Free HELOC Calculator (+ Guide)

What is a HELOC calculator?

A HELOC calculator works out what a home equity line of credit lets you borrow and what it costs.

A HELOC is a line you draw on as you need it, during a draw period of often 10 years, then repay over a set time.

How to use the HELOC calculator

You need your home's value and what you owe on it.

The Consumer Financial Protection Bureau explains how the draw and repayment periods work.

A worked example

Here's the example the calculator loads when you press Try an example: a $500,000 home, $300,000 owed, an 85% limit, $50,000 drawn at 8.5%.

$500,000 × 85% − $300,000 leaves $125,000 available.

Over 30 years, if the rate stayed at 8.5%, the interest would come to about $96,639.

HELOC or home equity loan?

Both borrow against your home, in different ways.

A HELOC

A line you draw as you go, usually at a floating rate. Good for costs that come in stages, like a renovation.

A home equity loan

A lump sum at a fixed rate, with the same payment every month. The home equity loan calculator works it out.

Mistakes to avoid

These are the ways a HELOC turns risky.

• Budgeting for the interest-only payment and not the repayment
• Forgetting the rate can rise
• Using it for spending that doesn't add value
• Forgetting your home secures it

Who is the HELOC calculator for?

It's for homeowners thinking about borrowing against their home, and these tools help compare.

• Home equity loan calculator – for a fixed lump sum instead
• Loan calculator – for any other loan
• Debt payoff calculator – for paying debts off with what you borrow
• Mortgage payoff calculator – for the mortgage underneath
• Net worth tracker – for your equity over time

Look at the payment after the draw period first, then decide.