Home Equity Loan and HELOC Calculator

Find how much equity you can borrow and what a home equity loan or HELOC would cost each month.

Loan Type
$
$
Often 80% to 90%.
$
Leave as is to see the payment on this amount.
Fractions and decimals both work.
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Per Month
Your equity
Max you can borrow
Amount used
Payment after draw
CLTV with this loan
Total interest
Borrowing Room Left

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How Home Equity Borrowing Works

Lenders let you borrow against your home up to a maximum combined loan-to-value (CLTV): all loans on the home together can't exceed that share of its value.

Max you can borrow = value × max CLTV − current mortgage balance

A home equity loan is a lump sum at a fixed rate, repaid in equal payments. A HELOC is a credit line: during the draw period you usually pay only interest on what you've used, then the balance is repaid with principal and interest over the repayment period, so the payment jumps.

Home equity loan payment = PMT(rate ÷ 12, years × 12, amount)
HELOC draw payment = balance × rate ÷ 12   Repayment payment = PMT(rate ÷ 12, repayment years × 12, balance)

Worked Example

Tips

Most HELOCs have variable rates tied to the prime rate, so payments can change; this page uses a fixed rate for illustration. Your home secures the loan, so missing payments can lead to foreclosure. Interest may be tax-deductible only when the money is used to buy, build or substantially improve the home.