HELOC and Home Equity Calculator
Two numbers decide whether a line of credit suits you: how much it gives you, and what each of its two phases costs per month.
What This Calculator Does
Give the calculator your home value, your current mortgage balance, and the combined loan-to-value ceiling your lender applies, and it returns the credit line available to you — then prices the monthly payment during the interest-only draw period and again once the line converts to full principal-and-interest repayment.
Who Is This For
Built for owners of appreciated Miami homes and condos who want to reach their equity without disturbing a low first-mortgage rate, investors funding renovations or a down payment, and anyone weighing a HELOC against a cash-out refinance.
How It Works
Supply the property value, the first-mortgage balance outstanding, the combined loan-to-value limit you expect, your interest rate, and the length of both the draw and repayment phases. Calculate reveals your borrowing capacity and the payment in each phase.
Frequently Asked Questions
How large a line will a lender extend?
Lenders set a combined loan-to-value ceiling covering your first mortgage and the new line together, then deduct what you already owe. Whatever remains becomes your credit limit. The precise ceiling shifts with the lender, your credit profile, and whether the property is a primary residence, second home, or rental.
How do the draw and repayment periods differ?
Throughout the draw period you may borrow, repay, and borrow again, with the minimum payment typically covering interest alone on the balance in use. Once that window shuts, the line converts to a repayment phase that includes principal — and that is where the payment jumps, occasionally by a great deal. Plan for the step-up before you draw.
Do HELOC rates stay put?
Rarely. Most lines track an index plus a margin, so the payment moves as the index moves, downward as well as upward. Any figure produced here is a snapshot at the rate you entered rather than a fixed commitment. Ask about rate caps and any fixed-rate lock option before signing.
HELOC or cash-out refinance?
Where the rate on your first mortgage sits well beneath current market rates, a HELOC preserves it and lets you borrow only what you need. A cash-out refinance replaces everything at one rate, which suits you better when the new rate is competitive with the old one or when a fixed payment is worth the certainty.
Are condos and second homes eligible?
Yes, though the terms tighten. Lenders review association finances, insurance, and reserves on condos, and they apply lower combined loan-to-value ceilings to second homes and investment properties than to a primary residence. South Florida owners should expect the association's documents to form part of underwriting.