A home equity line of credit (HELOC) lets you borrow against your home's equity on an as-needed basis, sort of like a credit card vs. a traditional loan. Our HELOC calculator estimates your maximum credit line, monthly payment on the amount you draw, and full repayment schedule so you can plan before you apply.
Home Equity Loan & HELOC Calculator
Estimate how much equity you can access and what your monthly payments would be.
Adjust your loan details and click Calculate Payments to see your results.
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Important HELOC terms to know
Current home value: The estimated market value of your home today. Lenders use this — along with your mortgage balance and utilization cap — to determine your maximum credit line.
Current mortgage balance: What you still owe on your primary mortgage. The higher your remaining balance, the less equity you have available to draw from.
Equity utilization cap: The maximum percentage of your home's value a lender will allow you to borrow against, including your existing mortgage. Most lenders cap this at 80–90%. Your max credit line is calculated as: (home value × utilization cap) − current mortgage balance.
Max credit line: The total amount available to borrow through your HELOC, based on the utilization cap. You don't have to draw the full amount — you only pay interest on what you actually use.
Amount drawn: The portion of your credit line you choose to borrow. This is what your monthly payment is based on, not the total credit line.
Interest rate (APR): Unlike home equity loans, HELOCs typically carry variable interest rates that can change over time. The rate shown in the calculator reflects the current APR — your actual rate may adjust periodically based on market conditions.
Repayment period: HELOCs typically have two phases: a draw period (when you can borrow and make interest-only payments) and a repayment period (when the balance must be paid off). This calculator models the repayment phase on the amount drawn over your chosen term — 5, 10, 15, or 20 years.
HELOC vs. home equity loan: A HELOC gives you flexible access to a revolving credit line at a variable rate: useful if you need funds in stages, like for a renovation. A home equity loan delivers a fixed lump sum at a fixed rate — better if you know exactly what you need and want payment certainty. Use the tabs to compare both options side by side.
Get help with a HELOC today
HELOC rates and terms vary widely by lender, and not all lenders offer them. A mortgage broker can help you shop multiple options at once and find the best fit for your equity position and goals.
Best Interest Financial can help. With decades of experience and over $1 billion in closed loans, their team specializes in finding home equity solutions that large retail banks often overlook. Talk with a Best Interest loan officer about your HELOC options.