HELOC Calculator
Calculate available home equity, line of credit limit and interest-only payment on a HELOC.
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Frequently Asked Questions
What is a HELOC and how does it work?
A HELOC (Home Equity Line of Credit) lets you borrow against your home equity up to a set limit. During the draw period (typically 10 years) you can borrow and repay as needed, paying interest only. During the repayment period (10-20 years) you repay principal and interest.
What is the maximum HELOC amount?
Most lenders allow you to borrow up to 80-90% of your home's value minus your mortgage balance. On a $450,000 home with $280,000 mortgage at 85% LTV: ($450,000 × 0.85) - $280,000 = $102,500 maximum HELOC.
HELOC vs home equity loan — what is the difference?
A HELOC is a revolving line of credit with a variable rate — you borrow as needed. A home equity loan is a lump sum with a fixed rate and fixed payments. HELOCs are better for ongoing expenses; home equity loans are better for one-time large expenses where you want payment certainty.