Calculate your HELOC draw period and repayment period payments. Understand the full cost of your home equity line of credit.
Payment shock warning: Your payment will increase significantly when the draw period ends. Plan ahead for the repayment period payment shown above.
Find the best HELOC rate for your home equity and credit score.
Compare HELOC Lenders →What is the difference between a HELOC draw period and repayment period?
During the draw period (typically 5–10 years), you can borrow from the line of credit and usually only pay interest. During the repayment period (typically 10–20 years), you can no longer draw funds and must pay both principal and interest. The payment increase from draw to repayment can be significant.
What is the current HELOC rate?
As of March 2026, HELOC rates range from approximately 7.5%–10% depending on your credit score, LTV ratio, and lender. HELOCs have variable rates tied to the prime rate, so your rate will change over time.
What credit score do I need for a HELOC?
Most lenders require a minimum 620 credit score for a HELOC. Better rates are available with 700+ scores. You also typically need at least 15–20% equity in your home (LTV of 80–85% or less).
Is a HELOC better than a home equity loan?
A HELOC offers flexibility — you draw only what you need and pay interest only on what you borrow. A home equity loan gives you a lump sum at a fixed rate. HELOCs are better for ongoing expenses (renovations, education). Home equity loans are better for one-time large expenses where you want payment certainty.