Free HELOC Amortization Schedule Template (Excel)
Why a mortgage amortization template doesn't work for a HELOC
A HELOC isn't a fixed loan that starts amortizing on day one - it has a draw period where you typically pay interest only, followed by a separate repayment period where principal finally starts coming down. A standard mortgage or fixed-loan amortization schedule doesn't model that split.
Vertex42 and heloccalculator.org both ship dedicated HELOC calculators, but require you to manually re-enter numbers when the phase changes from draw to repayment - there's no single schedule that carries through both automatically.
This template runs both phases in one Schedule tab: months in the draw period show interest-only math with the balance held constant, and once repayment starts, the same schedule switches automatically to splitting your payment into interest and principal.
How the draw and repayment phases calculate
During the draw period, each month's interest is the balance times your annual rate divided by 12 - principal stays at $0, so the balance doesn't move. The Phase column shows "Draw" for every month up to the draw length you entered.
Once the draw period ends, the Phase column switches to "Repayment" and principal becomes your monthly payment minus that month's interest - the balance runs down from there, cascading row to row exactly like a standard amortization schedule.
You enter your monthly payment yourself, the same way our live Amortization Schedule with Balloon Payment template works - this file doesn't reverse-engineer a payment for you, it shows you how the balance behaves given the payment you provide.
Who this template is for
Homeowners and borrowers who want to see how a HELOC's balance actually behaves across both phases - before or after taking one out - without paying for a calculator subscription.
This is an educational planning tool, not a payoff quote from your lender and not financial advice - it assumes a constant rate and a constant drawn balance through the draw period, and doesn't model additional draws, paydowns mid-period, or a variable rate changing over time.
How to use it
- Enter your credit limit, rate, amount drawn, draw period length and repayment payment on HELOC Setup.
- The Schedule sheet cascades automatically: interest-only during the draw period, then principal and interest during repayment.
- Check the summary for total interest paid during the draw period.
Download the free Free HELOC Amortization Schedule Template (Excel)
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Frequently asked questions
Does this model a variable interest rate that changes over time?
No. It uses one constant annual rate you enter, applied identically in both the draw and repayment phases - it doesn't simulate a rate change over the life of the HELOC.
Can I use this in Google Sheets?
Yes. Upload the downloaded file to Google Drive, then open it and choose File > Save as Google Sheets. The two-phase cascade keeps working.
Does this compute my monthly payment for me?
No. You enter the repayment payment yourself, the same way our live Amortization Schedule with Balloon Payment template works - this template shows you how the balance behaves given that payment, it doesn't solve for it.
Does it handle additional draws or extra principal payments during the draw period?
No. It assumes a single drawn amount that stays constant through the draw period - it doesn't model further draws or paydowns before repayment starts.
Is this financial advice about whether to get a HELOC?
No. This is an educational planning tool to see how the two-phase structure behaves with your own numbers - it isn't financial advice and isn't a payoff quote from any lender.
What's the usage license?
Personal use. It's not meant to be resold or redistributed as a template product.