Results update as you type. Use the arrow keys to review suggestions and Enter to open one.
HELOC Calculator
A home equity line of credit lets you tap equity without touching a first mortgage you may not want to give up — which matters enormously if your current rate is low.
The catch is structure: HELOCs typically start with an interest-only draw period, then convert to full repayment. The payment can jump significantly at that point.
Your numbers
Your results
Available credit line
$116,250
At 85% combined loan-to-value
- Interest-only payment
- $425
- Repayment payment
- $521
- Payment increase at conversion
- $96
- Interest paid during draw
- $51,000
- Current equity
- $180,000
- Combined LTV after draw
- 71.8%
During the 10-year draw period
Once repayment begins over 20 years
No principal reduction
What happens if you change this
You have $116,250 available at 85% combined loan-to-value. Drawing $60,000 costs $425 a month during the interest-only period — but that pays down nothing, and $51,000 in interest goes out over 10 years. When repayment starts, the payment jumps to $521, an increase of $96. HELOC rates are typically variable, so budget for movement rather than assuming 8.5% holds.
Ready for real numbers?
Estimates get you oriented. A pre-approval gets you an offer sellers take seriously.
Related calculators
- Refinance CalculatorFind your true break-even point — the month the savings finally outrun the cost of refinancing.
- Extra Payment CalculatorSee how much time and interest a little extra principal each month actually saves.
- Mortgage Payment CalculatorSee your full monthly payment — principal, interest, taxes, insurance and mortgage insurance — not just principal and interest.
- Investment Property CalculatorCash flow, cap rate, cash-on-cash return and DSCR for a rental — the four numbers that decide the deal.
Questions people ask
- HELOC or cash-out refinance?
- If your first mortgage rate is well below current rates, a HELOC usually wins because it leaves that rate untouched. If you need a large sum and rates have fallen, cash-out may be cheaper.
- Are HELOC rates fixed?
- Usually variable and tied to an index, so the payment can move. Some lenders offer fixed-rate draw options on a portion of the line.
Estimates for education only — not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2279 · Equal Housing Opportunity.