HELOC Payment Calculator
Take control of your finances—plan your payments effortlessly with the HELOC Payment Calculator.
Plan Your Budget with the HELOC Payment Calculator
A Home Equity Line of Credit (HELOC) offers a flexible way to tap into your home’s equity for projects like renovations or debt consolidation. But understanding how the payments work—especially during interest-only and repayment phases—can feel complex.
The HELOC Payment Calculator simplifies this process, helping you estimate your monthly payments. Whether you’re in the draw period or the repayment phase, this tool empowers you to make informed decisions, manage your finances, and structure your HELOC to meet your unique needs.
How to Use the HELOC Payment Calculator
- Enter Your Credit Line Amount: Specify the total amount of your HELOC.
- Input Your Interest Rate: Add your HELOC’s current or expected interest rate.
- Select the Draw Period: Indicate the months for the interest-only period.
- Set the Repayment Period: Choose the months to repay the principal and interest.
- Review Your Results: The calculator will display your monthly payment during the draw period and the repayment phase.
- Plan Accordingly: Use this information to budget effectively and choose the best HELOC structure for your needs.
You have questions? We have answers.
After you crunch your numbers on the calculator, the next step is to give us a call! We can help answer questions you may have or direct you to the next step to opening up your homes assets through a HELOC
(801) 223-8188 | Branch Locations
Available M–F 8am–6pm, and Sat. 9am–2pm*.
*Saturday hours vary per Branch Location
Why Choose UCCU for Your HELOC?
When considering a HELOC, UCCU stands out as a trusted partner. Here’s why a UCCU HELOC is the smart choice:
- Flexible Terms: Choose a repayment plan tailored to your needs, with draw and repayment periods designed for financial flexibility.
- Competitive Rates: Benefit from some of the lowest HELOC interest rates in the market, helping you save on borrowing costs.
- Local Expertise: Work with a team of financial experts who understand the unique needs of our community and offer personalized advice.
- No Hidden Fees: Enjoy straightforward terms with no surprise charges.
- Quick Access to Funds: Get the funds you need for home improvements, debt consolidation, or unexpected expenses—all with a quick approval process.
- User-Friendly Tools: Access easy online calculators and account management tools to plan and manage your HELOC effectively.
What is a HELOC Payment Calculator?
The HELOC Payment Calculator estimates your monthly payments during both the draw (interest-only) and repayment (principal plus interest) phases of a HELOC.
How are payments structured for a HELOC?
During the draw period, you typically make interest-only payments. After the draw period ends, you’ll repay both the principal and interest in monthly installments.
Does the calculator account for variable interest rates?
The calculator uses a fixed interest rate for simplicity, but it’s important to remember that most HELOCs have variable rates that can fluctuate over time.
What factors affect my HELOC payments?
Your payments depend on the amount borrowed, the interest rate, the length of the draw period, and the repayment term. Longer repayment periods may lower your monthly payment but increase total interest costs.
How can I use this information to plan my finances?
By estimating your monthly payment obligations, you can create a realistic budget, determine if a HELOC is affordable, and structure it in a way that meets your financial goals.
Start Planning Your HELOC Today
Apply for a UCCU HELOC to unlock the full potential of your home’s equity—with confidence and peace of mind!