HELOC Calculator
How big a home equity line you can get, what the interest-only draw payments look like, and how much the payment jumps when the repayment period starts.
Your payments on $50,000
The payment rises by $79.74 a month when the draw period ends after year 10. That jump, not the rate, is what catches most HELOC borrowers out.
Explain my numbers in plain English
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How a HELOC works
A home equity line of credit is a revolving line secured by your house. During the draw period you borrow as needed and usually only owe interest. When it ends, the line closes and the repayment period begins: the balance is amortized over the remaining years, so the payment can double or more overnight.
Because the rate is usually prime plus a margin, your cost moves with the Federal Reserve. And because the house is the collateral, missed payments put the home at risk. The CFPB's HELOC booklet, which lenders must give you, lists the questions to ask about caps, fees and minimum draws.
Questions people ask
How much can I borrow with a HELOC?
Lenders usually cap your combined loan-to-value (CLTV) at 80–90%: your mortgage balance plus the credit line can’t exceed that share of the home’s appraised value. The calculator shows the maximum line at the CLTV you choose.
How are HELOC payments calculated?
During the draw period (often 10 years) many HELOCs require interest-only payments on what you’ve drawn. In the repayment period (often 20 years) the balance amortizes, so the payment jumps. Both are shown above.
Is a HELOC rate fixed?
Most HELOCs have a variable rate tied to the prime rate plus a margin, so payments can change. The "rate +2%" line shows how sensitive your repayment payment is.
HELOC or home equity loan?
A home equity loan pays a lump sum at a fixed rate with fixed payments. A HELOC is a revolving line you draw as needed, usually variable. For a one-time known cost the equity loan is more predictable; use the general loan calculator to price one.