HELOC Calculator

Calculate your available HELOC amount based on home equity, then estimate payments during the draw period (interest-only) and repayment period (principal + interest). Compare different draw amounts and see the full amortization schedule.

Home Value ($)

$50k$2M

Current Mortgage Balance ($)

$0$400,000

Credit Score Range

HELOC Interest Rate (%)

3%20%

Draw Period (years)

Repayment Period (years)

Max LTV (%)

HELOC Draw Amount ($)

Leave blank to use max: $90,000.00

Equity Overview85% LTV limit

Mortgage: $250,000Available: $90,000Protected: $60,000

Home Equity

$150,000

Max HELOC Amount

$90,000

Total Interest

$173,950

Total Cost

$263,950

Draw Period (10 years)

Interest-Only Payments

$637.50

per month

Duration120 months

Principal Paid$0

Total Interest$76,500.00

Repayment Period (20 years)

Principal + Interest Payments

$781.04

per month

Duration240 months

Principal Repaid$90,000.00

Total Interest$97,449.82

Total Cost Breakdown

Principal: $90,000.00 (34.1%)Draw Interest: $76,500.00 (29.0%)Repay Interest: $97,449.82 (36.9%)

HELOC Draw Amount$90,000.00

Interest During Draw Period+$76,500.00

Interest During Repayment+$97,449.82

Total Cost$263,949.82

Compare Different Draw Amounts

Draw Amount	Draw Payment	Repay Payment	Total Interest	Total Cost
$22,500(25%)	$159.38	$195.26	$43,487.45	$65,987.45
$45,000(50%)	$318.75	$390.52	$86,974.91	$131,974.91
$67,500(75%)	$478.13	$585.78	$130,462.36	$197,962.36
$90,000(100%)	$637.50	$781.04	$173,949.82	$263,949.82

Amortization Schedule

360 months total

Year	Phase	Payments	Principal	Interest	Balance
Year 1	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 2	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 3	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 4	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 5	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 6	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 7	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 8	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 9	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 10	Draw Period	$7,650.00	$0.00	$7,650.00	$90,000.00
Year 11	Repayment	$9,372.49	$1,791.21	$7,581.28	$88,208.79
Year 12	Repayment	$9,372.49	$1,949.53	$7,422.96	$86,259.26
Year 13	Repayment	$9,372.49	$2,121.85	$7,250.64	$84,137.41
Year 14	Repayment	$9,372.49	$2,309.41	$7,063.08	$81,828.00
Year 15	Repayment	$9,372.49	$2,513.54	$6,858.95	$79,314.46
Year 16	Repayment	$9,372.49	$2,735.71	$6,636.78	$76,578.75
Year 17	Repayment	$9,372.49	$2,977.52	$6,394.97	$73,601.23
Year 18	Repayment	$9,372.49	$3,240.71	$6,131.78	$70,360.52
Year 19	Repayment	$9,372.49	$3,527.16	$5,845.33	$66,833.37
Year 20	Repayment	$9,372.49	$3,838.93	$5,533.56	$62,994.44
Year 21	Repayment	$9,372.49	$4,178.25	$5,194.24	$58,816.19
Year 22	Repayment	$9,372.49	$4,547.57	$4,824.92	$54,268.62
Year 23	Repayment	$9,372.49	$4,949.54	$4,422.96	$49,319.08
Year 24	Repayment	$9,372.49	$5,387.03	$3,985.46	$43,932.05
Year 25	Repayment	$9,372.49	$5,863.19	$3,509.30	$38,068.86
Year 26	Repayment	$9,372.49	$6,381.45	$2,991.04	$31,687.41
Year 27	Repayment	$9,372.49	$6,945.51	$2,426.98	$24,741.90
Year 28	Repayment	$9,372.49	$7,559.43	$1,813.06	$17,182.47
Year 29	Repayment	$9,372.49	$8,227.61	$1,144.88	$8,954.86
Year 30	Repayment	$9,372.49	$8,954.86	$417.63	$0.00

How a HELOC Works

Draw Period (10 years)

During the draw period, you can borrow up to your credit limit and only pay interest on the amount you have drawn. Your minimum payment is interest-only, meaning your balance does not decrease unless you make extra principal payments.

Repayment Period (20 years)

After the draw period ends, you can no longer borrow. Your payments now include both principal and interest, and the payment amount will be higher than during the draw period. The balance is fully amortized over the repayment period.

LTV (Loan-to-Value)

Most lenders allow a maximum combined LTV of 80-90%. With a 85% max LTV, your combined mortgage + HELOC cannot exceed $340,000 on a home valued at $400,000.

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How to Use HELOC Calculator

1Enter your home value and current mortgage balance.
2Set the HELOC interest rate and draw amount.
3View interest-only payments during the draw period.
4See full payments during the repayment period.

Frequently Asked Questions

How much HELOC can I get?▾

Most lenders allow a combined loan-to-value (CLTV) ratio of 80-85%. So if your home is worth $400,000 and you owe $250,000, your available equity is $400,000 × 85% - $250,000 = $90,000.

How does a HELOC work?▾

A HELOC has two phases: a draw period (typically 10 years) where you can borrow and make interest-only payments, and a repayment period (typically 20 years) where you pay principal plus interest on the outstanding balance.

What is the interest rate on a HELOC?▾

HELOC rates are typically variable, based on the prime rate plus a margin. As of 2024, rates range from 8-10% depending on credit score and LTV ratio. Some lenders offer fixed-rate conversion options.

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About HELOC Calculator

NexTool's HELOC Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.