Property analysis when using a HELOC as DP

[Ethan Griffel]

If you have used a HELOC as a down payment do you calculate the monthly payoff of that draw as an expense when running numbers on a potential deal? Example: expenses+mtg+HELOC= total expenses. Initially I have been doing it this way but then I got to wondering if HELOC payment is truly an expense because as you pay it back it reopens that credit to use again? My mind was thinking it's essentially putting the payback amount into "savings" that you'll have access to. Am I thinking this right? How have people calculated HELOC paydown when running numbers?