HELOC Calculator
Estimate how much home equity line of credit (HELOC) you can qualify for, your interest-only payment during the draw period, and your full payment once repayment begins.
Quick Answer
On a $450,000 home with a $260,000 mortgage balance, you could qualify for a HELOC up to $100,000. Drawing $40,000 at 8.5% interest-only, your draw-period payment is about $283/month.
Home & Credit Line Details
Max HELOC line available: $100,000
HELOC rates are typically variable and tied to the prime rate.
years
years
Draw Period Payment
$283
Interest-only
Repayment Period Payment
$347
Principal + interest
Max HELOC Available (85% CLTV)
$100,000
Combined Loan-to-Value
66.7%
How HELOC vs Home Equity Loan Differ
HELOC
Revolving credit line, variable rate, draw as needed, interest-only during draw period.
Home Equity Loan
Lump sum upfront, fixed rate, fixed monthly payment from day one.
Repayment Period Amortization
Yearly view| Year | Principal | Interest | Balance |
|---|
What Is a HELOC Calculator?
A HELOC calculator estimates how much home equity line of credit you can qualify for and what your payments will look like during both phases of the loan. A home equity line of credit works differently from a traditional loan: during the draw period, typically 10 years, you pay interest only on what you've borrowed. Once the repayment period begins, usually 20 years, you pay both principal and interest, and the payment increases accordingly.
HELOC Rates & Home Equity Loan Rates Today
Best HELOC rates and home equity loan rates vary by lender, credit score, and combined loan-to-value ratio (CLTV).
| Product | Rate Type | Typical Rate |
|---|---|---|
| HELOC | Variable | 8.00% - 9.50% |
| Home Equity Loan | Fixed | 7.75% - 9.00% |
Rates shown are illustrative averages. Confirm current HELOC rates with home equity lenders directly.
How to Use This Calculator
- Enter your current home value and remaining mortgage balance.
- Set the amount you'd like to draw from your credit line.
- Enter the current HELOC interest rate.
- Adjust the draw and repayment period lengths if needed.
- Review your draw-period and repayment-period payments.
Frequently Asked Questions
How much HELOC can I qualify for?
Most home equity lenders allow a combined loan-to-value (CLTV) of up to 80-85%, meaning your mortgage balance plus your HELOC line generally can't exceed that percentage of your home's value.
Does my HELOC payment change over time?
Yes. During the draw period you typically pay interest only on a variable rate, so payments fluctuate with the balance and rate. Once repayment begins, payments include principal and are usually higher.
Is a HELOC or home equity loan better?
It depends on your needs. A HELOC suits ongoing or uncertain expenses since you draw as needed, while a home equity loan suits a single, known expense with the predictability of a fixed rate.