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HELOC Calculator

How much you can draw, and the payment during and after the draw.

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During the draw period

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Interest only. The balance does not fall.

After the draw period

—

Principal and interest. This is the jump.

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Credit line available

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Current equity—
Maximum combined debt—
Current LTV—
CLTV after drawing—
Equity left after drawing—
Payment jump—
At the stress rate—
Interest during draw—
Total interest—

Quick Tool Overview

The HELOC Calculator works out the credit line your equity supports and then shows the payment in both phases of the line: the low interest-only payment during the draw period, and the much larger amortizing payment that begins when the draw period ends.

What it does
Calculates an available credit line and both HELOC payments
You give it
Home value, mortgage balance, CLTV limit, draw and rate
You get back
The line available, the draw payment and the repayment payment
Best for
Planning a home equity line before the payment jumps
Calculators Free, unlimited use No sign-up Runs in your browser

About the HELOC Calculator

Enter your home value, your outstanding mortgage and the combined loan-to-value your lender allows to see the credit line available to you. Then enter the balance you expect to draw and the rate to get the payment in both phases of the line.

A HELOC has two lives and the second one surprises people. During the draw period, typically ten years, many lenders require interest only, so the payment looks small and the balance never falls. When the repayment period begins, that balance has to amortize over the remaining term, and the payment can double or worse overnight. The calculator shows both figures together for exactly that reason, alongside the equity you would have left after drawing.

Key features of the HELOC Calculator

Both phases shown together

The interest-only draw payment and the amortizing repayment payment appear side by side, because the jump is the risk.

Available credit from your equity

Enter value, mortgage and the lender CLTV cap to see exactly how large a line you qualify for.

Rate stress test

HELOC rates are usually variable, so try a higher rate before committing to the line.

Remaining equity reported

See how much of the house is still yours after drawing on the line.

Adjustable draw and repayment terms

Ten and twenty years are the common defaults, but both are editable.

How to use the HELOC Calculator

  1. 1

    Enter your home value and mortgage

    The current market value and what you still owe on the first mortgage.

  2. 2

    Set the lender CLTV limit

    The combined loan-to-value cap, commonly 80 to 85 percent, which sets your maximum line.

  3. 3

    Enter the draw and the rate

    How much of the line you expect to use and the rate, which is usually variable.

  4. 4

    Compare both payments

    Read the interest-only draw payment against the amortizing repayment payment that follows it.

Frequently asked questions

Typically the lender caps your first mortgage plus the line at 80 to 85 percent of the home value. Subtract what you already owe from that cap and the remainder is your available credit line.

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