Calculate payments | Chase Home Equity | Chase.com
Calculate HELOC payments
Understanding the difference between your draw period and repayment period can help you avoid surprises and plan ahead.
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. Review the terms of your loan to determine how long your draw period is. 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.
When your draw period ends, you will enter the repayment period. Your repayment phase can last up to 27 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.
Things to consider when calculating line of credit payments
Home Equity Tip
Want to know when a payment is due or if the interest rate has changed? Stay informed – learn about alerts with Chase.