Mortgage Rates Calgary Calculator

HELOC (Home Equity Line of Credit) Calculator

Calculation Results

Maximum Borrowing Capacity:

Available HELOC Amount:

Estimated Interest-Only Monthly Payment:

How to Use the HELOC Calculator

A Home Equity Line of Credit (HELOC) allows you to borrow against the value of your home. This calculator helps you determine how much credit you might be eligible for based on your current equity and the lender's Loan-to-Value (LTV) requirements.

The HELOC Formula

Lenders typically use a simple formula to calculate your available credit line:

(Home Value × LTV %) – Current Mortgage Balance = Available HELOC

Key Terms Explained

• Home Value: The current market appraisal of your property.
• Mortgage Balance: The remaining amount you owe on your primary mortgage.
• LTV Limit: Most lenders allow a Loan-to-Value ratio between 80% and 85%. This means they will lend up to 80% of the home's value minus what you already owe.
• Interest-Only Payment: During the draw period (usually the first 10 years), many HELOCs allow you to pay only the interest on what you have spent.

Example Calculation

If your home is worth $400,000 and you owe $250,000 on your mortgage:

1. Lender limit (80%): $400,000 × 0.80 = $320,000
2. Subtract mortgage: $320,000 – $250,000 = $70,000
3. Available HELOC: $70,000

Disclaimer: This calculator provides estimates for educational purposes only. Credit approval, interest rates, and final limits depend on your credit score, income, and specific lender policies.

function calculateHELOC() { var homeValue = parseFloat(document.getElementById("homeValue").value); var mortgageBalance = parseFloat(document.getElementById("mortgageBalance").value); var ltvLimit = parseFloat(document.getElementById("ltvLimit").value); var interestRate = parseFloat(document.getElementById("interestRate").value); var resultDiv = document.getElementById("helocResult"); var errorMsg = document.getElementById("errorMsg"); errorMsg.style.display = "none"; if (isNaN(homeValue) || isNaN(mortgageBalance) || isNaN(ltvLimit)) { alert("Please fill in all required fields with valid numbers."); return; } var maxCapacity = homeValue * (ltvLimit / 100); var availableLine = maxCapacity – mortgageBalance; resultDiv.style.display = "block"; if (availableLine <= 0) { document.getElementById("maxCapacity").innerText = "$" + maxCapacity.toLocaleString(); document.getElementById("availableHELOC").innerText = "$0"; document.getElementById("monthlyPayment").innerText = "$0"; errorMsg.innerText = "Notice: Based on these figures, you do not have enough equity for a HELOC under the specified LTV limit."; errorMsg.style.display = "block"; } else { var monthlyInt = (availableLine * (interestRate / 100)) / 12; document.getElementById("maxCapacity").innerText = "$" + maxCapacity.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("availableHELOC").innerText = "$" + availableLine.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("monthlyPayment").innerText = "$" + monthlyInt.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); } }