HELOC Calculator

Calculate your home equity line of credit limit and monthly payments. See how much you can borrow against your home.

Home Value

Mortgage Balance

Max Combined LTV (%)

Most lenders cap at 80% combined LTV

HELOC Rate (%)

Typically prime rate + 1–2%

Amount to Draw

Repayment Period

Maximum HELOC Amount

$70,000.00

Home Equity

$150,000.00

38%

Monthly Payment

$371.96

Interest-Only Payment

$212.50

Total Interest

$14,634.85

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Tap Your Home Equity

A HELOC lets you borrow against the equity you've built in your home. It's one of the cheapest borrowing options available because it's secured by your property. But understand the risks — your home is collateral.

HELOC Draw and Repayment Periods

Most HELOCs have a 10-year draw period (interest-only payments) followed by a 10-20 year repayment period (principal + interest). Be prepared for the payment increase when the draw period ends.

Frequently Asked Questions

How much can I borrow with a HELOC?

Most lenders allow you to borrow up to 80-85% of your home's value minus your current mortgage balance. For example, a $400,000 home with a $250,000 mortgage allows up to $70,000 HELOC (at 80% LTV).

What is the difference between a HELOC and home equity loan?

A HELOC is a revolving line of credit (like a credit card) with variable rates. A home equity loan provides a lump sum with a fixed rate. HELOCs offer flexibility; home equity loans offer predictability.

Is HELOC interest tax-deductible?

HELOC interest is tax-deductible only if the funds are used to buy, build, or substantially improve the home that secures the loan. Using HELOC funds for other purposes (debt consolidation, education) is no longer deductible under current tax law.