See Every Payment, Year by Year
Get a detailed breakdown of your principal and interest payments for the entire life of your loan.
HELOC Calculator - Bankrate Style Amortization
Understanding how your payments break down over time is crucial. Similar to the detailed tools found on Bankrate, this calculator provides a comprehensive amortization schedule, showing you exactly how much of your money goes toward interest versus principal each year.
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Total Interest Paid
$0
Total Cost of Loan
$0
Payoff Date
Dec 2054
| Year | Payment Type | Interest Paid | Principal Paid | Remaining Balance |
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Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a table that lists each periodic payment on a loan. It breaks down how much of each payment goes toward interest and how much goes toward reducing the principal balance.
Why is my principal payment zero for the first 10 years?
Most HELOCs have a 10-year "draw period" where payments are interest-only. During this time, you are not required to pay back any principal, so your balance stays the same unless you choose to make extra payments.
Does this calculator assume a constant interest rate?
Yes. This calculator assumes the interest rate remains constant for the life of the loan. In reality, HELOC rates are variable and will fluctuate with the Prime Rate, which would change your actual interest costs.