🏠 HELOC Calculator
Calculate Home Equity Line of Credit
Amount you've borrowed from HELOC
How to Use This Calculator
Enter Home Value
Input your current home value. This is used to calculate available equity and loan-to-value ratio.
Enter Mortgage and HELOC Details
Enter your current mortgage balance and HELOC credit limit. These are used to calculate your available equity and total loan-to-value ratio.
Enter Interest Rate and Draw Amount
Enter the HELOC interest rate and the amount you've drawn (borrowed) from the HELOC. This calculates your monthly interest-only payment.
Review Results
See your available equity, loan-to-value ratio, and monthly payment (if you've drawn from the HELOC). Use this to understand your HELOC terms and costs.
Formula
Available Equity = Home Value - (Mortgage Balance + HELOC Limit)
LTV = (Mortgage Balance + HELOC Limit) ÷ Home Value × 100
Monthly Interest-Only Payment = Drawn Amount × (Interest Rate ÷ 12)
Example Calculation:
If home value $400,000, mortgage $250,000, HELOC limit $100,000, rate 5.5%, drawn $50,000:
• Available equity = $400,000 - ($250,000 + $100,000) = $50,000
• LTV = ($350,000 ÷ $400,000) × 100 = 87.5%
• Monthly payment = $50,000 × (5.5% ÷ 12) = $229.17
About HELOC Calculator
A HELOC (Home Equity Line of Credit) calculator helps you understand home equity lines of credit, which are revolving lines of credit secured by your home. HELOCs allow you to borrow against your home's equity, similar to a credit card but with your home as collateral. During the draw period (typically 10 years), you can borrow up to your credit limit and make interest-only payments. During the repayment period (typically 10-20 years), you must repay both principal and interest. This calculator shows you available equity, loan-to-value ratio, and monthly payments.
When to Use This Calculator
- HELOC Planning: Plan for a home equity line of credit
- Equity Assessment: Calculate available equity
- Payment Planning: Understand monthly payment amounts
- LTV Calculation: Calculate loan-to-value ratio
Understanding HELOCs
- Revolving Credit: Borrow, repay, and borrow again up to credit limit
- Draw Period: Typically 10 years of interest-only payments
- Repayment Period: Typically 10-20 years to repay principal
- Variable Rate: Interest rates are typically variable
- Home Equity: Secured by your home, lower rates than unsecured loans
Why Use Our Calculator?
- ✅ Equity Calculation: See available equity for HELOC
- ✅ Payment Planning: Calculate monthly payments
- ✅ LTV Analysis: Understand loan-to-value ratio
- ✅ Cost Analysis: See interest costs on drawn amounts
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
What is a HELOC?
A HELOC (Home Equity Line of Credit) is a revolving line of credit secured by your home. You can borrow against your home's equity, similar to a credit card but with your home as collateral. During the draw period, you make interest-only payments, then repay principal during the repayment period.
How much can I borrow with a HELOC?
HELOC limits are typically 80-90% of your home's value minus your first mortgage balance. For example, if your home is worth $400,000 and you owe $250,000, you might qualify for a HELOC of $70,000-$110,000 (depending on combined LTV limits).
What are HELOC payments like?
During the draw period (typically 10 years), you make interest-only payments on the amount you've drawn. During the repayment period (typically 10-20 years), you repay both principal and interest. Payments are typically variable and change with interest rates.
What are the risks of a HELOC?
HELOC risks include: variable interest rates (payments can increase), your home is collateral (risk of foreclosure if you default), temptation to overspend, and you're using home equity which reduces equity available for other purposes.