HELOC Calculator
Estimate your available home equity line of credit and monthly payment options.
Estimate your available home equity line of credit and monthly payment options.
HELOCs are typically variable rate
A Home Equity Line of Credit (HELOC) lets you borrow against your home equity up to a set limit, typically 85% of Combined Loan-to-Value (CLTV). Like a credit card, you draw funds as needed during the draw period (usually 10 years), paying only interest. Then the repayment period begins, where principal and interest are fully amortized.
Max HELOC = Home Value × 85% − Mortgage Balance | Draw Payment = Balance × (Rate / 12) | Repayment = Balance × [r(1+r)^n] / [(1+r)^n − 1]Using a HELOC for renovations can add home value. A kitchen remodel costing $30,000 at 8.5% with a 10-year repayment costs ~$372/month and ~$14,600 in total interest — often cheaper than a personal loan.
Rolling high-interest credit card debt into a HELOC at 8.5% vs. 24% APR can save thousands in interest. Caution: your home secures the debt, so failure to pay risks foreclosure.
Available equity assumes lender maximum of 85% CLTV. Draw period payment is interest-only. Repayment balance is the full withdrawal amount amortized over the selected term.