HELOC Calculator — See Your Available Credit & Payments
Find out how much you can borrow against your home equity, what your payments will look like during the draw and repayment periods, and the total cost of borrowing.
What you'll need
- Current home value (appraisal or estimate)
- Remaining mortgage balance
- Amount you plan to draw
- Expected HELOC interest rate
- Preferred draw and repayment periods
How a HELOC works
Draw Period
Typically 5–10 years. Borrow as needed up to your credit limit. Pay interest-only on what you've drawn — keeping payments low.
Repayment Period
Typically 10–20 years. You can no longer draw funds. Pay principal + interest until the balance is zero.
How It Works
Enter home value & balance
Your available equity is the gap between market value and what you owe.
Set draw amount & rate
Enter how much you plan to draw and the current HELOC prime-based rate.
See draw & repayment costs
Get interest-only draw period payments and fully-amortized repayment estimates.
HELOC Monthly Interest During Draw Period
| Draw Amount | 7.5% Rate | 8.5% Rate | 9.5% Rate |
|---|---|---|---|
| $25,000 | $156 | $177 | $198 |
| $50,000 | $313 | $354 | $396 |
| $75,000 | $469 | $531 | $594 |
| $100,000 | $625 | $708 | $792 |
Draw period is typically 10 years with interest-only payments. Repayment period is 20 years.
Frequently asked questions
How much can I borrow with a HELOC?
Most lenders allow a combined loan-to-value (CLTV) of 85%, meaning your first mortgage plus HELOC can't exceed 85% of your home's value. If your home is worth $500,000 and you owe $300,000, your maximum HELOC is $125,000 ($500k × 85% − $300k).
What happens when the HELOC draw period ends?
When the draw period ends (typically 5–10 years), you can no longer borrow. Your balance enters the repayment period where you must pay principal plus interest. Monthly payments jump significantly — plan for this before opening a HELOC.
Are HELOC rates fixed or variable?
HELOCs typically have variable interest rates tied to the prime rate. Your payment will change as rates rise or fall. Some lenders offer rate locks for all or part of your balance — ask about fixed-rate conversion options.
HELOC vs home equity loan — which should I choose?
A HELOC is flexible — draw what you need, when you need it, and pay interest only during the draw period. A home equity loan gives you a lump sum with a fixed rate and fixed payments. Choose HELOC for ongoing expenses (renovations, tuition) and a home equity loan for one-time large expenses.
Authoritative resources
Ready to see your HELOC numbers?
Calculate My HELOC →