HELOC calculator: home equity line and loan payments
Type the value of your home and your mortgage balance. The page finds the largest home equity line of credit (HELOC). It shows the payment in the draw and repayment periods, and a home equity loan to compare.
This is the combined loan-to-value ratio (CLTV).
The largest line of credit
$90,000
| Payment in a month, draw period (10 years, interest only) | $354.17 |
|---|---|
| Payment in a month, repayment period (20 years) | $433.91 |
| Total interest | $96,639.63 |
| Payment in a month (30 years) | $384.46 |
|---|---|
| Total interest | $88,400.57 |
The largest line is the home value times the limit, less your mortgage balance. Most lines have a variable rate, so the real payment can change. The calculator uses one rate for all years.
This is an estimate. It is not an offer of credit. Your lender can give other numbers.
How to use the calculator
- Type your home value and your mortgage balance.
- Type the most that the lender allows for all loans, in percent of the value.
- Type the amount you draw, the rate and the length of the draw and repayment periods.
- Read the largest line and the payments.
Questions
How much can I borrow with a HELOC?
Most lenders let all your loans add up to 85% of your home value. For a $400,000 home with a $250,000 mortgage, the largest line is $90,000. That is $400,000 times 85%, less the mortgage balance.
What do I pay during the draw period?
Most lines are interest only for the first years. If you draw $50,000 at 8.5%, the payment is $354.17 a month. The balance does not go down.
What do I pay during the repayment period?
Then you pay principal and interest. Over 20 years, the payment in the example is $433.91 a month. The interest of both periods is $96,639.63.
How is a HELOC different from a home equity loan?
A home equity loan pays out all the money at once at a fixed rate. Over 30 years, $50,000 at 8.5% is $384.46 a month, with $88,400.57 in interest. Most lines have a variable rate, so the payment can change. The calculator uses one rate.
Do you want to know your pay after tax? Try the US paycheck calculator.