See how much you can borrow with a HELOC and what you'd pay in the draw and repayment periods.
Enter your numbers to see the results.
Estimates only. This isn't financial advice or an offer of credit. HELOC rates are usually variable and lender limits differ, so your actual line, rate and payment come from your lender.
Enter your home's value, what you owe and how much you plan to draw. You'll see your available credit, the interest-only payment during the draw period and the bigger payment once repayment begins. It runs in your browser and never asks for your name, email or phone number.
Your available line is the lender's maximum share of your home's value, minus what you already owe. During the draw period you usually pay interest only. In repayment, the balance is paid off like a regular loan.
That total assumes you draw the full amount at the start and hold it through the draw period, so it's a worst case. Your home value is an estimate too, and the lender's appraisal may come in lower.
During the draw period you can borrow, repay and borrow again. When repayment starts you can't draw any more, and principal is added to the payment. That jump is the payment shock the calculator warns about, so plan for it before the draw period ends.
85% of $400,000 is $340,000, so you can borrow up to $90,000. Your current LTV is 62.5%. Drawing $50,000 at 8.5% takes your CLTV to 75%. During the 10-year draw period the interest-only payment is $354.17 a month. When the 20-year repayment period starts it rises to $433.91, about 23% more. Total interest over the life of the line: $96,638.79.
HELOC rates are variable. On the same $50,000 at 10.5%, two points higher, the interest-only payment would be $437.50 and the repayment payment $499.19. Run the numbers at a higher rate to see if you'd still be comfortable.
A $300,000 home with a $240,000 mortgage is at 80% LTV. With an 80% CLTV lender, there's nothing available to borrow. A lender allowing 85% or 90% might offer something.
$600,000 home, $300,000 mortgage, 90% CLTV: up to $240,000 available. Drawing $100,000 at 7.25% means $604.17 a month interest-only, then $790.38 in repayment (about 31% more). Total interest if held the full term: $162,190.24.
During the draw period it's usually interest only: balance × APR ÷ 12. A $50,000 balance at 8.5% is $354.17 a month. During repayment it's a regular amortizing payment, $433.91 a month over 20 years in that example.
Multiply your home value by the lender's maximum CLTV and subtract your mortgage. At 85% on a $400,000 home with $250,000 owed, that's $90,000.
The minimum many lenders require during the draw period, which covers only the interest. It keeps payments low but doesn't reduce what you owe.
You can no longer borrow, and payments switch to principal plus interest over the repayment period. Payments often jump noticeably, which the calculator shows.
Yes. It runs in your browser and nothing is uploaded. It never asks for your name, email, phone number or address.
Most HELOCs allow it. Paying down principal during the draw period lowers your interest and your later repayment amount. Check your lender's terms for prepayment rules.
It can lower the interest rate, but it turns unsecured debt into debt secured by your home. Compare the numbers with the Credit Card Payoff Calculator and think through the risk.