HELOC Calculator

Calculate payments for a home equity line of credit.

Calculator Inputs

Enter your details and click "Calculate" to see your results

About This Calculator

Calculate payments for a home equity line of credit. This calculator helps you make informed financial decisions by providing accurate calculations and detailed breakdowns.

Use this tool to plan your finances, compare options, and understand the long-term impact of your financial decisions.

HELOC Formulas & Equations

Available Credit Formula

Credit Limit = (Home Value × Max CLTV) - Existing Mortgages
  • Max CLTV = Usually 80-90% depending on lender
  • Existing Mortgages = All current mortgage balances

Interest-Only Payment (Draw Period)

Monthly Interest = Balance × (Annual Rate ÷ 12)

During the draw period, minimum payments are typically interest-only.

Example

$50,000 HELOC balance at 8.5% APR:

  • • Monthly interest: $50,000 × (0.085 ÷ 12) = $354.17
  • • HELOC rates are variable, tied to Prime Rate
  • • Draw period: 10 years, Repayment: 20 years

Frequently Asked Questions

How accurate are these calculations?

Our calculators use industry-standard formulas and are designed to provide accurate estimates. However, actual results may vary based on your specific situation and lender terms.

Can I trust these results?

Yes, our calculations are based on proven financial formulas. However, always consult with a financial advisor for personalized advice.