HELOC & home equity calculator
How much equity could you use, and what might the payment look like?
Enter the home value, current mortgage, amount you want to borrow, and an estimated rate. You will see the possible line, starting draw, and two ways the payment could behave.
Start with what the home may be worth and what you still owe.
Then enter the line you want and the amount you expect to use first.
The combined-loan-to-value limit is an editable modeling assumption, not a program promise. Property value, credit, income, lien position, and lender guidelines affect eligibility.
- Total estimated equity
- $215,000
- Equity inside modeled limit
- $115,000
- Modeled initial draw
- $50,000
- Interest-only payment at 8.25%
- $344/mo
- 20-year amortizing illustration
- $426/mo
Many HELOCs begin with a draw period and later move into repayment. The rate is commonly variable, so the actual payment can change. Before deciding, review the index, margin, fees, draw period, and repayment terms.
Your next move
A HELOC may let you keep a good first mortgage, but it is not automatically the best choice.
I can compare the flexible line with a fixed home-equity loan and a cash-out refinance using the amount, payment, and timeline that matter to you.