See How Much You Can Save
Calculate the impact of extra payments and find your optimal payoff strategy.
HELOC Payoff Calculator - Early Payoff Planner
Paying off your HELOC early can save you thousands of dollars in interest. Our payoff calculator shows you exactly how much you'll save and how much faster you'll be debt-free by making extra payments. Compare different payoff strategies side-by-side and find the approach that fits your budget and goals.
Early Payoff Calculator
Payoff Strategy Comparison
Minimum Payments Only
With Extra Payments
Your Savings with Extra Payments
Interest Saved
$12,630
Time Saved
5.8 years
New Payoff Date
Jun 2034
By paying just $200 extra per month,
you'll save 33% in total interest!
Payoff Timeline Comparison
Quick Payoff Scenarios
See how different extra payment amounts affect your payoff time and savings:
| Extra Payment/Month | Payoff Time | Interest Saved | Total Savings |
|---|---|---|---|
| $0 (baseline) | 15.0 years | $0 | - |
| $50/month | 13.2 years | ~$3,890 | 10% interest saved |
| $100/month | 11.5 years | ~$7,420 | 19% interest saved |
| $200/month | 9.2 years | ~$12,630 | 33% interest saved |
| $300/month | 7.8 years | ~$16,280 | 42% interest saved |
*Based on $50,000 balance at 8.5% interest with standard 15-year repayment
Frequently Asked Questions
Should I pay off my HELOC early?
In most cases, yes - especially if you have no prepayment penalties. Paying off your HELOC early saves significant interest, reduces financial stress, and frees up credit for emergencies. However, consider your full financial picture: make sure you have an emergency fund, are contributing to retirement, and don't have higher-interest debt elsewhere first.
Are there penalties for paying off a HELOC early?
Most HELOCs don't have prepayment penalties, but always check your loan agreement. Some lenders charge an "early closure fee" if you pay off and close the line within the first 2-3 years. Early payoff without closing typically has no penalty. Contact your lender to confirm your specific terms.
How much extra should I pay on my HELOC each month?
Pay as much as you comfortably can without jeopardizing your emergency fund or other financial goals. Even small amounts make a difference: $50-100/month can save thousands and cut years off your payoff time. Our calculator can show you the impact of different payment amounts to find your optimal strategy.
Can I make a lump sum payment to pay off my HELOC faster?
Absolutely! Lump sum payments (from tax refunds, bonuses, inheritances) are one of the fastest ways to reduce your HELOC balance. All lump sum payments typically go directly toward principal, immediately reducing your interest charges. Just confirm with your lender there are no restrictions or fees for large payments.
Will paying off my HELOC early hurt my credit score?
No, paying off debt never hurts your credit score - it typically helps by lowering your credit utilization and debt-to-income ratio. The only minor impact might be a slight decrease in credit mix if it's your only installment loan, but this is far outweighed by the benefits of being debt-free.
Start Saving Today
See how much you can save by paying off your HELOC early!
Calculate My Savings �?