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How long will it take to pay off my HELOC?

The time it takes to pay off your HELOC depends on how much you’re spending on it, how much you’re making in payments, and your time goal for payoff.

What is a HELOC?

A home equity line of credit (HELOC) is a revolving line of credit somewhat similar to a credit card—you are able to draw what you need up to a certain limit. Typically, you only make interest payments during the draw period, but you can also pay down the principal. When the draw period ends, you enter the repayment period and begin paying back the principal plus interest.

Paying off your HELOC early can help you save on interest. However, some lenders charge prepayment penalties, so check with your lender and review your loan agreement if you’re considering an early payoff or thinking about paying more than the minimum payment.

Our payoff calculator can help you determine how long it may take to pay off your HELOC and also show you how making larger payments can decrease the repayment period. In addition, you can view an amortization table.

This calculator is made available by one or more third-party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial, or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation (“Truist”) and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation. 

How to read your results

Your results will show you two different tables. The first shows your loan balance and how many months it may take to pay off your HELOC with the minimum payment. The second will show you how long it would take to pay off your HELOC, depending on the amount of payments. You can also input future monthly payment information. In addition, you can create an amortization table.  

Frequently asked questions

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Paying off a HELOC early can help you save on interest.

The length of time it will take to pay off your loan depends on the amount you borrow, your interest rate, and your monthly payments . Depending on the terms of your loan, you may pay a penalty for paying off a HELOC early, or for paying more than the minimum payment. Check with your lender and review your loan agreement for your particular HELOC. At Truist, there’s no prepayment penalty for home equity lines of credit. If you pay off your HELOC within three years of closing, you must reimburse Truist for any lender-paid closing costs, if applicable. However, you can avoid reimbursement by paying off your HELOC early and leaving it open.Disclosure 3

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Disclosure 1 Rates will vary with the market based on the Prime Rate + margin. The Prime Rate means the highest per annum “Prime Rate” of interest published from time to time by The Wall Street Journal in its “Money Rates” listings, which was 7.50% as of 1/1/25 Standard APRs are variable during the 10-year draw period and 20-year repayment period and apply only to the variable rate option; are based on your collateral property location, credit line amount, combined Loan-To-Value (CLTV) ratio and other factors; and can range from Prime +0.00% (currently 7.50% APR) to Prime + 7.50% (currently 14.85% APR). During the 20-year repayment period for this option, the APR will continue to be calculated at a variable rate and your minimum monthly payment will be 1/240th of the total balance at the end of the draw period, plus interest and any applicable fees/charges. The maximum APR is 16% for properties located in NC and 18% for properties located in AR, CA, FL, GA, TN, AL, SC, VA, MD, DC, WV, IN, KY, NJ, OH, PA, or TX. 

Excellent credit is required to qualify for the lowest rates. At least 50% of approved applicants applying for the advertised rate qualified for the advertised rate based on data from 1/1/24 – 1/31/25. 

Rates will vary if the client chooses for the bank to pay their closing costs, which is an option in some states if the requested loan amount is less than or equal to $500,000. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state. If you pay off your Truist Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs Truist paid on your behalf. 

Disclosure 2 Variable-rate repayment is based on WSJ Prime Rate + margin. Minimum payment consists of accrued interest, fees, and other charges. A fixed-rate option may be available on all or portions of your line. Fixed-rate options are priced based on creditworthiness, amount and term selected, will vary from your home equity line variable rate or any promotional rate and can range from 6.19% APR to 15.33% APR. There is a $15 fixed option set up fee. Fixed-rate/fixed-repayments term for 5, 10, 15 or 20 years and 30 years taken at time of closing with initial draw. Max of 5 fixed-rate draws open at one time. Draw minimum $5,000. 

Disclosure 3 Rates will vary if the client chooses for the bank to pay their closing costs, which is an option in some states if the requested loan amount is less than or equal to $500,000. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state. If you pay off your Truist Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs Truist paid on your behalf. There is a $50 annual fee in AL, AR, CA, FL, GA, IN, KY, NJ, and OH. This rate offer may change at any time. 

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