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The short answer
HELOC payments can rise sharply when drawing ends and repayment begins; request the projected payment while you still have time to compare options.
What changes the answer
During the draw period some plans require interest-only payments. Repayment can add principal over a shorter remaining term, while a variable rate can also change. Some contracts have a balloon payment. The contract, not a generic calculator, determines your schedule.
Ask for a projection using the current balance and rate, then test a higher-rate scenario. A useful budget reserves for property taxes, insurance and repairs as well as mortgage payments.
Sources: CFPB: How HELOCs work; CFPB: Trouble making mortgage payments
A practical next step
- Find the draw-end date, rate formula, repayment term and balloon terms.
- Ask the servicer for written payment projections and available conversions.
- Compare refinancing and repayment offers before the last-minute deadline.
Sources: CFPB: How HELOCs work; CFPB: Trouble making mortgage payments
Before you agree or pay
A lender may freeze or reduce access under permitted circumstances, so unused credit is not emergency cash you can count on. A lower introductory payment on a new line may postpone rather than solve the repayment problem.
Sources: CFPB: How HELOCs work; CFPB: Trouble making mortgage payments
Keep the wider debt picture in view
A familiar monthly payment can change for more than one reason. Start with the contract and latest statement, then ask the servicer to explain the new calculation. Label the account as a revolving HELOC or an installment home-equity loan rather than relying only on the words second mortgage.
Your starting checklist
Keep these records privately. You do not need to upload them here.
Checks stay on this page only.
Questions worth asking
- Can I still draw money once the repayment period begins?
- Which part of my records changes this answer, and what should I do next?
Common questions
Can I still draw money once the repayment period begins?
Often the draw period ends before repayment begins, but your agreement controls. Confirm the exact end date, whether new draws stop, the repayment formula and whether a balloon is due. Build the budget around the actual future payment rather than the last interest-only payment.
Where should I start?
Find the draw-end date, rate formula, repayment term and balloon terms. Ask the servicer for written payment projections and available conversions.
Does using this guide change a payment or legal deadline?
No. Reading a guide or completing Find My Options does not file an appeal, answer court papers, stop collection, or create an agreement. Use the actual notice and the responsible court or agency to verify deadlines.
Sources & further reading
Sources checked October 19, 2026. Rules and programs can change. This article uses AI-assisted research and has not received attorney or other professional signoff. Read our editorial standards.
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Educational guidance for U.S. debt situations. This page does not decide legal rights, eligibility, fees or suitability. If you have a court, property or service deadline, seek appropriate help promptly; reading this page does not extend it.