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HELOC Calculator

Calculate your available credit, monthly payments, and total cost of a home equity line of credit.

Updated June 2026 · Editorial standards

Your details

$
$
%
%
$
Available credit
$125,000
Monthly draw payment· interest only
$354
Monthly repayment· after draw period
$434
Total interest
$96,639

Your current LTV is 60.0% and will rise to 70.0% after drawing $50,000. You have $125,000 available to borrow.During the 10-year draw period you'll pay $354/month (interest only). Repayment payments rise to $434/month over 20 years.

Balance over draw & repayment periods

Draw amount vs total interest

Equity summary

Home equity$200,000
Available credit$125,000
Total interest (draw)$42,500
Total interest (repay)$54,139
Total cost$146,639
By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the heloc calculator?

In short

A HELOC (Home Equity Line of Credit) lets you borrow against your home equity up to a credit limit, typically 80–90% of your home's value minus your mortgage balance. During the draw period (usually 10 years) you pay interest only on what you borrow; during the repayment period you pay principal and interest on the outstanding balance.

This HELOC calculator shows your available credit based on your home value and current mortgage balance, your interest-only payment during the draw period, and your full payment during the repayment period — plus total interest cost.

How to use this calculator

  1. 1Enter your home's current estimated value.
  2. 2Enter your remaining mortgage balance.
  3. 3Adjust the combined LTV limit (lenders typically allow 80–85%).
  4. 4Enter how much you plan to draw.
  5. 5Set the HELOC interest rate, draw period, and repayment period.
  6. 6Review available credit, monthly payments, and total interest cost.

The formula

M=P·r·(1+r)n(1+r)n−1
The monthly payment (M) is derived from the loan amount, the monthly interest rate, and the total number of payments. Each payment first covers that month's interest; the remainder reduces the principal.
M
— Monthly payment
P
— Principal (loan amount)
r
— Monthly interest rate (annual rate ÷ 12)
n
— Total number of payments (months)

Worked example

The scenario

Home worth $600,000, mortgage balance $350,000, 85% LTV limit, drawing $80,000 at 8.5% with 10-year draw and 20-year repayment.

gives

The result

Available credit: $160,000. Draw-period payment: $567/month (interest only). Repayment payment: $699/month. Total interest: $87,400.

Common use cases

  • Funding home renovations at a lower rate than personal loans
  • Creating an emergency credit reserve without monthly cost until drawn
  • Consolidating high-rate credit card debt
  • Bridging financing for investment property

Limitations & assumptions

  • HELOCs typically have variable rates that change with the prime rate — payments can rise significantly.
  • Using a HELOC puts your home at risk if you cannot repay.
  • Combined LTV limits vary by lender; some allow up to 90% for borrowers with excellent credit.

Frequently asked questions

A HELOC is a revolving credit line — you borrow as needed and interest accrues only on what you use. A home equity loan is a lump-sum loan at a fixed rate. HELOCs offer flexibility; home equity loans offer payment certainty.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.