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Home Equity Line of Credit Payment Calculator

Get an estimated payment and rate for a home equity line of credit

Use this calculator to estimate monthly home equity payments based on the amount you want, rate options, and other factors.


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All loan balances (e.g. mortgage, home equity, etc.)



Cash you withdraw when you open your line of credit

Your results for a $XXXX.xx total line of credit

Monthly Payment1


variable-rate monthly minimum payments layer

(Based on an initial withdrawal of $XXXX.xx at account opening)

N/A Why don't I see a payment amount? layer

Interest Rate1 variable APR

variable APR layer as of


30-year term

(10 year draw period layer followed by a 20-year repayment period layer)

No cost to apply. Our home equity lines of credit have no application fee, no closing costs on lines up to $1,000,000 and no annual fees1.

Recalculate your credit line to improve your rate. Receive a 0.10% interest rate discount for each $10,000 withdrawn at account opening (up to a maximum discount of 1.50%).

Learn more about home equity

You can get a Fixed-Rate Loan OptionFixed-Rate Loan Option layer for part of your credit line
A Fixed-Rate Loan Option locks in a fixed rate for a portion of your withdrawal made at account opening (there is no fee to do this).
Your result for a $XXXX.xx credit line with a Fixed-Rate Loan Option

Monthly Payment1

Interest Rate1

fixed APR

as of DD/MM/YYYY


30-year term

Interested in a different term? We offer terms of 1 to 30 years.

Speak to a specialist


Peace of mind of knowing that your rate and payments won’t change.

As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate.

Variable-rate monthly minimum payments

The minimum amount you will need to pay each month (does not include any payments for the Fixed-Rate Loan Payment Option). The payment amount includes both principal and interest (minimum of $100). The monthly required payment is based on your outstanding loan balance and current interest rate (interest rates can increase or decrease), and may vary each month. In general, this payment is intended to repay your loan balance with principal and interest installments over the remaining loan term, based on the balance and rate information at the time of each monthly calculation.

Variable rate

An interest rate that may fluctuate or change periodically, often in relation to an index such as the prime rate or other criteria. Payments may increase or decrease accordingly.

Draw period

The period during which a borrower can obtain advances from the available line of credit or construction loan proceeds. At the end of the draw period on a credit line, you may be able to renew the credit line or may be required to pay the outstanding balance in full or in monthly installments.

Repayment period (line of credit)

In a line of credit, the period when no advances of principal are available and during which the line must be fully repaid, according to the payment terms. In a home equity line of credit, the repayment period is the portion of the loan term that follows the draw period.

Fixed-Rate Loan Option monthly minimum payments

The minimum amount you will need to pay each month on your home equity line of credit Fixed-Rate Loan Option. Fixed monthly payments include principal and interest and remain the same over the Fixed-Rate Loan Option term.

Why did my initial withdrawal amount change?

At account opening, the Fixed-Rate Loan Option is available for a maximum of 90% of your line of credit. The amount has been adjusted automatically to a lower initial withdrawal for more accurate payment results.

Fixed-Rate Loan Option

A Fixed-Rate Loan Option locks in a fixed rate for a portion of your withdrawal made at account opening (there is no fee to do this).

Why don't I see a payment amount?

Payments on a home equity line of credit are based on the total amount you withdraw. By having a zero initial withdrawal, there is no initial balance that will require payment.

Take advantage of these interest rate discounts


For automatic monthly payments

Set up and maintain automatic monthly payments from your Bank of America checking or savings account and receive a 0.25% interest rate discount (does not apply to Bill Pay service).

Up to 1.50%

For initial withdrawals

Make an initial withdrawal when you open your account and receive a 0.10% interest rate discount for each $10,000 withdrawn (up to a maximum discount of 1.50%).

Up to 0.375%

For Bank of America Preferred Rewards members

Preferred Rewards members get an interest rate discount of 0.125% for Gold tier, 0.25% for Platinum tier and 0.375% for Platinum Honors tier.

Learn more about Preferred Rewards

Home equity basics



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