Bank of America HELOC Estimator
Calculate payments considering Bank of America's typical intro rates and customer discounts.
Bank of America HELOC Calculator
Bank of America is known for offering introductory rate discounts on their HELOCs (often for the first 6 months) and relationship discounts for existing customers. This calculator helps you model those specific savings to see your true initial payments versus your long-term costs.
Note: We are an independent calculator site and not affiliated with Bank of America. Rates shown are for estimation purposes only. Please verify current offers directly with the bank.
Calculate with Intro Rate
Introductory Payment
$125
Interest Only @ 2.99%
Standard Payment
$354
Interest Only @ 8.50%
The introductory offer saves you:
$1,375
in interest over the first 6 months.
Frequently Asked Questions
Does Bank of America charge closing costs?
Typically, Bank of America does not charge closing costs on HELOCs for lines of credit up to $1,000,000. However, if you close the account within 36 months, you may have to reimburse some of those fees. Always check the current fee schedule.
What is the "Fixed-Rate Conversion Option"?
Bank of America HELOCs often allow you to convert a portion of your variable-rate balance to a fixed rate during the draw period. This protects you from future rate hikes but may come with a slightly higher initial rate than the variable option.
How do Preferred Rewards discounts work?
If you have a checking account and maintain a certain balance across Bank of America and Merrill accounts, you may qualify for a "Preferred Rewards" tier (Gold, Platinum, Platinum Honors), which offers interest rate discounts on your HELOC (e.g., 0.125% to 0.375% off).