HELOC Calculator

A HELOC calculator (Home Equity Line of Credit calculator) helps you understand the costs of borrowing against your home equity. This HELOC calculator shows both the draw period and repayment period, which are the two distinct phases of a HELOC.

How a HELOC works:

• Draw Period: Typically 10 years where you can borrow up to your credit limit and make interest-only payments
• Repayment Period: Typically 20 years where you can no longer borrow and must repay principal plus interest
• Credit Line: Most lenders allow 80-85% of home value minus existing mortgage balance
• Variable Rates: HELOC rates are typically variable and tied to the prime rate

Using this HELOC calculator: Enter your home value and mortgage balance to see your available credit. The HELOC calculator shows lower payments during the draw period (interest-only) and higher payments during the repayment period (principal + interest). This HELOC calculator helps you budget for the payment increase when the repayment period begins. Compare HELOC vs home equity loan options using this calculator to make the best decision for your financial situation.