During a HELOC's draw period, you may only need to make interest payments on the money you borrow. After the draw period, you will need to make both principal and interest payments. Repayment periods can often run between 10 and 20 years. You'll need to pay off the full amount of the loan by the end of the repayment period. The interest only payments during the draw period can make the upfront costs of a HELOC more affordable. Keep in mind that HELOCs typically come with an adjustable interest rate. This means that the amount of your interest payments might go up or down during the life of your home equity line of credit.