A line of credit calculator estimates your monthly payment and total interest cost for paying down a revolving credit line, or the payment needed to reach a payoff goal by a set date.
What you owe today - not your total credit limit.
Charged only on the portion of the line you've drawn.
How many months you'd like to take to reach a zero balance.
What you're paying now, to compare against your goal.
New spending you expect to add to the balance each month.
Any yearly cost to maintain the line.
An additional amount you plan to borrow later.
Which month the future draw happens. Leave at 0 for none.
Pays your balance to zero in 36 months.
| Timeline | Monthly | Total interest |
|---|---|---|
| 12 months | $2,192.09 | $1,305.05 |
| 24 months | $1,147.86 | $2,548.70 |
| 36 months | $800.82 | $3,829.66 |
| 48 months | $628.08 | $5,147.76 |
| 60 months | $525.05 | $6,502.79 |
| 84 months | $408.60 | $9,322.36 |
These results are estimates, not predictions. They're calculated from the figures you entered and assume your rate of return and inflation rate hold steady every year, which real markets don't do. Change any input and the result changes. Use this to compare scenarios, not to plan around a specific number.
Enter your current balance, interest rate, payoff goal in months, current monthly payment, any additional monthly charges, and annual fee. The calculator shows the payment required to hit your goal and a breakdown of alternate payoff timelines.
Current balance is what you currently owe on the line of credit, not your total credit limit.
Interest rate, or APR, is charged only on the portion of your credit line you've actually drawn, unlike a loan, which charges interest on the full amount borrowed from day one.
Payoff goal is how many months you'd like to take to pay the balance down to zero.
Additional monthly charges account for any new spending you expect to add to the balance. Annual fee is any yearly cost your lender charges to maintain the line.
Future draws let you model additional amounts you plan to borrow from the line at a later date, which the calculator factors into your payoff timeline.
A home equity line of credit, or HELOC, is secured by your home and typically has a lower rate, along with a draw period followed by a repayment period once borrowing ends. A personal line of credit is unsecured, generally carries a higher rate than a HELOC, and works well for smaller, flexible borrowing needs. A business line of credit is used to manage cash flow gaps or short-term expenses, with interest charged only on funds drawn, and sometimes billed as a factor rate or flat fee rather than a simple interest rate.
A loan disburses a fixed amount with a set repayment schedule from the start. A line of credit is revolving, meaning your balance and required payment can change as you draw more or pay it down, which makes payoff timing more variable than with an installment loan.
A fiduciary financial advisor can help you decide which type of credit line fits your situation and how to prioritize paying it down. Matching with an advisor is free and comes with no pressure to commit.
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