How is my HELOC limit calculated?

Your HELOC limit is calculated as follows: (Home Value x LTV%) minus Mortgage Balance = Available HELOC. For example, a $500,000 home at 80% LTV with a $200,000 mortgage balance gives you a $200,000 HELOC limit.

What is the difference between the draw period and the repayment period?

During the draw period (typically 5 to 10 years), you can borrow from your line and usually make interest-only payments. During the repayment period (typically 10 to 20 years), the line closes and you repay the remaining balance with fixed principal + interest payments.

What does interest-only payment mean on a HELOC?

An interest-only payment covers only the interest accrued on your outstanding balance. Your principal balance does not decrease. This keeps monthly costs low during the draw period but results in higher payments when the repayment period begins.

Can I export my HELOC amortization schedule?

Yes. Click Show Amortization Schedule then Export as CSV to download a full month-by-month breakdown of your payments, including principal, interest, and remaining balance for each period.

Is this HELOC calculator free to use?

Yes. Our HELOC calculator is completely free with no sign-up required. All calculations happen instantly in your browser and no personal data is stored or shared.

HELOC Calculator – Calculate Your Home Equity Line of Credite

A Home Equity Line of Credit (HELOC) lets you borrow against the equity you’ve built in your home — often at a much lower interest rate than personal loans or credit cards. Use our free HELOC calculator to instantly find out how much you can borrow based on your home’s value and your remaining mortgage balance. You’ll also see your exact monthly payments during the draw period and the repayment period, plus the total interest you’ll pay over the life of your line of credit. How to use this HELOC calculator: Enter your home’s current market value, your remaining mortgage balance, and the amount you want to borrow. Adjust the interest rate, draw period, and repayment period to match your lender’s terms — and get a full amortization schedule in seconds.

Currency:

Home Value ($): Current market value of your home.

Remaining Mortgage Balance ($): Amount still owed on your current mortgage.

Lender's Maximum LTV (%): Most lenders allow up to 80% of home value.

Amount You Want to Borrow ($): Cannot exceed your available equity limit.

Annual Interest Rate (%): HELOC rates are typically variable (Prime + margin).

Draw Period (years): Period during which you can borrow from the line of credit.

Repayment Period (years): Period to repay the outstanding balance after draw period ends.

During Draw Period, Pay:

Your HELOC Eligibility

Home Value: —

Max Lendable (LTV): —

Mortgage Balance: —

                        ✅ Available HELOC Limit:
                        —
                    

Payment Summary

Monthly Payment (Draw Period): —

Monthly Payment (Repayment Period): —

Total Interest (Draw Period): —

Total Interest (Repayment Period): —

Total Interest Paid: —

Total Amount Paid (Principal + Interest): —

How to Use the HELOC Calculator

Enter your home's details below to instantly calculate your available credit limit, monthly payments, and total interest cost across both the draw and repayment periods.

1
Enter your home value
Use the current market value of your property — not the purchase price. Check recent comparable sales in your area or a recent appraisal for accuracy.
2
Add your remaining mortgage balance
Find this on your latest mortgage statement. This amount is deducted from your borrowing limit.
3
Set the lender's LTV (Loan-to-Value)
Most lenders allow up to 80%. Some go up to 85% depending on your credit profile. Your HELOC limit cannot exceed this threshold.
4
Enter the amount you want to borrow
This must be equal to or less than your available HELOC limit shown in the results.
5
Adjust the interest rate, draw period, and repayment period
Check your lender's current HELOC rate. The draw period is typically 10 years; repayment is usually 10–20 years.
6
Choose your payment type during the draw period
Select Interest Only to keep payments low while drawing, or Principal + Interest to pay down your balance faster.

Understanding Your Results

✅ Available HELOC Limit

The maximum amount your lender will approve based on your home value, mortgage balance, and LTV ratio. You do not have to borrow the full amount.

💳 Monthly Payment — Draw Period

What you'll pay each month while the line is active. If you selected interest-only, this covers only the interest on the amount drawn — your balance does not decrease.

📅 Monthly Payment — Repayment Period

Once the draw period ends, this is your new fixed monthly payment covering both principal and interest until the balance is fully paid off.

💰 Total Interest Paid

The combined interest cost across both periods. Choosing principal + interest during the draw period significantly reduces this figure.

How Your HELOC Limit Is Calculated

Your available credit is determined by the following formula used by most lenders:

(Home Value × LTV%) − Mortgage Balance = HELOC Limit

Example: ($500,000 × 80%) − $200,000 = $200,000 available

If your requested amount exceeds this limit, the calculator will use your maximum available limit for the payment calculations.

Draw Period vs. Repayment Period

Draw Period

Typically lasts 5 to 10 years
You can borrow, repay, and borrow again
Minimum payment is usually interest only
Low monthly cost — but balance doesn't reduce

Repayment Period

Typically lasts 10 to 20 years
Line of credit is closed — no new borrowing
Monthly payment covers principal + interest
Payment is higher but balance decreases each month

⚠️ Payment Shock Warning: Many borrowers are surprised by the jump in monthly payments when transitioning from the draw period to the repayment period. Use the calculator above to see both figures before committing.

About the Amortization Schedule

Click "Show Amortization Schedule" to view a month-by-month breakdown of every payment. Each row shows:

Draw or Repayment phase indicator
Monthly payment amount
Principal portion applied to your balance
Interest portion paid to the lender
Remaining balance after each payment

You can also export the full schedule as a CSV file to review in Excel or share with your financial advisor.

Disclaimer: This calculator provides estimates for informational purposes only. Results assume a fixed interest rate for the entire term. Since most HELOCs carry variable rates, your actual payments will vary as rates change. This tool is not financial advice. Consult a licensed mortgage professional before making any borrowing decisions.