HELOC Calculator
A home equity line of credit (HELOC) lets you borrow against the equity in your home as you need it. Lenders cap the combined total of your mortgage and the line at a share of the home's value.
Enter your figures below. Results update as you type.
Maximum credit line$145,000.00
- Home equity
- $220,000.00
- Interest-only payment on your draw
- $354.17
- Payment during repayment
- $433.91
- Interest over the repayment period
- $54,138.79
- Combined LTV after your draw
- 66%
How the HELOC calculation works
Maximum line = home value x maximum combined LTV - mortgage balance
With a $500,000 home, a $280,000 mortgage and an 85% limit, the largest line is $145,000. Drawing $50,000 at 8.5% costs $354.17 a month in interest during the draw period, and $433.91 a month once it is repaid over 20 years.
Frequently asked questions
How much HELOC can I get?
Most lenders allow your mortgage and the line together to reach 80% to 85% of the home's value. Multiply the value by that percentage and subtract what you owe.
How are HELOC payments calculated?
During the draw period, usually 10 years, you pay interest only on what you have borrowed. After that, the balance is repaid with principal and interest over a set period, so the payment rises.
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