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HELOC (Home Equity Line of Credit) Calculator

Estimate your available credit based on your home's current value.

75% 80% (Standard) 85% 90%

Estimated Available HELOC

$0

Based on a combined loan amount of $0.

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Interest-Only Monthly Payment:

$0

Total Home Equity:

$0

Understanding HELOC Limits

A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home. Equity is the difference between what your home is worth and what you owe on your mortgage.

The HELOC Formula

Lenders typically use a Maximum Combined Loan-to-Value (CLTV) ratio to determine your borrowing limit. The formula used by this calculator is:

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

Real-World Example

If your home is valued at $500,000 and your lender allows an 80% LTV, your total borrowing capacity is $400,000. If you currently owe $300,000 on your mortgage, your available HELOC would be $100,000 ($400,000 – $300,000).

Important Considerations

• Variable Rates: HELOCs usually have variable interest rates that fluctuate with the Prime Rate.
• Draw Period: Typically 10 years, during which you only pay interest on what you use.
• Repayment Period: Typically 20 years after the draw period ends, where you must pay back both principal and interest.
• Fees: Be aware of appraisal fees, annual membership fees, and closing costs.

function calculateHELOC() { var homeValue = parseFloat(document.getElementById("homeValue").value); var mortgageBalance = parseFloat(document.getElementById("mortgageBalance").value); var ltvLimit = parseFloat(document.getElementById("ltvLimit").value) / 100; var interestRate = parseFloat(document.getElementById("interestRate").value) / 100; if (isNaN(homeValue) || isNaN(mortgageBalance) || homeValue 0) { monthlyInterestPayment = (availableCredit * interestRate) / 12; } // Display Results document.getElementById("heloc-result-box").style.display = "block"; var creditOutput = document.getElementById("availableEquity"); if (availableCredit <= 0) { creditOutput.innerText = "$0.00"; creditOutput.style.color = "#d9534f"; document.getElementById("ltvDetailText").innerText = "You do not have enough equity for a HELOC at this LTV limit."; } else { creditOutput.innerText = "$" + availableCredit.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); creditOutput.style.color = "#28a745"; document.getElementById("ltvDetailText").innerText = "Based on a maximum combined loan-to-value limit of " + (ltvLimit * 100) + "%."; } document.getElementById("monthlyInterest").innerText = "$" + monthlyInterestPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("totalEquity").innerText = "$" + totalEquityValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); // Smooth scroll to results document.getElementById("heloc-result-box").scrollIntoView({ behavior: 'smooth', block: 'nearest' }); }