💳 HELOC Calculator
A HELOC works like a credit card secured by your home: you draw what you need during the draw period and usually pay interest only. Lenders commonly cap the total credit at 80% of the home value minus your mortgage balance.
HELOC rates are variable, so the interest-only payment moves with the market. This calculator uses today's rate as a snapshot.
How to use this calculator
Enter your home value, mortgage balance owed and the current rate to see your maximum HELOC credit line and the interest-only monthly payment.
- Type your Current home value.
- Enter the Mortgage balance owed.
- Set the current Annual interest rate.
- Press Calculate to see the credit line and interest-only payment.
Frequently asked questions
What is a HELOC?
A home equity line of credit: a revolving credit line secured by your home. During the draw period you can borrow, repay and borrow again, usually paying interest only on what you use.
How is the maximum line set?
Lenders commonly allow up to 80% of the home value minus the mortgage balance. This calculator uses that rule.
Can you give an example?
A $500,000 home with $300,000 owed gives a $100,000 maximum line. At 8.5% the interest-only payment on a fully drawn line is about $708.33 a month.
Is the payment fixed?
No. HELOC rates are usually variable, so the interest-only payment rises and falls with the market rate. The figure here is a snapshot at the rate you enter.