Can you explain how HELOC monthly payments work?

A HELOC, or Home Equity Line of Credit, is a type of loan that allows you to borrow against the equity in your home. The monthly payments for a HELOC are typically interest-only during the draw period, which is usually the first 5-10 years of the loan. This means you only pay the interest on the amount you've borrowed each month. After the draw period ends, you enter the repayment period where you'll need to start paying back both the principal and interest on the loan.