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HELOC Calculator

Calculate your home equity line of credit

Maximum HELOC Available

$125,000

Current Equity

$200,000

Draw Payment

$531/mo

HELOC = Home Equity Line of Credit

Draw period: interest-only • Repayment period: principal + interest

$
$
$
%
Maximum HELOC Available
$125,000
Current Equity: $200,000
Draw Period
$531/mo
Interest Only
Repayment
$651/mo
P&I

Total Interest Cost

$144,958

Interest Cost Comparison

Draw Period Interest$63,750
Repayment Period Interest$81,208
Total Interest Cost$144,958

Frequently Asked Questions

Q

How much HELOC can I get?

Lenders typically allow 80-85% combined loan-to-value (CLTV). Formula: (Home Value × 85%) - Mortgage Balance = Max HELOC. For a $500K home with $300K mortgage: ($500K × 85%) - $300K = $125K available.

Q

What is the draw period?

The draw period (typically 5-10 years) is when you can borrow from your HELOC and make interest-only payments. After this, the repayment period begins where you pay principal and interest.

Q

Are HELOC rates fixed or variable?

Most HELOCs have variable rates tied to the prime rate. Rates can change monthly. Some lenders offer fixed-rate options for portions of your balance. Current rates range from 7-10% depending on credit and LTV.

Q

HELOC vs Home Equity Loan?

HELOC: Revolving credit, variable rate, draw as needed, interest-only during draw period. Home Equity Loan: Lump sum, fixed rate, fixed payments. HELOCs are better for ongoing projects; loans are better for one-time needs.

Q

Is HELOC interest tax deductible?

HELOC interest may be deductible if funds are used for home improvements. Interest on funds used for other purposes (debt consolidation, etc.) is generally not deductible. Consult a tax professional.

Q

What are HELOC closing costs?

HELOC closing costs are typically lower than mortgages: $0-$500 for most lenders. Some charge annual fees ($25-75) or early termination fees if closed within 2-3 years.

Example Calculations

1$75,000 HELOC for Home Renovation

Inputs

Home Value$500,000
Mortgage Balance$300,000
HELOC Amount$75,000
Interest Rate8.5%
Draw Period10 years
Repayment Period20 years
Max LTV85%

Result

Max HELOC Available$125,000
Current Equity$200,000
Draw Period Payment$531/mo (interest only)
Repayment Payment$651/mo (P&I)
Total Interest Cost$144,958

Equity = $500,000 − $300,000 = $200,000. Max HELOC = ($500,000 × 85%) − $300,000 = $125,000. Borrowing $75,000: draw payment = $75,000 × 8.5% / 12 = $531/mo (interest only for 10 years). Repayment = $75,000 amortized at 8.5% over 20 years = $651/mo. Total interest = $63,750 (draw) + $81,208 (repay) = $144,958.

2$50,000 HELOC at 80% LTV

Inputs

Home Value$400,000
Mortgage Balance$200,000
HELOC Amount$50,000
Interest Rate9.0%
Draw Period10 years
Repayment Period15 years
Max LTV80%

Result

Max HELOC Available$120,000
Current Equity$200,000
Draw Period Payment$375/mo (interest only)
Repayment Payment$507/mo (P&I)
Total Interest Cost$86,284

Equity = $400,000 − $200,000 = $200,000. Max HELOC = ($400,000 × 80%) − $200,000 = $120,000. Borrowing $50,000: draw payment = $50,000 × 9% / 12 = $375/mo. Repayment = $50,000 amortized at 9% over 15 years = $507/mo. Total interest = $45,000 (draw) + $41,284 (repay) = $86,284.

Formulas Used

Maximum HELOC Amount

Max HELOC = (Home Value × LTV Limit) − Mortgage Balance

The maximum you can borrow on a HELOC based on your combined loan-to-value limit.

Where:

Home Value= Current market value of your home
LTV Limit= Maximum combined LTV allowed (typically 80–90%)
Mortgage Balance= Remaining balance on your first mortgage

Draw Period Payment (Interest Only)

Draw Payment = HELOC Amount × (Annual Rate / 12)

During the draw period, you pay interest only on the amount borrowed.

Where:

HELOC Amount= Amount you borrow (up to max HELOC)
Annual Rate= HELOC interest rate (divided by 12 for monthly)

Repayment Period Payment (P&I)

Repay Payment = HELOC × r(1 + r)^n / ((1 + r)^n − 1)

After the draw period, you repay both principal and interest over the repayment term.

Where:

HELOC= Outstanding balance at start of repayment
r= Monthly interest rate (annual rate / 100 / 12)
n= Repayment period in months (repay years × 12)

Total Interest Cost

Total Interest = Draw Interest + Repayment Interest

Sum of interest paid during the draw period and the repayment period.

Where:

Draw Interest= Draw payment × draw period months
Repayment Interest= (Repay payment × repay months) − HELOC balance

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Last Updated: Feb 12, 2026

This calculator is provided for informational and educational purposes only. Results are estimates and should not be considered professional financial, medical, legal, or other advice. Always consult a qualified professional before making important decisions. UseCalcPro is not responsible for any actions taken based on calculator results.

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