What does a $150,000 HELOC cost each month? During the interest-only draw period the payment is just the interest on your balance; once repayment begins you also repay principal, so the payment is higher. The first table shows both at a range of rates.
| Interest rate | Interest-only (draw) | Principal + interest (20-yr) |
|---|---|---|
| 7% | $875 | $1,163 |
| 8% | $1,000 | $1,255 |
| 9% | $1,125 | $1,350 |
| 10% | $1,250 | $1,448 |
HELOC rates are variable, so treat these as snapshots. At 9%, a $150,000 balance runs about $1,125/month interest-only, rising to roughly $1,350/month once you are repaying principal.
$150,000 HELOC payment by repayment term (9% APR)
The repayment length changes the monthly principal-and-interest payment and the total interest:
| Repayment term | Monthly payment | Total interest |
|---|---|---|
| 10 years | $1,900 | $78,016 |
| 15 years | $1,521 | $123,852 |
| 20 years | $1,350 | $173,901 |
| 30 years | $1,207 | $284,496 |
Frequently asked questions
What is the monthly payment on a $150,000 HELOC?
About $1,125/month interest-only at 9%, or roughly $1,350/month once repaying over 20 years.
Is a HELOC interest-only?
Only during the draw period (often the first 10 years). After that you repay principal and interest, which raises the payment.
Try your own numbers
Use the HELOC payment calculator to set your own rate and terms, or compare a fixed lump sum with the home equity loan calculator.
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