https://calculating.ca/calculators/real-estate/heloc-repayment-calculator/
Real Estate / THE MITEY TOOLKIT
HELOC Repayment Planner
See whether a payment reduces a fixed HELOC balance and how long repayment would take.
Modeled payoff time
6 yr 10 mo
From your inputs. Explore the breakdown below.
- Total interest
- $10,972.08
- Total repaid
- $60,972.08
- First month interest
- $250.00
- Monthly payment
- $750.00
- An interest-only payment does not reduce principal.
- This is a closed-balance scenario: no new draws and no rate changes.
FOLLOW THE CASH FLOW
Annual cash-flow totals
Balance is the period-end value; growth and payments are totals for that year or final partial year. Download the ledger for every modeled period. Figures in CAD.
| Year | Closing balance | Interest / growth | Payment / withdrawal |
|---|---|---|---|
| Now | $50,000.00 | $0.00 | $0.00 |
| 1 | $43,832.22 | $2,832.22 | $9,000.00 |
| 2 | $37,284.02 | $2,451.80 | $9,000.00 |
| 3 | $30,331.95 | $2,047.93 | $9,000.00 |
| 4 | $22,951.08 | $1,619.14 | $9,000.00 |
| 5 | $15,114.98 | $1,163.90 | $9,000.00 |
| 6 | $6,795.57 | $680.59 | $9,000.00 |
| 7 | $0.00 | $176.51 | $6,972.08 |
CHANGE ONE VARIABLEWhat moves your answer?
Compare five values while keeping every other input the same. These are scenarios, not likelihoods or forecasts.
| Input value | Primary result | Use scenario |
|---|
BEHIND THE ANSWER
Formula and method
Interest each month = opening balance × annual nominal rate / 12; principal repaid = payment − interest.
Interest is applied monthly before a fixed payment, until the balance is repaid. The final payment is capped at the remaining amount. Inputs that do not cover initial interest, or do not repay within 50 years, produce a clear error rather than a false payoff date.
Context sources checked October 24, 2026
These sources explain the subject. The model follows the formula and assumptions shown here; a source link does not imply endorsement.
Worked examples
Paying down a $50,000 HELOC
- HELOC balance:
- 50000
- Annual rate assumption:
- 6
- Monthly payment:
- 750
Modeled payoff time: 6 yr 10 mo
Interest-free twelve-month check
- HELOC balance:
- 12000
- Annual rate assumption:
- 0
- Monthly payment:
- 1000
Modeled payoff time: 1 yr 0 mo
Assumptions and limits
- Monthly interest approximation, not a lender-specific daily-interest statement.
- Fixed rate, fixed payment, no new borrowing or fees.
- No HELOC limit, property eligibility or credit approval is determined.
This tool provides an educational estimate. Rules, rates and personal circumstances can change the answer. Review the assumptions before relying on a result. Report a correction.
Common mistakes to avoid
- Treating an illustrative rate as a lender quote or a return forecast.
- Comparing scenarios with different time periods or leaving out relevant fees.
Frequently asked questions
Why is an interest-only payment rejected?
An interest-only payment keeps the principal outstanding in this fixed-balance model. A payoff date requires a payment that also reduces principal.
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