Home Equity Line Calculator
HELOC Payment Estimate
Estimate HELOC draw period and repayment payments
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Formula
Max Credit = (Home Value x LTV%) - Mortgage Balance. Interest-only payment = Balance x Monthly Rate. Repayment = standard amortization formula.
Frequently Asked Questions
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving credit line you can draw from as needed, similar to a credit card, with variable rates. A home equity loan is a lump-sum loan with fixed monthly payments and a fixed rate.
How much can I borrow with a HELOC?
Most lenders allow a combined loan-to-value ratio of 80-90%. Your HELOC limit equals (Home Value x LTV%) minus your mortgage balance. For a $500K home with $300K owed at 80% LTV, that's $100K.
What are the draw and repayment periods?
A typical HELOC has a 10-year draw period where you make interest-only payments, followed by a 10-20 year repayment period where you pay principal and interest. Some HELOCs allow renewal.
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