HELOC and Student Loan Worksheets: Draw Phases and Extra Payments
Two long-tail borrowing tools sit beside mortgages and snowball plans: a simplified HELOC two-phase model and a fixed-rate student loan amortizer with optional extra payments. Both are educational scenarios from inputs you supply.
HELOC: interest-only draw, then amortizing repayment
CFPB explains a home equity line of credit as revolving credit secured by a home, commonly with a draw period followed by repayment, and notes that payments may rise. Our worksheet assumes one draw held constant, charges interest-only payments during the draw months (draw × annual rate ÷ 12), then amortizes that same principal over the repayment months at the same constant nominal rate. Combined LTV arithmetic uses percentages you enter—it is not an approval or credit limit.
Student loans: standard amortization plus optional extra
The student loan repayment calculator computes a level payment that amortizes one principal over a term you choose at one fixed nominal rate, then optionally adds a recurring extra applied to principal each month. It does not use income, family size, or federal program rules—so it cannot compute income-driven plans or forgiveness. Federal Student Aid’s Loan Simulator and CFPB student-debt resources are the appropriate places for program decisions.
Model student loan payoff
Principal, fixed rate, term, optional extra:
Student Loan Repayment CalculatorWhen to use neighboring tools
Use the plain loan or amortization schedule calculators for generic installment math. Use the equity loan calculator for a lump-sum home-equity installment (not a revolving line). Use debt snowball when comparing multiple balances under a balance-first payment budget.