HELOC Calculator
Estimate your Home Equity Line of Credit limit and payments. Calculate borrowing power based on your current Loan-to-Value (LTV) ratio and home equity.
Asset Assessment
Standard range: 80% - 90%
Estimated Available Credit
This is the maximum line of credit a lender may offer based on your LTV.
Draw Phase Payment (Interest-Only)
HELOC vs. Home Equity Loan
A Home Equity Line of Credit (HELOC) functions like a revolving credit card secured by your home. You only pay interest on what you actually spend. In contrast, a Home Equity Loan provides a lump sum with a fixed interest rate and fixed monthly payments from day one.
Draw vs. Repayment
Most HELOCs have two distinct phases. During the Draw Period (usually 10 years), you can spend the funds and often make interest-only payments. Once the Repayment Period begins, you can no longer withdraw funds and must pay back both principal and interest.
HELOC Strategy FAQ
What is the "Combined Loan-to-Value" (CLTV)?
Lenders use CLTV to determine how much equity you have across all loans. Our calculator helps you find this by adding your current mortgage balance to the proposed HELOC amount and comparing it to your home's appraisal value.
Are HELOC interest rates fixed or variable?
Most HELOCs have variable interest rates tied to the prime rate. This means your monthly payment could increase if market rates rise during your draw or repayment periods.