Figure Home Equity Line of Credit Calculator

This Figure home equity line of credit calculator estimates a fixed monthly payment and total interest for a fully drawn, fixed-rate balance repaid in equal monthly installments. Enter the amount borrowed, the APR and repayment term; the results are general loan arithmetic, not a Figure offer or a quote of its current terms.

Formula

The calculator uses the standard fixed-payment amortization formula. First it converts the annual percentage rate to a monthly rate, then calculates the monthly payment needed to repay the balance over the selected number of months.

• p is the amount drawn or borrowed, in dollars.
• apr is the annual percentage rate, entered as a percent per year.
• r is the monthly rate: apr ÷ 1,200.
• n is the number of monthly payments: years × 12.
• pmt is the monthly payment in dollars, rounded to the nearest cent.
• int is estimated total interest in dollars, calculated as the rounded payment × number of payments − principal.

In symbols, payment = p × r ÷ [1 − (1 + r)⁻ⁿ]. The formula assumes the same rate throughout and a level payment each month. Total interest is an estimate based on that rounded payment; actual lender calculations may differ because of payment dates, rounding conventions, fees or changing terms.

Worked Example

Using the calculator’s defaults—$20,000 drawn, an 8% APR and a five-year repayment term—the monthly rate is 8 ÷ 1,200 = 0.0066667, and the term is 5 × 12 = 60 monthly payments.

Payment = 20,000 × 0.0066667 ÷ [1 − (1 + 0.0066667)⁻⁶⁰] = $405.53 per month, rounded to the nearest cent.

Total interest = $405.53 × 60 − $20,000 = $4,331.80. The result is a mathematical illustration, not a statement of Figure’s pricing, eligibility or payment schedule.

What a Figure HELOC Is and How It Works

A home equity line of credit, or HELOC, lets a homeowner borrow against available equity in a property. Instead of receiving the entire credit amount as a single loan, a borrower may draw funds from a credit line, subject to the lender’s contract and account rules. The home secures the debt, so missed payments can have serious consequences, including possible loss of the property through the applicable process.

Figure is a financial technology company that offers home equity products, including HELOCs. Product availability, features, rates, fees, draw access, repayment schedules and eligibility can change and may depend on location and individual circumstances. This calculator does not verify whether a Figure product is available to a particular reader and does not model Figure’s current terms. Consult the lender’s official disclosures for the actual details.

A HELOC may have a period when the borrower can draw funds and a later repayment period, but contracts differ. Some products can use fixed-rate advances or other payment structures. The calculator above does not model a revolving credit line, multiple draws, a changing APR, a draw period, or a payment that changes over time. It treats the full entered amount as borrowed at the start and amortized immediately.

How to Use the Estimate

1. Enter the amount you expect to have drawn. Use the balance to be repaid, not the full credit limit if you will borrow less.
2. Enter the APR supplied in the lender’s written terms. The default 8% is only an arithmetic example, not a current Figure rate or a market-rate claim.
3. Enter a repayment term in years that matches the schedule you want to illustrate. Check whether the lender expresses its repayment period in years or months.
4. Read the monthly payment and total interest, then compare them with the lender’s payment schedule and disclosures. The figures exclude any costs not represented in the inputs.

For example, a $20,000 credit limit does not necessarily mean a $20,000 balance. If only $7,500 is drawn, enter $7,500 to estimate payment on that balance. If there are later advances, each one may accrue interest under its own timing or rate; a single-balance formula cannot reproduce that account history.

Costs, Limitations and Common Misunderstandings

Interest is only one part of a HELOC’s cost. Depending on the actual contract, there may be fees or other charges, and payment amounts can depend on when funds are drawn, how interest accrues and whether the rate changes. Those terms should be checked in current lender documents rather than inferred from this estimate. Taxes, insurance and any costs associated with the property are not included.

• A line limit is not the same as a balance. Interest and repayments generally relate to amounts actually borrowed, under the account’s terms.
• APR and interest rate are not interchangeable in every disclosure. APR may reflect certain costs, while the rate used to accrue interest is specified by the contract. Use the lender’s stated figures and confirm what each represents.
• A fixed-payment estimate is not a minimum-payment quote. A revolving HELOC can require a different payment during a draw period or when its rate changes.
• More time usually changes the arithmetic. At the same balance and rate, a longer amortization period lowers the calculated scheduled payment but increases the number of months interest can accrue.

Because the debt is secured by a home, repayment risk deserves particular attention. A payment estimate cannot assess household finances, future rate changes, property value or the consequences of missed payments. It is not an approval estimate, a recommendation to borrow, or a substitute for reading the loan agreement.

Alternatives and Comparisons

A HELOC is not the only way to borrow against home equity. A home equity loan typically provides a lump sum with a repayment schedule, while a cash-out refinance replaces an existing mortgage with a different mortgage balance and terms. Unsecured personal credit does not use the home as collateral but has different pricing and qualification terms. These products are not directly comparable from the calculator alone: compare the written APR, fees, payment structure, repayment period, collateral and total repayment figures for each specific offer.

If the goal is simply to estimate a fully drawn balance under a fixed rate, this calculator is useful as a baseline. For a revolving line with staged draws or variable rates, ask the lender for a schedule reflecting the expected draw dates, payment rules and rate assumptions. Avoid treating an illustrative calculation as the amount due on a statement.

Frequently Asked Questions

Does this calculator show Figure’s current HELOC rate?
No. The APR is an input, and the default is solely an example. Get the rate and other terms directly from Figure’s current official disclosures or application materials.

Can I enter the full credit limit?
Only if you expect to draw the entire limit and want to estimate repayment of that full balance. Otherwise, enter the amount actually borrowed or the balance you want to model.

Does it calculate a HELOC draw-period payment?
No. It assumes the full balance is amortized with equal monthly payments from the start. It does not model interest-only payments, new advances, a draw period or a variable rate.

Why might my lender’s payment differ?
The lender may use different timing, rounding or repayment rules, and the account may include fees, rate changes or multiple draws. The lender’s statement and disclosures govern the actual amount due.

Is a HELOC secured by my home?
HELOCs are generally secured by the property used to establish the line. Review the specific agreement to understand the collateral and consequences of failing to meet its terms.

This result is an estimate for educational purposes; the lender’s disclosure gives the exact figures.

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in p | Drawn balance | $ | 20000 | 1 | 100000000
in apr | Interest rate (APR) | % | 8 | 0.01 | 100
in yrs | Repayment term | years | 5 | 0.0833 | 50
out pmt | Estimated monthly payment | $ | round(p * (apr / 1200) / (1 - (1 + apr / 1200) ^ -(yrs * 12)), 2) | 2
out int | Estimated total interest | $ | pmt * yrs * 12 - p | 2