Compare the payment shape, estimated interest, and flexibility of borrowing against your home in two different ways.
Enter the amount, rates, and time periods to see how the two borrowing paths differ.
Rate assumption: the HELOC estimate holds your entered rate steady through both phases so the full borrowing path can be compared. Actual HELOC rates usually change.
Reusable credit line · changing rate
Flexibility: borrow, repay, and often borrow again during the draw period. The trade-off is a rate and payment that can rise.
One lump sum · fixed payment
Predictability: one fixed monthly payment pays the balance down to zero. The trade-off is less flexibility—you receive the money once.
The HELOC side uses simple monthly interest during the draw period, then the standard fixed-payment formula during repayment, holding the entered rate constant. The home equity loan side uses the fixed-payment formula for its full term. Dollar results are rounded to cents.
Last reviewed: October 2026.
