HELOC and Home Equity Calculator
See how large a credit line your equity may support, and what each phase costs.
What This Calculator Does
Uses your home value, current mortgage balance, and a combined loan-to-value limit to estimate an available credit line, along with the payment during an interest-only draw period and after it converts to full repayment.
Who Is This For
Owners with equity who want access to funds without disturbing a low first-mortgage rate, investors funding renovations, and anyone comparing a HELOC against a cash-out refinance.
How It Works
Enter your property value, first-mortgage balance, expected combined loan-to-value limit, rate, the amount you plan to borrow, and draw and repayment period lengths to see your estimated borrowing capacity and payments.
Frequently Asked Questions
How much can typically be borrowed with a HELOC?
Lenders set a combined loan-to-value limit covering the first mortgage and the new line together; the specific limit varies by lender, credit profile, and property use.
What is the difference between the draw and repayment periods?
During the draw period, payments are often interest-only on the amount used; once that period ends, the line converts to a repayment phase that includes principal, which typically raises the payment.
Are HELOC rates fixed?
Most HELOCs carry a variable rate tied to an index plus a margin, so the payment can move with market rates; ask about rate caps and any fixed-rate conversion option before committing.
HELOC or cash-out refinance — which is better?
It depends on your existing first-mortgage rate: a HELOC lets you keep a favorable first mortgage untouched, while a cash-out refinance replaces it entirely, which can make more sense if the new rate is competitive.