HELOC Calculator
Estimate your home equity line of credit — maximum line, interest-only draw payments, amortising repayment payments, and total interest. Built for US homeowners with variable APR and CLTV support.
How a HELOC works
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. Most US HELOCs have two phases:
- Draw period (typically 10 years): you can borrow up to your credit limit and pay interest-only on the amount drawn. The rate is variable, tied to the prime rate plus a margin.
- Repayment period (typically 20 years): the line closes to new draws and you make principal-plus-interest payments to amortise the balance.
How much can you borrow?
Lenders cap your combined loan-to-value ratio (CLTV) at 80–90% in most cases. Your maximum line is roughly:
Max HELOC = (Home Value × CLTV cap) − Existing Mortgage Balance
The actual amount you qualify for also depends on credit score, debt-to-income ratio, employment history, and lender underwriting.
HELOC vs Home Equity Loan vs Cash-Out Refinance
A HELOC gives you flexible access to funds with a variable rate. A home equity loan is a one-time lump sum at a fixed rate. A cash-out refinance replaces your existing mortgage with a larger one and gives you the difference in cash. Compare your options before committing — closing costs, rate type, and payment flexibility differ significantly.
Disclaimer: This calculator provides estimates only. HELOC rates are variable and your actual rate, max line, and terms depend on credit score, debt-to-income ratio, lender underwriting, and your state. Closing costs, annual fees, and inactivity fees may apply. This is not financial advice.