FRU News · How It Works
How much will my HELOC payment be?
How a HELOC payment works in the draw and repayment periods, and how choosing a 10, 15 or 30-year repayment period changes the monthly payment and the total interest.
44 sec · Captions available on the player · Presented by AI-generated presenters, with every line taken from the FreeRateUpdate page it answers.
Source: FreeRateUpdate HELOC calculator page, Oct. 24, 2026
Transcript
This is FreeRateUpdate News. I'm Edmund Ledger. Today: how much will your HELOC payment be?
During the draw period, most HELOCs charge interest only on the amount you've actually borrowed.
Once the draw period ends, your payment rises, because it now includes both principal and interest.
Our HELOC calculator lets you pick a 10, 15 or 30-year repayment period.
A longer repayment period lowers your monthly payment and raises the total interest you pay.
Enter your own numbers to see your estimated credit line and both payments.
I'm Edmund Ledger, for FreeRateUpdate News.
What the charts show
A table of the two HELOC periods: the draw period, typically 5 to 10 years, pays interest only on what has been drawn; the repayment period, commonly 10 to 20 years, pays principal and interest. Then a view of the calculator's repayment period buttons, 10 years (lowest total interest), 15 years and 30 years (lowest monthly payment), with the note that a longer repayment period lowers the monthly payment and raises the total interest paid.