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Calculate HELOC payments

Understanding the difference between your draw period and repayment period can help you avoid surprises and plan ahead. This page provides information to help you get started calculating your HELOC payments.

Important: If your application date was after June 4, 2017, your minimum draw period payments will consist of principal and interest. If your application date was before June 4, 2017, you can review your contract or monthly statement to verify your payment type.

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The basics of home equity line of credit payments

During the draw period, which is the period of time you’re allowed to use your line of credit, your minimum monthly payment is calculated one of the following ways:

Interest only—payment of the accrued monthly interest
Standard payment—the greater of: (a) 1% of the unpaid principal balance of the Credit Line; or (b) accrued monthly interest; or (c) $100.00

The payment will be the greater of: (a) .25% of the unpaid principal balance of the Credit Line, plus the accrued monthly interest; or (b) $100.

Important: Make sure you review your contract or monthly statement to verify how your HELOC payment is calculated. Some non-Chase originated accounts have different payment calculation methods. Please check your contract for details.

Draw period vs. repayment period

During the draw period, you are allowed to access your line of credit and borrow as much or as little as you need. Your draw period can last up to 10 years and your only limitation is that you stay within your credit limit. You can think of your home equity line of credit as a revolving line of credit and, as you pay down your balance, your available credit will replenish for future draws. Your minimum payment is (for HELOC’s originated after June 4, 2017):

Draw Period. .25% of principal balance + Accrued interest = Minimum monthly payment

Note: .025% of unpaid principal balance of the revolving line on the billing date plus finance charges accrued for that billing cycle or $100

When your draw period ends, you will enter the repayment period. Your repayment phase can last up to 20 years, in which time you are expected to repay your outstanding balance. It’s important to know that you’ll no longer have access to your credit line during this time and you can expect a change in your repayment amount. Your minimum payment is:

Repayment Period. Principal balance/remaining payments + Accrued interest = Minimum monthly payment

Things to consider when calculating line of credit payments

Depending on the terms of your credit agreement, the interest rate on your line may be variable and subject to the prime rate. Whenever the prime rate increases or decreases, your interest payment will increase or decrease, which will impact your monthly payment.

The Prime Rate Index is published daily by the Wall Street Journal. Interest begins to accrue as soon as you draw funds from your HELOC.

Making your payments on time can help you keep your account in good standing. Your due date is agreed upon when you first open your line of credit, however, you have the ability to change your due date one time during the life of your loan.

Unless you qualified for a fee waiver when you opened your account, a $50 line of credit annual fee will be charged to your home equity line of credit beginning on the first anniversary date when you opened your account. At any time, you are eligible to request a fee waiver by calling us if you have any of the following accounts with us: