What is the home equity line of credit (HELOC) end of draw period?

The HELOC end of draw period is when you enter the repayment phase of your line of credit. You are now required to begin paying back the principal balance in addition to paying interest. At this point you may no longer access funds and you may no longer convert a variable rate to a fixed rate. 

What should I expect at the HELOC end of draw period?

Your monthly payment may increase substantially as you move from paying interest only to paying principal plus interest. The amount of increase depends on your principal due, interest rate and your repayment period, which is usually 10, 15 or 20 years. Contact a banker at 800-642-3547 to discuss the monthly payment on your HELOC. 

What can I do to reduce my monthly payment at the end of draw period?

  • Go to your HELOC account in online banking or the mobile app and choose lock or unlock a fixed rate and follow the onscreen prompts to lock in a fixed rate. Or, call a banker at 800-642-3547 to discuss the option of locking in a fixed rate.1 You must do this before your end of draw period.
  • Apply for a new HELOC or a home equity loan.
  • Make additional principal payments above your required monthly payment. Log in to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Bank Account page. You may also visit a branch.
  • Pay off your balance. Visit a branch to get a payoff quote and pay your balance in full while you’re there. Or, call 800-642-3547 for a payoff quote and then pay online or by mail. If paying by mail, send your check to:

    U.S. Bank Consumer Loan and Lease Operations – FCPT
    P.O. Box 3427
    Oshkosh, WI 54903

HELOC end of draw FAQs