HELOC Calculator
| Amount | % of Total | |
|---|---|---|
| Amount Drawn | ₹0 | 0% |
| Total Interest Paid | ₹0 | 0% |
| Total Cost of Credit | ₹0 | 100% |
| Available HELOC Limit | ₹0 |
| Repayment Period Payment | ₹0 |
| Total Interest Paid | ₹0 |
| Total Cost of Credit | ₹0 |
| Year | Phase | Interest Paid | Principal Paid | Year-End Balance |
|---|
What Is a HELOC Calculator?
A HELOC Calculator estimates how much you can borrow against your home's equity, and what your payments will look like during the interest-only draw period and the amortizing repayment period.
How to Use This Calculator
- Home Value — the current market value of your home.
- Existing Mortgage Balance — how much you still owe on your primary mortgage.
- Max Loan-to-Value — the maximum combined loan-to-value ratio your lender allows, commonly 80-85%.
- Amount You Want to Draw — how much of your available credit you plan to actually borrow.
- HELOC Interest Rate — the annual interest rate charged on the amount drawn.
- Draw Period — the number of years during which you can borrow and typically only pay interest.
- Repayment Period — the number of years used to fully repay the outstanding balance after the draw period ends.
This calculator assumes the full draw amount is borrowed upfront and remains constant through the draw period. Actual HELOC terms vary by lender.
Frequently Asked Questions
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving credit line secured against the equity in your home, letting you borrow up to a limit and repay it over time.
How is my available HELOC limit calculated?
Lenders typically allow borrowing up to a set loan-to-value percentage of your home's value, minus what you still owe on your existing mortgage.
What happens during the draw period?
During the draw period, most HELOCs only require interest-only payments on the amount you have borrowed.
What happens after the draw period ends?
Once the draw period ends, the outstanding balance is amortized and repaid through fixed principal and interest payments over the repayment period.