How Long Do HELOCs Last? Draw, Repayment, and Maturity

A home equity line of credit typically lasts 25 to 30 years from closing to final payoff. That total is split into two phases: a draw period of 3 to 10 years, when you can borrow against the line and usually pay interest only, followed by a repayment period of 10 to 20 years, when the line closes to new borrowing and you pay down the balance with principal-and-interest payments. The exact length depends on the terms your lender sets at closing.

The Draw Period Runs 3 to 10 Years

The draw period is the window when your HELOC actually functions like a credit line. Most lenders set this at 10 years, though some offer periods as short as 3 or 5 years. During these years, you can borrow up to your credit limit, pay some or all of it back, and borrow again. That revolving feature is what separates a HELOC from a standard home equity loan, where you receive one lump sum and start repaying immediately.

Monthly payments during the draw period are usually interest-only, calculated on whatever balance you currently owe. If you borrowed $40,000 from a $100,000 line at a 6.75% rate, your monthly payment would be roughly $225 in interest alone. You can make principal payments voluntarily, and any principal you pay down becomes available to borrow again. Some plans require a minimum draw each time, such as $300, or an initial draw when the line is first set up.¹

The rate on most HELOCs is variable for the life of the loan and pegged to an index, almost always the U.S. prime rate. As of early 2026, prime sits at 6.75%, and your HELOC rate is typically prime plus a margin your lender sets at closing. That margin stays fixed, but the underlying index moves with Federal Reserve decisions, so your rate and monthly payment can shift with every Fed meeting.

The Repayment Period Runs 10 to 20 Years

When the draw period ends, the credit line locks shut. You cannot borrow any more money, and the balance you owe at that point becomes a fixed debt you must pay down over the repayment term, which runs 10 to 20 years depending on your agreement.¹

The payment structure changes dramatically. Instead of interest-only payments, you now owe principal and interest each month, amortized so the entire balance reaches zero by the end of the repayment term. To put numbers on the jump: if you owed $50,000 at 8% interest, your draw-period interest-only payment would run about $333 a month. Once repayment begins on a 15-year schedule, that same balance at the same rate requires roughly $478 a month. A 43% increase, hitting without any warning beyond the disclosures you received years earlier at closing.

Federal regulations require your lender to disclose these payment shifts before you open the account. The disclosure must explain how long each period lasts, how your minimum payment will be calculated in each phase, and whether a balloon payment could result if minimum payments don’t fully amortize the balance.² The interest rate remains variable through repayment, so your payments can still fluctuate with market conditions on top of the structural increase from adding principal. If you fall behind on these higher payments, your lender can initiate foreclosure, since the HELOC is secured by your home.³

Total Lifespan and the Maturity Date

Add the two phases together and you get the full HELOC lifespan: commonly 25 to 30 years. A typical structure pairs 10 years of draw with 20 years of repayment, for 30 years from closing. The final day of the combined term is your maturity date, and any remaining balance is due in full on that date.

Most HELOCs are designed so that regular principal-and-interest payments during the repayment period bring the balance to zero by maturity. Not all plans work this way. Some allow minimum payments during repayment that don’t fully amortize the debt, which leaves a balloon payment at the end. If your plan has this structure, the lender must disclose it upfront.² Owing a large lump sum at maturity could force you to refinance, sell the property, or negotiate new terms with your lender. Once the debt is fully satisfied, the lender must record a lien release, clearing the HELOC’s claim against your property title.⁴

What to Do Before the Draw Period Ends

The end of the draw period is a decision point, not a cliff. You don’t have to simply accept the higher payments if you plan ahead. The most common paths:

Let the repayment period begin. If you can handle the higher monthly payments, doing nothing is the simplest option. The balance amortizes over the remaining term.
Open a new HELOC. Some lenders will let you take out a fresh HELOC and roll over the existing balance, which resets you into a new draw period with interest-only payments. This delays principal repayment but buys time if your income is expected to increase.
Refinance into a home equity loan. Converting the variable-rate HELOC balance into a fixed-rate home equity loan locks in your rate and gives you predictable monthly payments. You lose the revolving feature, but you gain certainty.
Refinance into your primary mortgage. If rates are favorable, you can roll the HELOC balance into a new first mortgage through a cash-out refinance. This typically gets you the lowest rate but restarts your mortgage clock.
Pay off the balance. If you have the savings, eliminating the debt entirely before repayment begins avoids interest costs going forward.

Many lenders also offer a fixed-rate lock option during the draw period itself. This lets you convert some or all of your outstanding balance from a variable rate to a fixed rate for a set term, often up to 20 years. The locked portion gets its own repayment schedule with predictable payments, while any remaining variable-rate balance continues as before. You can typically hold multiple fixed-rate locks at once. Worth investigating at closing, because it hedges against rate increases without needing to refinance into an entirely new product.

The worst approach is ignoring the transition. Borrowers who carry a large balance into the repayment period without budgeting for the payment increase are the ones who end up in trouble.

When the Timeline Can Be Cut Short

Your credit limit is not guaranteed for the full draw period. Federal regulations allow lenders to suspend new draws or cut your limit under several specific conditions:

Your home’s value drops significantly below what it appraised for when you opened the HELOC.
Your financial situation changes materially and the lender reasonably believes you can’t meet the repayment obligations.
You default on a material term of the HELOC agreement.
The interest rate hits the lifetime cap stated in your agreement, if the contract includes this provision.
Government action affects the lender’s security interest or prevents them from charging the agreed-upon rate.

These aren’t hypothetical. During the 2008 housing crash, lenders froze and reduced HELOC lines on a massive scale as home values collapsed. If you’re relying on your remaining credit line for a future project, keep in mind that access can disappear if market conditions shift.²

The timeline can also end early on your side. Paying off the full balance closes the account, though some lenders charge an early termination fee if you close the HELOC or pay it off within the first two to three years. These fees commonly fall in the $450 to $500 range, though the amount varies by lender. Not every HELOC carries this penalty, and the trend in recent years has been toward fewer lenders imposing one. Check your loan documents before paying off the balance early or closing the account. If you sell your home, you’ll be required to pay off the HELOC in full from the sale proceeds, and an early closure fee could apply if you’re still within the penalty window.¹

1
Consumer Financial Protection Bureau. What You Should Know About Home Equity Lines of Credit (HELOC)
2
eCFR. 12 CFR 1026.40 – Requirements for Home Equity Plans
3
Federal Trade Commission. Home Equity Loans and Home Equity Lines of Credit
4
Fannie Mae. Satisfying the Mortgage Loan and Releasing the Lien