Home Equity Line of Credit (HELOC) Payment Calculator
Wondering what your monthly payments could look like with a home equity line of credit? Our HELOC payment calculator helps you estimate costs based on your available home equity, interest rate options and loan amount—so you can make smarter borrowing decisions before you commit. Enter a few simple details to preview your potential payment range and borrowing power.
Your Results
Based on the information you entered, these are your results:
| Minimum HELOC Amount | |
|---|---|
| Minimum Amount $5,000 | Monthly Payment $50 |
| Maximum HELOC Amount | |
|---|---|
| Maximum Amount $75,000 | Monthly Payment $406 |
We're sorry. You may not qualify for a HELOC.
You entered your home's estimated value at $250,000.
In order to qualify for a HELOC, you would have to owe less than $XXX,XXX on your home.
You may qualify for another kind of loan or line of credit. Call (866) 536-3222 to speak with a banker to discuss your options or learn more about using home equity.
These estimates are provided for informational purposes only. Always consult a banker for your individual situation.
How to use this HELOC payment calculator
Sample numbers are provided so you can see how the calculator works before entering your own details.
- Estimated Home Value: Enter the current market value of your home. This is usually based on an appraisal, online valuation, or comparable recent sales in your area.
- Amount Owed on Home: Type in your remaining mortgage balance or any other loans secured by your home. The calculator uses this to determine your equity (the portion of your home you truly own).
- Interest Rate: Enter the annual percentage rate (APR) your lender is offering for a home equity line of credit (HELOC). This rate will be applied to calculate potential borrowing costs.
- Calculate: Click this button to generate your results. The calculator will show an estimated borrowing range for your HELOC based on your home value, current mortgage balance, and lender requirements.
How to read your HELOC payment results
After entering your home’s value, current mortgage balance, and interest rate, the calculator shows your potential borrowing range and estimated payments. Here’s what the results mean:
- Minimum HELOC Amount: This is the smallest line of credit you could open, based on lender requirements.
- Maximum HELOC Amount: This represents the largest line of credit you may qualify for, based on the equity in your home (your home’s value minus what you still owe).
- Monthly Payment (for each option): The estimated payment you would owe if you borrowed the minimum or maximum amount, at the interest rate you entered. Payments will vary depending on how much of the line of credit you actually use.
Tip: Think of your HELOC as a flexible borrowing tool. You don’t have to borrow the full maximum available, you only pay interest on the amount you use.
What is not included in your HELOC estimate?
The HELOC calculator provides a helpful estimate of your potential borrowing range and payments, but it doesn’t reflect every cost or factor involved in opening and maintaining a credit line. Keep in mind:
- Closing Costs & Fees: Lender fees, appraisal charges, title searches, or recording costs may apply and aren’t shown in the estimate.
- Variable Interest Rates: Most HELOCs have adjustable rates that can rise or fall over time. The calculator uses a single rate you entered, but your actual rate may change.
- Credit & Income Review: Your credit score, income, and debt-to-income ratio can affect the amount you qualify for. These aren’t factored into this tool.
- Usage Flexibility: Monthly payment estimates are based on borrowing the full minimum or maximum amount. In reality, you only pay interest on the amount you withdraw.
- Additional Requirements: Some lenders may set minimum draw amounts, maintenance fees, or repayment terms that could change your actual costs.
Tip: Use the calculator to understand your potential borrowing power, but talk to a lender for personalized terms based on your financial profile and the property’s appraisal.
When should you use this HELOC calculator?
This HELOC calculator is designed to help you understand how much equity you could borrow from your home and what your payments might look like. Use it when:
- Exploring Borrowing Options: Estimate how much credit you could access through a home equity line before speaking with a lender.
- Planning for Home Improvements: See if your available equity is enough to cover renovations, repairs or upgrades.
- Consolidating Debt: Compare potential HELOC borrowing power and payments against your current debt to see if refinancing makes sense.
- Budgeting for Major Expenses: Test borrowing ranges for education costs, medical bills or other large purchases to understand affordability.
- Checking Affordability: Preview how different loan amounts or interest rates could affect your monthly payment.
- Preparing to Meet with a Banker: Use the results as a starting point for a more personalized discussion about HELOC options or applying for a HELOC loan.
Tip: Run multiple scenarios by adjusting your home’s value, the balance you owe, or the interest rate to see how small changes affect your borrowing power.
Glossary of common mortgage terms
Equity
The difference between your home’s current market value and the amount you still owe on your mortgage. Equity is what you borrow against with a HELOC.
Loan-to-Value Ratio (LTV)
The ratio of your loan balance compared to your home’s value. Lenders use this to determine how much you can borrow. A lower LTV generally improves your chances of approval and may qualify you for better rates.
Combined Loan-to-Value Ratio (CLTV)
The ratio of all loans secured by your home (your mortgage plus the HELOC) compared to your home’s value.
Draw Period
The initial phase of a HELOC (typically 5–10 years) when you can borrow funds as needed, up to your approved credit limit.
Repayment Period
The phase after the draw period ends. You can no longer borrow, and you must repay the outstanding balance (plus interest), often over 10–20 years.
Variable Interest Rate
Also called an adjustable or floating rate, a variable rate changes over time. Variable interest rates are typically based on a benchmark or index rate. Unlike fixed interest rates which remain constant over the term of the loan, variable rates can go up or down—so your loan payments may change as market interest rates shift.
Fixed-Rate Option
Some HELOCs let you convert a portion of your balance into a fixed-rate loan, providing predictable payments.
Collateral
Assets pledged to secure a loan. In a HELOC, your home is the collateral. If the borrower defaults (misses a loan payment), the lender can claim the collateral to recover the loan amount.
Closing Costs
Upfront fees you may pay when opening a HELOC. These can include appraisal fees, title searches, and lender charges.
Draw Limit
The maximum amount you can withdraw at one time from your HELOC.
HELOC calculator FAQs
Do I have to borrow the maximum amount?
No. A HELOC gives you a line of credit — you can borrow as much or as little as you need, up to your approved limit. You only pay interest on what you actually use.
Is my HELOC interest tax-deductible?
Interest on HELOCs may be tax-deductible if you use the funds for qualifying home improvements. Always check with a tax advisor for guidance specific to your situation.
What happens if interest rates rise?
Since most HELOCs have variable interest rates, your payments could increase if rates go up. Ask your lender about rate caps or fixed-rate conversion options.
Can I use a HELOC for non-home expenses?
Yes. Many homeowners use HELOCs for education, debt consolidation or large purchases. Just remember, your home is the collateral, so borrowing responsibly is important.
What’s the difference between a HELOC vs. a home equity loan?
A HELOC is a revolving line of credit, secured by your home, allowing flexible withdrawals and repayments. A home-equity loan provides a lump sum upfront with fixed payments over time.
Related tools and mortgage calculators
Want to explore more ways to prepare for a home purchase? Try our fixed-rate mortgage calculator or evaluate your savings goals with our CD maturity calculator or bank interest rates calculator to plan for a future purchase.
