Heloc vs Home Equity Loan Calculator

Compare the costs and terms of a Home Equity Line of Credit (HELOC) and a Home Equity Loan.

HELOC vs Home Equity Loan Comparison

What is a HELOC vs Home Equity Loan?

{primary_keyword} are two popular ways homeowners can tap into their home's equity to access funds. While both allow you to borrow against the value you've built up in your property, they function quite differently, leading to distinct advantages and disadvantages depending on your financial needs and risk tolerance. Understanding the nuances of a HELOC vs Home Equity Loan is crucial for making an informed decision that aligns with your financial goals.

Home Equity Loan Explained

A Home Equity Loan is a type of second mortgage. You receive the entire loan amount upfront in a lump sum. This lump sum is then repaid over a fixed term (typically 5 to 30 years) with fixed monthly payments that include both principal and interest. Because the interest rate is usually fixed, your monthly payments remain consistent throughout the life of the loan, making budgeting predictable. This is often a good choice for significant, one-time expenses like major home renovations, debt consolidation, or education costs where you know the exact amount you need upfront.

Home Equity Line of Credit (HELOC) Explained

A Home Equity Line of Credit (HELOC) works more like a credit card secured by your home equity. You are approved for a certain credit limit, and you can draw funds as needed during a specified "draw period" (often 5-10 years). During the draw period, you typically only need to make interest-only payments on the amount you've borrowed. After the draw period ends, the repayment period begins, during which you must repay the outstanding balance (principal and interest) over a set term. HELOCs often have variable interest rates, meaning your monthly payments can fluctuate based on market conditions. This flexibility makes HELOCs suitable for ongoing projects, unexpected expenses, or situations where you're unsure of the total amount needed.

Who Should Use Which?

Choose a Home Equity Loan if: You need a specific, large sum of money for a single purpose, prefer predictable fixed payments, and want to avoid the uncertainty of variable interest rates. This is ideal for planned expenses like a large home remodel or consolidating high-interest debt.

Choose a HELOC if: You need access to funds over time, want the flexibility to borrow and repay as needed, and are comfortable with potential payment fluctuations due to a variable interest rate. This is useful for ongoing projects, emergency funds, or managing unpredictable expenses.

Common Misconceptions

A common misconception is that HELOCs are always cheaper. While the initial interest-only payments might seem lower, the variable rate and potential for rising interest costs during the repayment period can make them more expensive in the long run than a fixed-rate Home Equity Loan. Another is that both are identical; however, the lump sum vs. line of credit structure is a fundamental difference affecting how you access and repay funds.

HELOC vs Home Equity Loan Formula and Mathematical Explanation

Understanding the financial calculations behind a heloc vs home equity loan calculator is key to grasping the true cost implications. Both involve borrowing against your home equity, but their structures dictate different payment and interest calculations.

Home Equity Loan Calculation

A Home Equity Loan is a traditional amortizing loan. The monthly payment (P&I) is calculated using the loan amortization formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]</code

Where:

• M = Total Monthly Mortgage Payment (Principal and Interest)
• P = Principal Loan Amount (the amount borrowed)
• i = Monthly Interest Rate (Annual Rate / 12)
• n = Total Number of Payments (Loan Term in Years * 12)

The total interest paid is calculated as:

Total Interest = (M * n) - P

HELOC Calculation

A HELOC has two distinct phases:

Draw Period Calculation:

During the draw period, payments are typically interest-only:

Interest-Only Payment = (Annual HELOC Rate / 12) * Amount Drawn

No principal is repaid during this phase, so the balance remains constant unless payments exceed the interest due.

Repayment Period Calculation:

After the draw period, the outstanding balance (principal + interest accrued) is amortized over the remaining repayment term using the same loan amortization formula as a Home Equity Loan:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

• M = Total Monthly Payment (Principal and Interest)
• P = Remaining Principal Balance at the start of the repayment period
• i = Monthly Interest Rate (Annual HELOC Rate / 12)
• n = Total Number of Payments Remaining (Repayment Period in Years * 12)

Estimated Total Interest Paid (HELOC): This is more complex to calculate precisely without knowing the draw patterns and rate fluctuations. For estimation purposes in a calculator, we often assume interest-only payments for the full draw period, then amortize the full initial loan amount over the combined term (draw + repayment) at the assumed HELOC rate, or more accurately, amortize the full loan amount over the repayment period after the draw period at the HELOC rate. The calculator uses an estimated 25-year total repayment period for comparison.

Variables Table

Variable	Meaning	Unit	Typical Range
Home Value	Current market value of the property.	Currency ($)	$100,000 - $2,000,000+
Outstanding Mortgage	Remaining balance on the primary mortgage.	Currency ($)	$0 - $1,000,000+
Loan/Credit Line Amount	The amount to be borrowed.	Currency ($)	$10,000 - $500,000+
HELOC Rate	Variable interest rate for the HELOC.	Percentage (%)	4.0% - 12.0%+
HELOC Draw Period	Timeframe to draw funds.	Years	5 - 10 years
HELOC Repayment Period	Timeframe to repay drawn funds.	Years	10 - 20 years
Home Equity Loan Rate	Fixed interest rate for the loan.	Percentage (%)	5.0% - 10.0%+
Home Equity Loan Term	Total repayment period for the loan.	Years	5 - 30 years
Fees	Upfront costs associated with setting up the loan/line.	Currency ($)	$0 - $5,000+
LTV (Loan-to-Value)	Ratio of borrowed amount to home value. Crucial for approval.	Percentage (%)	Typically up to 80-90% combined LTV

Practical Examples (Real-World Use Cases)

Let's explore two scenarios comparing a HELOC and a Home Equity Loan using our heloc vs home equity loan calculator.

Example 1: Major Home Renovation

Scenario: Sarah and Tom want to undertake a $70,000 kitchen renovation. Their home is valued at $600,000, and they owe $250,000 on their mortgage. They want predictability in their payments.

Inputs:

• Home Value: $600,000
• Outstanding Mortgage: $250,000
• Desired Loan/Credit Line Amount: $70,000
• HELOC Initial Variable Rate: 7.0%
• HELOC Draw Period: 10 Years
• HELOC Repayment Period: 15 Years
• Home Equity Loan Fixed Rate: 6.5%
• Home Equity Loan Term: 15 Years
• HELOC Fees: $1,200
• Home Equity Loan Fees: $1,800

Calculator Results Interpretation:

• Home Equity Loan: Monthly P&I payment would be approximately $544. Total interest paid over 15 years would be around $27,000. Total cost (fees + interest) approx. $28,800.
• HELOC: Initial interest-only payment (during draw) would be approx. $408 ($70,000 * 0.07 / 12). After 10 years, if the rate stays at 7.0% and they owe $70,000, the amortizing payment over the remaining 15 years would be approx. $591. Estimated total interest over 25 years (10 interest-only + 15 amortizing) would be around $46,000. Total cost (fees + interest) approx. $47,200.

Financial Interpretation:

For Sarah and Tom, the Home Equity Loan offers a lower monthly payment during the repayment phase ($544 vs $591) and significantly less total interest paid ($27,000 vs $46,000) over a comparable timeframe. The predictability of fixed payments is a major advantage for their budgeting. Despite the slightly higher upfront fees and initial payment structure, the Home Equity Loan is likely the better choice for this planned, one-time expense.

Example 2: Funding Ongoing Educational Expenses

Scenario: David is planning to pay for his child's college tuition over the next four years. He estimates needing about $10,000 per year, but the exact amount might vary. His home value is $400,000, with $150,000 remaining on his mortgage.

Inputs:

• Home Value: $400,000
• Outstanding Mortgage: $150,000
• Desired Loan/Credit Line Amount: $40,000 (total estimate over 4 years)
• HELOC Initial Variable Rate: 8.0%
• HELOC Draw Period: 10 Years (more than enough)
• HELOC Repayment Period: 10 Years
• Home Equity Loan Fixed Rate: 7.5%
• Home Equity Loan Term: 10 Years
• HELOC Fees: $800
• Home Equity Loan Fees: $1,100

Calculator Results Interpretation:

• Home Equity Loan: He would receive $40,000 upfront. The monthly P&I payment would be approx. $444. Total interest paid over 10 years would be around $4,300. Total cost (fees + interest) approx. $5,400. He would need to manage the lump sum carefully.
• HELOC: Initial interest-only payment would be approx. $67 ($40,000 * 0.08 / 12). He could draw funds as needed, perhaps $10,000 annually. After 4 years of drawing and interest-only payments, let's assume he has drawn the full $40,000. If the rate remains 8.0%, the amortizing payment over the remaining 10 years would be approx. $465. Estimated total interest over 14 years (4 years interest-only + 10 years amortizing) would be around $9,000. Total cost (fees + interest) approx. $9,800.

Financial Interpretation:

The HELOC offers greater flexibility. David can draw funds only when needed, minimizing interest paid early on. The initial interest-only payments are significantly lower ($67 vs $444), which could be helpful. While the estimated total interest is higher with the HELOC ($9,000 vs $4,300), the ability to manage cash flow and only borrow precisely what's needed aligns better with his uncertain educational expense needs. He should monitor the variable rate closely.

How to Use This HELOC vs Home Equity Loan Calculator

Our heloc vs home equity loan calculator is designed to provide a clear, side-by-side comparison to help you decide between a Home Equity Line of Credit (HELOC) and a Home Equity Loan. Follow these steps for an accurate assessment:

Step 1: Gather Your Information

Before you start, collect the following details:

• Current Home Value: Get a recent appraisal or check comparable sales in your area.
• Outstanding Mortgage Balance: Find your latest mortgage statement.
• Desired Loan Amount: Estimate how much money you need to borrow.
• Interest Rates: Research current typical rates for both HELOCs (often variable) and Home Equity Loans (often fixed) from lenders. Use realistic estimates.
• Loan/Line of Credit Terms: Know the typical draw periods, repayment periods, and total loan terms offered by lenders.
• Estimated Fees: Ask lenders about upfront costs like application fees, appraisal fees, title fees, and recording fees for both options.

Step 2: Input Your Data

Enter the information you gathered into the calculator's input fields:

• Home Value: Enter the estimated market value.
• Outstanding Mortgage: Enter your current mortgage balance.
• Loan/Credit Line Amount: Enter the amount you wish to borrow.
• HELOC Rates & Terms: Input the variable rate, draw period (years), and repayment period (years).
• Home Equity Loan Rates & Terms: Input the fixed rate and total loan term (years).
• Fees: Enter estimated upfront fees for both options.

The calculator will automatically check for valid number inputs and flag errors below each field if issues are detected (e.g., negative numbers, non-numeric values).

Step 3: Analyze the Results

Once you input valid data, the calculator will display:

• Main Result (Highlighted): This typically shows the estimated total cost over a significant period (e.g., 25 years), factoring in fees and estimated interest. This provides a quick, overarching comparison.
• Intermediate Values:
  • HELOC Initial Monthly Payment (Draw Period): Shows the interest-only payment during the draw phase.
  • HELOC Estimated Post-Draw Monthly Payment: Shows the projected payment when principal repayment begins.
  • Home Equity Loan Monthly Payment: Shows the fixed principal and interest payment.
  • Total Interest Paid (HELOC & Home Equity Loan): Estimated total interest over their respective lifespans or a comparative period.
• Chart: A visual representation comparing the cumulative costs (fees + interest) over time, making it easier to see long-term financial implications.
• Formula Explanations & Key Assumptions: Provides transparency on how the results were calculated and the underlying assumptions made (e.g., constant rates, specific timeframes).

Step 4: Make Your Decision

Use the results to guide your decision:

• Predictability vs. Flexibility: If fixed payments and predictable budgeting are paramount, a Home Equity Loan is often preferred. If you need flexibility to draw funds over time and are comfortable with potential rate changes, a HELOC might be better.
• Total Cost: Compare the total estimated interest paid and overall cost (including fees). A lower initial payment on a HELOC doesn't always mean a lower total cost.
• Borrowing Needs: If you need a lump sum, the Home Equity Loan is straightforward. If you anticipate needing funds intermittently, a HELOC offers that convenience.

Remember to use the "Reset Values" button to start fresh and the "Copy Results" button to save your calculations for later reference or to share with a financial advisor.

Key Factors That Affect HELOC vs Home Equity Loan Results

Several critical factors influence the costs and suitability of a heloc vs home equity loan calculator comparison. Understanding these can help you refine your inputs and interpret the results more accurately.

1. Interest Rates (Fixed vs. Variable):

   This is arguably the most significant factor. Home Equity Loans typically offer fixed rates, providing payment stability. HELOCs usually have variable rates tied to a benchmark index (like the Prime Rate). If interest rates rise, your HELOC payments will increase, potentially making it more expensive than initially projected. Conversely, if rates fall, a HELOC could become cheaper.

2. Loan Amount and Loan-to-Value (LTV) Ratio:

   Lenders assess risk based on the LTV ratio (loan amount divided by home value). Higher LTV ratios often come with higher interest rates or stricter approval requirements. The amount you borrow directly impacts your monthly payments and total interest paid.

3. Loan Term / Repayment Period:

   A longer loan term spreads payments over more time, resulting in lower monthly payments but significantly more total interest paid over the life of the loan. A shorter term means higher monthly payments but less overall interest. For HELOCs, the distinction between the draw period (often interest-only) and the repayment period (amortizing) is crucial.

4. Upfront Fees:

   Both HELOCs and Home Equity Loans can come with various fees (origination, appraisal, title, recording, etc.). These fees add to the total cost of borrowing. While sometimes negotiable, they can significantly impact the initial outlay and the overall cost-effectiveness, especially for smaller loan amounts.

5. Market Conditions and Economic Outlook:

   For HELOCs, the direction of interest rates is paramount. If inflation is high and rates are expected to rise, a fixed-rate Home Equity Loan might be safer. In a stable or declining rate environment, a HELOC could be more advantageous. Lenders' overall willingness to lend also fluctuates with economic conditions.

6. Borrower's Financial Profile:

   Your credit score, income, debt-to-income ratio, and overall financial stability heavily influence the interest rates and terms you'll be offered. A strong financial profile generally leads to better rates and lower costs for either loan type.

7. Inflation and Purchasing Power:

   Inflation erodes the purchasing power of money over time. The fixed payments of a Home Equity Loan become relatively easier to afford over time if income rises faster than inflation. For a HELOC, while initial payments might be low, future payments could rise with interest rates, potentially outpacing inflation-adjusted income growth.

8. Tax Implications:

   Interest paid on home equity debt *can* be tax-deductible if the loan proceeds are used to buy, build, or substantially improve the home securing the loan. This deductibility can reduce the effective cost of borrowing. However, rules can change, and consultation with a tax professional is recommended.

Frequently Asked Questions (FAQ)

Q1: Can I use a HELOC or Home Equity Loan for any purpose?

A1: Generally, yes. Lenders typically allow you to use the funds for any purpose, including debt consolidation, home improvements, education, medical expenses, or major purchases. However, the interest may only be tax-deductible if used for specific home-related purposes (consult a tax advisor).

Q2: Which option has lower monthly payments?

A2: Typically, the HELOC has lower initial monthly payments during the draw period because they are often interest-only. However, the subsequent repayment period payments (principal + interest) might be higher than a comparable fixed-rate Home Equity Loan, especially if rates have risen. The Home Equity Loan offers a consistent P&I payment throughout.

Q3: Which option is cheaper overall?

A3: It depends. A fixed-rate Home Equity Loan is often cheaper overall if interest rates remain stable or rise, due to predictable payments and no risk of rate hikes. A HELOC can be cheaper if interest rates fall significantly during its term, but if rates rise, it can become more expensive than a Home Equity Loan.

Q4: What is the maximum amount I can borrow?

A4: Lenders usually limit the combined Loan-to-Value (CLTV) ratio – the total of all your mortgages plus the new loan/line of credit – to 80% or 90% of your home's appraised value. This limit varies by lender and your creditworthiness.

Q5: How does my credit score affect my options?

A5: A higher credit score generally qualifies you for lower interest rates and better terms on both HELOCs and Home Equity Loans. Poor credit may limit your options or result in significantly higher borrowing costs.

Q6: Can my HELOC rate change?

A6: Yes, HELOC rates are typically variable and are tied to a benchmark index plus a margin. They can increase or decrease over the life of the line of credit, affecting your payment amount.

Q7: What happens if I miss a payment on my HELOC or Home Equity Loan?

A7: Missing payments can result in late fees, damage your credit score, and potentially lead to default. For HELOCs, defaulting during the draw period could even trigger immediate repayment demands. Since these are secured loans, the lender could eventually foreclose on your home if you fail to make payments.

Q8: Should I consider closing costs when comparing?

A8: Absolutely. Closing costs (fees) can add hundreds or thousands of dollars to the loan. Always factor these into your total cost comparison. Some lenders offer no-closing-cost options, but these might have slightly higher interest rates.

Q9: Is a HELOC or Home Equity Loan better for debt consolidation?

A9: Both can be effective. A Home Equity Loan provides a lump sum to pay off all debts at once, offering a single, potentially lower, fixed payment. A HELOC offers flexibility if you need to consolidate multiple debts over time or want the option to borrow more later, but requires careful management of the variable rate and repayment schedule.

function formatCurrency(amount) { return "$" + Number(amount).toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ","); } function calculateLoanPayment(rate, nper, pv) { if (rate === 0) return pv / nper; var pmt = pv * (rate * (1 + rate * nper)) / ((1 + rate * nper) - (1 + rate)); // Corrected PMT formula implementation if needed, else use direct calculation // Simplified calculation for PMT: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1] // Let's re-implement accurately using the standard formula var i = rate; // monthly rate var n = nper; // total periods var P = pv; // present value // Handle case where i is 0 to avoid division by zero or infinite loops if (i === 0) { return P / n; } var numerator = P * i * Math.pow(1 + i, n); var denominator = Math.pow(1 + i, n) - 1; var monthlyPayment = numerator / denominator; return monthlyPayment; } function calculateHELOCPayment(rate, nper, pv) { // This function will be used for the amortizing part of HELOC return calculateLoanPayment(rate, nper, pv); } function updateResults() { var homeValue = parseFloat(document.getElementById("homeValue").value); var outstandingMortgage = parseFloat(document.getElementById("outstandingMortgage").value); var loanAmount = parseFloat(document.getElementById("loanAmount").value); var helocRate = parseFloat(document.getElementById("helocRate").value) / 100; var helocDrawPeriod = parseInt(document.getElementById("helocDrawPeriod").value); var helocRepaymentPeriod = parseInt(document.getElementById("helocRepaymentPeriod").value); var heloanRate = parseFloat(document.getElementById("heloanRate").value) / 100; var heloanTerm = parseInt(document.getElementById("heloanTerm").value); var helocFees = parseFloat(document.getElementById("helocFees").value); var heloanFees = parseFloat(document.getElementById("heloanFees").value); var availableEquity = homeValue - outstandingMortgage; var maxLoanAmount = availableEquity * 0.85; // Example: Assuming 85% LTV limit // --- Input Validation --- var errors = false; if (isNaN(homeValue) || homeValue <= 0) { document.getElementById("homeValueError").textContent = "Please enter a valid home value."; errors = true; } else { document.getElementById("homeValueError").textContent = ""; } if (isNaN(outstandingMortgage) || outstandingMortgage < 0) { document.getElementById("outstandingMortgageError").textContent = "Please enter a valid mortgage balance."; errors = true; } else { document.getElementById("outstandingMortgageError").textContent = ""; } if (isNaN(loanAmount) || loanAmount <= 0) { document.getElementById("loanAmountError").textContent = "Please enter a valid loan amount."; errors = true; } else { document.getElementById("loanAmountError").textContent = ""; } if (isNaN(helocRate) || helocRate < 0) { document.getElementById("helocRateError").textContent = "Please enter a valid HELOC rate."; errors = true; } else { document.getElementById("helocRateError").textContent = ""; } if (isNaN(helocDrawPeriod) || helocDrawPeriod <= 0) { document.getElementById("helocDrawPeriodError").textContent = "Please enter a valid draw period."; errors = true; } else { document.getElementById("helocDrawPeriodError").textContent = ""; } if (isNaN(helocRepaymentPeriod) || helocRepaymentPeriod <= 0) { document.getElementById("helocRepaymentPeriodError").textContent = "Please enter a valid repayment period."; errors = true; } else { document.getElementById("helocRepaymentPeriodError").textContent = ""; } if (isNaN(heloanRate) || heloanRate < 0) { document.getElementById("heloanRateError").textContent = "Please enter a valid loan rate."; errors = true; } else { document.getElementById("heloanRateError").textContent = ""; } if (isNaN(heloanTerm) || heloanTerm <= 0) { document.getElementById("heloanTermError").textContent = "Please enter a valid loan term."; errors = true; } else { document.getElementById("heloanTermError").textContent = ""; } if (isNaN(helocFees) || helocFees < 0) { document.getElementById("helocFeesError").textContent = "Please enter valid fees."; errors = true; } else { document.getElementById("helocFeesError").textContent = ""; } if (isNaN(heloanFees) || heloanFees availableEquity) { document.getElementById("loanAmountError").textContent = "Loan amount exceeds available equity."; errors = true; } if (loanAmount > maxLoanAmount) { // Note: This check might be redundant if availableEquity check is sufficient based on lender policy // document.getElementById("loanAmountError").textContent = "Loan amount exceeds maximum allowed LTV."; errors = true; } if (errors) { document.getElementById("result").innerHTML = "Please correct the errors above."; document.getElementById("helocInitialPayment").textContent = "$0.00"; document.getElementById("helocPostDrawPayment").textContent = "$0.00"; document.getElementById("heloanMonthlyPayment").textContent = "$0.00"; document.getElementById("helocTotalInterest").textContent = "$0.00"; document.getElementById("heloanTotalInterest").textContent = "$0.00"; clearChart(); return; } // --- Calculations --- // HELOC Calculations var helocMonthlyInterestOnly = (helocRate) * loanAmount; var helocTotalInterestDraw = helocMonthlyInterestOnly * helocDrawPeriod * 12; // For HELOC post-draw payment, we need to amortize the full loan amount over the repayment period. // We assume the full loan amount is outstanding at the start of the repayment period. var helocMonthlyPaymentAmortized = calculateHELOCPayment(helocRate / 12, helocRepaymentPeriod * 12, loanAmount); var helocTotalInterestRepayment = (helocMonthlyPaymentAmortized * helocRepaymentPeriod * 12) - loanAmount; // Simplified Total Interest for HELOC comparison (Interest-Only during draw + Amortized Interest during repayment) // This is an estimation for comparison purposes. A more complex model would track draws. var estimatedHelocTotalInterest = helocTotalInterestDraw + helocTotalInterestRepayment; // Home Equity Loan Calculations var heloanMonthlyPayment = calculateLoanPayment(heloanRate / 12, heloanTerm * 12, loanAmount); var heloanTotalInterest = (heloanMonthlyPayment * heloanTerm * 12) - loanAmount; // Total Costs for comparison var helocTotalCost = helocFees + estimatedHelocTotalInterest; // Simplified: Assuming full loan amount drawn and interest paid over draw+repay period var heloanTotalCost = heloanFees + heloanTotalInterest; // --- Display Results --- document.getElementById("helocInitialPayment").textContent = formatCurrency(helocMonthlyInterestOnly); document.getElementById("helocPostDrawPayment").textContent = formatCurrency(helocMonthlyPaymentAmortized); document.getElementById("heloanMonthlyPayment").textContent = formatCurrency(heloanMonthlyPayment); document.getElementById("helocTotalInterest").textContent = formatCurrency(estimatedHelocTotalInterest); document.getElementById("heloanTotalInterest").textContent = formatCurrency(heloanTotalInterest); var mainResultText = "HELOC Total Estimated Cost: " + formatCurrency(helocTotalCost) + " vs. Home Equity Loan Total Cost: " + formatCurrency(heloanTotalCost); document.getElementById("result").textContent = mainResultText; // --- Update Chart --- updateChart(helocTotalCost, heloanTotalCost, heloanTerm * 12, helocDrawPeriod * 12 + helocRepaymentPeriod * 12); } function clearChart() { var canvas = document.getElementById('costComparisonChart'); var ctx = canvas.getContext('2d'); ctx.clearRect(0, 0, canvas.width, canvas.height); } function updateChart(helocCost, heloanCost, heloanMonths, helocMonths) { var canvas = document.getElementById('costComparisonChart'); var ctx = canvas.getContext('2d'); ctx.clearRect(0, 0, canvas.width, canvas.height); // Clear previous chart var chartHeight = canvas.clientHeight; var chartWidth = canvas.clientWidth; var barWidth = (chartWidth * 0.4) / 2; // Width for each bar section, with spacing var maxCost = Math.max(helocCost, heloanCost); if (maxCost === 0) maxCost = 1; // Avoid division by zero var scale = chartHeight * 0.8 / maxCost; // Scale to fit 80% of canvas height // Draw Bars for Home Equity Loan var heloanBarHeight = heloanCost * scale; var heloanBarX = chartWidth / 2 - barWidth * 1.5; // Position left bar group ctx.fillStyle = '#004a99'; // Primary color for Home Equity Loan ctx.fillRect(heloanBarX, chartHeight - heloanBarHeight, barWidth, heloanBarHeight); // Draw Bars for HELOC var helocBarHeight = helocCost * scale; var helocBarX = chartWidth / 2 - barWidth * 0.5; // Position right bar group ctx.fillStyle = '#28a745'; // Success color for HELOC ctx.fillRect(helocBarX, chartHeight - helocBarHeight, barWidth, helocBarHeight); // Labels and Title ctx.fillStyle = '#333'; ctx.font = '14px Segoe UI, sans-serif'; // Labels under bars ctx.textAlign = 'center'; ctx.fillText("Home Equity Loan", heloanBarX + barWidth / 2, chartHeight - 10); ctx.fillText("HELOC", helocBarX + barWidth / 2, chartHeight - 10); // Values above bars ctx.font = '12px Segoe UI, sans-serif'; ctx.fillText(formatCurrency(heloanCost), heloanBarX + barWidth / 2, chartHeight - heloanBarHeight - 20); ctx.fillText(formatCurrency(helocCost), helocBarX + barWidth / 2, chartHeight - helocBarHeight - 20); // Legend (simplified - using colors directly on bars) ctx.font = '16px Segoe UI, sans-serif'; ctx.fillStyle = '#004a99'; ctx.fillText('Total Cost Comparison', chartWidth / 2, 30); // Add a simple explanation if needed ctx.fillStyle = '#555'; ctx.font = '10px Segoe UI, sans-serif'; ctx.fillText('Note: Assumes fixed rates for HELoan and consistent variable rate for HELOC over comparison period.', chartWidth / 2, chartHeight - 40); } function resetCalculator() { document.getElementById("homeValue").value = "500000"; document.getElementById("outstandingMortgage").value = "200000"; document.getElementById("loanAmount").value = "50000"; document.getElementById("helocRate").value = "7.5"; document.getElementById("helocDrawPeriod").value = "10"; document.getElementById("helocRepaymentPeriod").value = "15"; document.getElementById("heloanRate").value = "6.8"; document.getElementById("heloanTerm").value = "15"; document.getElementById("helocFees").value = "1000"; document.getElementById("heloanFees").value = "1500"; updateResults(); // Recalculate after reset } function copyResults() { var mainResult = document.getElementById("result").textContent; var helocInitial = document.getElementById("helocInitialPayment").textContent; var helocPostDraw = document.getElementById("helocPostDrawPayment").textContent; var heloanMonthly = document.getElementById("heloanMonthlyPayment").textContent; var helocTotalInt = document.getElementById("helocTotalInterest").textContent; var heloanTotalInt = document.getElementById("heloanTotalInterest").textContent; var assumptions = "Key Assumptions:\nHELOC rate is variable and constant. Home Equity Loan rate is fixed.\nEstimated total interest for HELOC calculated over draw period (interest-only) + repayment period (amortizing).\n"; var resultsText = "--- HELOC vs Home Equity Loan Comparison ---\n\n"; resultsText += "Summary: " + mainResult + "\n\n"; resultsText += "--- Detailed Breakdown ---\n"; resultsText += "HELOC Initial Monthly Payment (Draw Period): " + helocInitial + "\n"; resultsText += "HELOC Estimated Post-Draw Monthly Payment: " + helocPostDraw + "\n"; resultsText += "Home Equity Loan Monthly Payment: " + heloanMonthly + "\n"; resultsText += "Estimated Total Interest Paid (HELOC): " + helocTotalInt + "\n"; resultsText += "Total Interest Paid (Home Equity Loan): " + heloanTotalInt + "\n\n"; resultsText += assumptions; // Use the modern Clipboard API if available, fallback to older method if (navigator.clipboard && navigator.clipboard.writeText) { navigator.clipboard.writeText(resultsText).then(function() { alert('Results copied to clipboard!'); }).catch(function(err) { console.error('Could not copy text: ', err); fallbackCopyTextToClipboard(resultsText); // Fallback }); } else { fallbackCopyTextToClipboard(resultsText); // Fallback for older browsers } } // Fallback function for copyResults function fallbackCopyTextToClipboard(text) { var textArea = document.createElement("textarea"); textArea.value = text; // Avoid scrolling to bottom textArea.style.top = "0"; textArea.style.left = "0"; textArea.style.position = "fixed"; document.body.appendChild(textArea); textArea.focus(); textArea.select(); try { var successful = document.execCommand('copy'); var msg = successful ? 'successful' : 'unsuccessful'; alert('Results copied to clipboard! (' + msg + ')'); } catch (err) { console.error('Oops, unable to copy', err); alert('Could not copy text. Please manually copy the results shown.'); } document.body.removeChild(textArea); } // Initial calculation on page load document.addEventListener('DOMContentLoaded', function() { // Set up event listeners for all input changes var inputs = document.querySelectorAll('.loan-calc-container input, .loan-calc-container select'); for (var i = 0; i < inputs.length; i++) { inputs[i].addEventListener('input', updateResults); } // Initial calculation updateResults(); // Setup canvas size var canvas = document.getElementById('costComparisonChart'); // Set a default size or calculate based on container width canvas.width = document.querySelector('.chart-container').clientWidth; canvas.height = 300; // Fixed height, or could be responsive updateChart(0, 0, 0, 0); // Draw initial empty chart state if needed });