Finance category
Mortgage, loan, investing, tax, and money calculators.
HELOC Calculator
Estimate the size of a home equity line of credit, what the interest-only draw payment looks like, and how the amortizing repayment payment compares once the draw period ends.
Available line
$190,000.00
Interest-only payment
$385.42
During the draw period
Repayment payment
$514.60
After the draw period ends
Total interest
$88,877.31
Equity and line sizing
Actual draw
$50,000.00
Requested shortfall
$0.00
New combined LTV
61.7%
Remaining equity
$230,000.00
Line guidance
Combined loan-to-value is within a typical HELOC comfort zone for most lenders.
Phase-by-phase cost
Interest paid during draw period (120 months)
$46,250.00
Interest paid during repayment (180 months)
$42,627.31
Total repaid (principal + interest)
$138,877.31
Assumes the draw balance stays constant through the draw period and then amortizes at the repayment rate. A variable-rate HELOC can move either way from current terms.
How to Use
- Enter your current home value, mortgage balance, and the maximum combined loan-to-value ratio your lender allows.
- Add the amount you want to draw along with the expected draw-period interest rate.
- Set the length of the draw period and the repayment period, plus any different rate during repayment.
- Review the available line, interest-only payment during the draw period, repayment payment afterward, and total interest across both phases.
Frequently Asked Questions
How is a HELOC different from a home equity loan?
A HELOC is a revolving line of credit with a draw period and usually a variable rate, while a home equity loan is a lump-sum fixed-rate installment loan. A HELOC lets you pull funds over time; a home equity loan funds once at closing.
What does the draw period actually mean?
The draw period is the window — often five to ten years — when you can borrow against the line and typically make interest-only payments. Once it ends, the line closes to new draws and switches to an amortizing repayment schedule.
Why does combined loan-to-value matter?
Lenders cap the total of your first mortgage plus any HELOC at a percentage of home value, often 80% to 90%. A higher combined LTV limits how large the line can be and can tighten pricing or eligibility.
Can the HELOC payment actually go up?
Yes. Most HELOCs have a variable rate tied to an index, so the draw payment can rise if rates move. After the draw period, the switch to an amortizing repayment payment is usually a larger jump than any rate move alone.
Is this a lender approval result?
No. Actual approval, line size, and pricing depend on credit, income, property type, lender overlays, and final appraisal. Use this to pressure-test whether a HELOC fits the plan before talking to a lender.
Related Calculators
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