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HELOCs have variable rates tied to prime rate + margin. Draw period (typically 10 years): interest-only payments on the amount used. Repayment period (10–20 years): principal + interest on the remaining balance. Maximum line = (home value × LTV limit) − current mortgage balance. LTV limits are typically 80–85%. Rate changes can significantly affect payments—model worst-case scenarios.
Interest-only payment on an average balance (revolving line). Your draw schedule changes actual interest.