HELOC & Home Equity Loan Calculator
Estimate your credit line, compare the draw-to-repayment payment change, and price a fixed home equity loan for the same amount.
Home & Equity
HELOC Terms
HELOC, home equity and second-mortgage planning
Quick answer: A HELOC is generally a revolving line secured by home equity, while a home equity loan is typically a closed-end second mortgage. Rates, draw rules, repayment periods, fees and variable-rate risk determine the real cost.
Estimate usable equity
Lenders may limit combined loan-to-value and maximum loan amounts. Subtract the outstanding balance of existing mortgages from the supported property value and applicable borrowing limit.
Model the repayment period
A draw-period minimum payment can rise when principal repayment begins. Variable rates can change the loan payment; compare a fixed-rate home equity loan for major expenses.
Your home secures the debt
Borrowing to pay other debts can convert unsecured obligations into debt secured by the home. Compare risks, fees and alternatives.
Scenarios to calculate
- Compare a HELOC with a fixed home equity loan.
- Stress-test a higher variable interest rate.
- Estimate combined loan-to-value after a proposed draw.
Next: compare HELOCs and home equity loans, compare cash-out refinancing, model debt-payoff alternatives.
Compare HELOCs with other second-lien options in our second-mortgage guide.
HELOC — Frequently Asked Questions
What is the difference between the Draw Period and Repayment Period?
During the draw period you can usually withdraw up to your available limit. Some plans require only interest while others require principal payments too. In repayment, you generally stop drawing and repay principal and interest. The calculator defaults to a 10-year draw and 20-year repayment; check your contract.
Does a HELOC have a fixed or variable interest rate?
Many HELOCs have variable rates that track a published index plus a lender margin. The contract controls the index, reset frequency, caps and any fixed-rate options.
How much of my home equity can I borrow?
Multiply the home value by the lender’s CLTV cap and subtract all existing liens. At an illustrative 80% cap on a $500,000 home with $300,000 of existing debt, the modeled capacity is $100,000. This is not an approval.
Continue your financial research
Use these closely related USFinNexus guides and tools to plan your next step.
Related guides
Related calculators
- Mortgage CalculatorEstimate payment, interest and amortization.
- Refinance CalculatorCompare break-even timing and potential savings.
- Closing Costs CalculatorPlan buyer and seller costs before closing.
Illustrative comparison scenarios
| Rate | Interest-only monthly | 20-year P&I |
|---|---|---|
| 7% | $438 | $581 |
| 8% | $500 | $627 |
| 9% | $563 | $675 |
| 10% | $625 | $724 |
| 11% | $688 | $774 |
Educational scenarios, not quotes, approvals, investment forecasts or tax advice. See methodology and limitations.