How Much Will You Really Pay?
See the true cost of your HELOC by calculating the total interest paid over the life of the loan.
HELOC Interest Calculator
Interest is the price you pay for borrowing money. Over 15 or 20 years, even a "low" rate can add up to tens of thousands of dollars. This calculator reveals the total interest cost of your HELOC, helping you make smarter borrowing decisions.
Calculate Total Interest
Cost Breakdown
Total Interest Paid
$38,520
Total Amount Repaid
$88,520
Monthly Payment (P&I)
$492
Principal vs. Interest
Frequently Asked Questions
Why is the total interest so high?
Interest accumulates over time. Even with a reasonable rate, borrowing money for 15 or 20 years means you pay interest on the remaining balance every single month. This compounding effect is why long-term loans can cost 50% or more of the original loan amount in interest alone.
How can I lower my total interest cost?
The most effective way is to pay extra principal. Even small extra payments reduce your balance faster, which means less interest accrues in future months. Shortening your loan term (e.g., from 20 years to 10 years) also drastically reduces total interest.
Is HELOC interest tax-deductible?
It depends. Under current tax laws (through 2025), HELOC interest is typically tax-deductible only if the funds are used to buy, build, or substantially improve the home that secures the loan. Consult a tax professional for your specific situation.