HELOC Calculator

Your details

What you still owe on your first mortgage.
The combined loan-to-value cap your lender allows. Often 80-90%.
%
How much of the line you plan to actually borrow now.
%
Years you can borrow and pay interest only. Commonly 10 years.
yr
Years to repay principal plus interest after the draw period ends. Commonly 20 years.
yr
Currency
Available credit lineEquity available to borrow
$120,000
Draw-period payment (interest only)$283.33
Repayment-period payment (P+I)$347.13
Total interest over the line$77,311
Total of all payments$117,311
Current home equity$180,000
Combined LTV after draw65%

Drawing 40,000 costs about 283.33/mo at first, then 347.13/mo.

  • You could open a line up to 120,000 before hitting the 85% combined LTV cap.
  • The interest-only payment of about 283.33 jumps to roughly 347.13 once repayment of principal begins, so budget for that step up.
  • HELOC rates are typically variable and tied to the prime rate, so both payments can move up or down as rates change.

Next stepCompare offers from at least three lenders and check whether the rate is variable, the draw and repayment period lengths, and any annual or closing fees.

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