Download our free Home Equity Line of Credit Calculator to help you estimate payments needed to pay off your debt. I generally do not advocate getting a home equity line of credit, but if you already have one, the Line of Credit Calculator spreadsheet may help. It is much more powerful and flexible than most HELOC interest rates calculators. Although meant for use as HELOC calculator, it is design to simulate a general revolving line of credit.
Line of Credit
This spreadsheet creates an estimate payment schedule for a revolving line of credit with variable or fixed interest rate, daily interest accrual, and fixed draw period.
- Additional Payments: You can also enter additional payments and indicate whether they are principal only payments.
- Multiple payment options: Select from Amortized, Minimum, Interest-Only, or Fixed Payment options available.
- Variable Rate Simulation: Set rate change to 0 for a fixed rate or choose the random rate change option.
Using the Line of Credit Calculator
There are many assumptions and simplifications built into home equity line of credit calculator. So don’t expect the amounts to match exactly with your bank. Due to complexity of the spreadsheet, it wouldn’t surprise me if the spreadsheet contains errors. Don’t expect the calculations to match exactly TD Line of Credit.
Read the Cell Comments: Most of what you need to know about this HELOC calculator can be find by reading the comments identified by the little red triangles in many of the cells.
Tracking Payments: You can manually enter Payment Date, Interest Rate, and Payment within the table if you want to track your actual payments, by overwriting the formulas. So, If you do that, you should probably highlight those cells so that you can identify that they no longer contain formulas.
Variable Rate Simulation: This feature of calculator is not meant to try to predict future rates. Rather, it is design to help you simulate what might happen if rates increase or fall.