • Total Interest Paid: The cumulative interest you will pay over the life of the loan, displayed in currency format with two decimal places.
  • Total Amount Paid: The total amount expended in payments by the time the HELOC is paid off, also in currency format.

Using these steps, you can efficiently assess your HELOC payoff strategy and make informed financial decisions.