HELOC Calculator - Home Equity Line Of Credit

Some people think that paying home equity based interest is a good idea since they get to write it off on their taxes. This thinking leads them to believe they can use a HELOC like a credit card and let their balance grow as they pay more interest which eventually drowns them in further debt. This calculator shows you what happens. Included are buttons to set your monthly payment to be either an interest-only value or enough to pay off the loan in 10 or 30 years.

Current HELOC Balance: $
Interest Rate of HELOC    Ask for a free rate quote
Monthly Payment Paid to HELOC: $
Monthly Withdrawal Borrowed from HELOC: $
Federal + State Income Tax bracket:   %
Number of Months to Watch:   
 request heloc

Results

MoStart BalanceInterestPaid WithdrawnNew Balance
1$ 5000.00$ 20.83$ 20.83$ 150.00$ 5150.00
2$ 5150.00$ 21.46$ 20.83$ 150.00$ 5300.63
3$ 5300.63$ 22.09$ 20.83$ 150.00$ 5451.89
4$ 5451.89$ 22.72$ 20.83$ 150.00$ 5603.77
5$ 5603.77$ 23.35$ 20.83$ 150.00$ 5756.29
6$ 5756.29$ 23.98$ 20.83$ 150.00$ 5909.45
7$ 5909.45$ 24.62$ 20.83$ 150.00$ 6063.24
8$ 6063.24$ 25.26$ 20.83$ 150.00$ 6217.67
9$ 6217.67$ 25.91$ 20.83$ 150.00$ 6372.75
10$ 6372.75$ 26.55$ 20.83$ 150.00$ 6528.47
11$ 6528.47$ 27.20$ 20.83$ 150.00$ 6684.85
12$ 6684.85$ 27.85$ 20.83$ 150.00$ 6841.87
13$ 6841.87$ 28.51$ 20.83$ 150.00$ 6999.55
14$ 6999.55$ 29.16$ 20.83$ 150.00$ 7157.88
15$ 7157.88$ 29.82$ 20.83$ 150.00$ 7316.88
16$ 7316.88$ 30.49$ 20.83$ 150.00$ 7476.53
17$ 7476.53$ 31.15$ 20.83$ 150.00$ 7636.86
18$ 7636.86$ 31.82$ 20.83$ 150.00$ 7797.85
19$ 7797.85$ 32.49$ 20.83$ 150.00$ 7959.51
20$ 7959.51$ 33.16$ 20.83$ 150.00$ 8121.84
21$ 8121.84$ 33.84$ 20.83$ 150.00$ 8284.85
22$ 8284.85$ 34.52$ 20.83$ 150.00$ 8448.54
23$ 8448.54$ 35.20$ 20.83$ 150.00$ 8612.91
24$ 8612.91$ 35.89$ 20.83$ 150.00$ 8777.97

So after 24 months ( 2.00 years) you still have a balance of $ 8777.97
And have 'saved' $ 203.37 in taxes by paying $ 677.89 in total interest*
Which means $ 474.52 in non-deducted interest payments* (Average: $ 19.77/month)

* = Assumes you itemize and that you already have enough other itemized deductions
to push these interest payments over your standard deduction for your filing status.

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