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HELOC Calculator — See Your Available Credit & Payments
Find out how much you can borrow against your home equity, what your payments will look like during the draw and repayment periods, and the total cost of borrowing.
Educational calculators — always consult a licensed professional before making financial decisions.
Use a recent appraisal or an estimate from Zillow/Redfin.
Check your latest mortgage statement for your current payoff balance.
Lenders allow up to 85% of your home value minus your mortgage balance.
HELOCs are variable-rate — current rates are typically 8–10%.
During this time you only pay interest on what you've drawn.
Most common. Gives more flexibility to draw funds as renovation needs arise.
After the draw period, you repay principal + interest over this time.
Lowest monthly payment in repayment phase. More total interest paid.
Available Credit Line
$105,000
Based on 85% CLTV — your equity is 36.0% of home value
Where Your Money Goes
Cost Breakdown
Based on
HELOC estimates are approximate. Actual rates and maximum credit lines vary by lender. Consult a licensed financial professional before borrowing against your home equity.
Your Saved Scenarios
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What you'll need
- ·Current home value (appraisal or estimate)
- ·Remaining mortgage balance
- ·Amount you plan to draw
- ·Expected HELOC interest rate
- ·Preferred draw and repayment periods
What you'll get
- ✓Available credit line — Based on your home equity
- ✓Draw-period payment — Interest-only estimate
- ✓Repayment-period payment — Principal + interest
- ✓Total interest cost — Over the full HELOC term
How a HELOC works
Draw Period
Typically 5–10 years. Borrow as needed up to your credit limit. Pay interest-only on what you've drawn — keeping payments low.
Repayment Period
Typically 10–20 years. You can no longer draw funds. Pay principal + interest until the balance is zero.
How it works
Enter home value & balance
Your available equity is the gap between market value and what you owe.
Set draw amount & rate
Enter how much you plan to draw and the current HELOC prime-based rate.
See draw & repayment costs
Get interest-only draw period payments and fully-amortized repayment estimates.
HELOC Monthly Interest During Draw Period
| Draw Amount | 7.5% Rate | 8.5% Rate | 9.5% Rate |
|---|---|---|---|
| $25,000 | $156 | $177 | $198 |
| $50,000 | $313 | $354 | $396 |
| $75,000 | $469 | $531 | $594 |
| $100,000 | $625 | $708 | $792 |
Draw period is typically 10 years with interest-only payments. Repayment period is 20 years.
Authoritative resources
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
Frequently asked questions
How much can I borrow with a HELOC?+
Most lenders allow a combined loan-to-value (CLTV) of 85%, meaning your first mortgage plus HELOC can't exceed 85% of your home's value. If your home is worth $500,000 and you owe $300,000, your maximum HELOC is $125,000 ($500k × 85% − $300k).
What happens when the HELOC draw period ends?+
When the draw period ends (typically 5–10 years), you can no longer borrow. Your balance enters the repayment period where you must pay principal plus interest. Monthly payments jump significantly — plan for this before opening a HELOC.
Are HELOC rates fixed or variable?+
HELOCs typically have variable interest rates tied to the prime rate. Your payment will change as rates rise or fall. Some lenders offer rate locks for all or part of your balance — ask about fixed-rate conversion options.
HELOC vs home equity loan — which should I choose?+
A HELOC is flexible — draw what you need, when you need it, and pay interest only during the draw period. A home equity loan gives you a lump sum with a fixed rate and fixed payments. Choose HELOC for ongoing expenses (renovations, tuition) and a home equity loan for one-time large expenses.
Want to try different numbers?
Back to the calculator ↑HELOC Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.