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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. Itā€™s important to know that youā€™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

Depending on the terms of your credit agreement, the interest rate on your line may be variable and subject to the prime rate. Whenever the prime rate increases or decreases, your interest payment will increase or decrease, which will impact your monthly payment.

The Prime Rate Index is published daily by the Wall Street Journal. Interest begins to accrue as soon as you draw funds from your HELOC.

Making your payments on time can help you keep your account in good standing. Your due date is agreed upon when you first open your line of credit, however, you have the ability to change your due date one time during the life of your loan.

Depending on the terms of your loan, a $50 line of credit annual fee may be charged to your home equity line of credit beginning on the first anniversary date when you opened your account. At any time, you are eligible to request a fee waiver by calling us if you have any of the following accounts with us:

  • Chase Premier/Premier Plus Ā鶹ֱ²„
  • Sapphire Ā鶹ֱ²„
  • Chase Private Client relationship
  • Private Bank relationship

Important: You must maintain one of these accounts while you have a HELOC to qualify for the annual fee waiver.

Home Equity Tip

Want to know when a payment is due or if the interest rate has changed? Stay informed ā€“ learn about alerts with Chase.

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