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HELOC Calculator

Calculate your Home Equity Line of Credit payments and see how much you can borrow. Currently calculating in US Dollar.

HELOC Details
Enter your home and HELOC information
80%

Most lenders allow 80-85% CLTV

8.5%

Variable rate, typically Prime + margin

10 years
20 years

Home Equity

44.4% equity

$200,000

Available Credit Line

$110,000

Draw Period Payment

$354

Interest only

Repayment Payment

$434

Principal + Interest

Total Interest

$96,639

193% of draw

Total Cost

$146,639

Over 30 years

HELOC Phases
Comparison of draw period vs repayment period

Draw Period

10 years
Monthly Payment$354
Total Interest$42,500

Repayment

20 years
Monthly Payment$434
Total Interest$54,139
Cost Breakdown
Principal vs interest costs
Principal
Draw Interest
Repay Interest
Balance Over Time
Balance stays flat during draw period, then decreases
Annual Payment Breakdown
Principal and interest portions by year
Principal
Interest
Understanding HELOCs

What is a HELOC?

A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home. You can borrow up to your credit limit during the draw period and only pay interest on what you use.

Draw Period

During this phase (typically 5-10 years), you can borrow funds and usually only pay interest. You can draw, repay, and re-borrow like a credit card.

Repayment Period

After the draw period ends, you enter repayment (typically 10-20 years). You can no longer borrow and must pay both principal and interest.

Important Considerations

  • HELOC rates are typically variable, tied to Prime rate
  • Your home is collateral - failure to repay risks foreclosure
  • Monthly payments can increase significantly after draw period
  • Closing costs may apply (typically 2-5% of credit line)