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HELOC Calculator

Estimate available home equity line of credit and interest-only payments.

Introduction

HELOC Calculator — Estimate available home equity line of credit and interest-only payments. Enter Home value, Existing mortgage balance, Max CLTV (%), Drawn balance, APR (%) to get an instant, accurate result.

Formula

Available credit = (home value × max combined-LTV%) − existing mortgage balance (default max CLTV 80%, a common lender ceiling — floored at $0). Monthly interest-only payment = drawn balance × (APR / 12), reflecting how many HELOCs bill interest-only during the draw period on a default 8% APR (adjustable, since HELOC rates are typically variable and lender-specific).

Step-by-step

  1. Enter the Home value.
  2. Enter the Existing mortgage balance.
  3. Enter the Max CLTV (%).
  4. Enter the Drawn balance.
  5. Enter the APR (%).
  6. Click Calculate to see your result instantly.

Real-world example

Example: With Home value = 400000, Existing mortgage balance = 200000, Max CLTV (%) = 80, Drawn balance = 0, APR (%) = 8, the HELOC Calculator gives Available Credit: 120000, Monthly Interest Only Payment: 0.

Frequently Asked Questions

Why interest-only in this calculator?
Many HELOCs only require interest payments during the draw period (commonly 5–10 years); principal repayment usually starts once the line converts to the repayment period.
Why is the credit limit based on combined LTV?
A HELOC is a second lien behind your existing mortgage, so lenders cap total borrowing (first mortgage + HELOC) as a percentage of home value, not just the HELOC alone.
What inputs does the HELOC Calculator need?
You'll need to provide: Home value, Existing mortgage balance, Max CLTV (%), Drawn balance, APR (%). All fields use sensible defaults, so you can see a working example immediately and then adjust the values to match your own numbers.
How accurate is the HELOC Calculator?
The HELOC Calculator applies the formula exactly as calculated — Available credit = (home value × max combined-LTV%) − existing mortgage balance (default max CLTV 80%, a common lender ceiling — floored at $0). Monthly interest-only payment = drawn balance × (APR / 12), reflecting how many HELOCs bill interest-only during the draw period on a default 8% APR (adjustable, since HELOC rates are typically variable and lender-specific). — so results are precise for the inputs you provide. Accuracy depends on entering correct, realistic input values.
Is the HELOC Calculator free to use?
Yes, the HELOC Calculator is completely free, requires no signup, and runs instantly in your browser.

About the HELOC Calculator

The HELOC Calculator uses a real, verifiable formula — Available credit = (home value × max combined-LTV%) − existing mortgage balance (default max CLTV 80%, a common lender ceiling — floored at $0). Monthly interest-only payment = drawn balance × (APR / 12), reflecting how many HELOCs bill interest-only during the draw period on a default 8% APR (adjustable, since HELOC rates are typically variable and lender-specific). — so results are accurate every time, not an approximation.