Use this free HELOC calculator to estimate draw-period interest-only payment, repayment-period payment, available equity, and combined loan-to-value.
$30,000 draw at 9%
HELOCs often have variable rates, fees, draw rules, lender freezes, and payment jumps after the draw period. The home can be at risk if payments are missed.
Estimate monthly interest-only payment on a current draw.
Estimate repayment payment after the draw period.
Check available equity against a line limit.
Compare HELOC with a fixed home equity loan.
$225.00 interest-only estimate, about $304.28 repayment estimate, $122,500 available equity, and 64.44% CLTV on the draw
$437.50 interest-only estimate, about $530.23 repayment estimate, $160,000 available equity, and 68.33% CLTV on the draw
$79.17 interest-only estimate, about $129.40 repayment estimate, $94,000 available equity, and 57.89% CLTV on the draw
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Plain-language answers about when to use the estimate, what your numbers mean, what is left out, and how privacy works.
Use it when you want to test the exact inputs on this page: Estimate monthly interest-only payment on a current draw. Estimate repayment payment after the draw period. The result is a check against your assumptions, not proof that a lender, tax app, broker, platform, or provider will use the same number.
Home value means the property value you want to test before any lender appraisal changes it. Current mortgage balance means what you still owe on the first mortgage or other senior liens. Credit line means the maximum line size you want to compare with the available-equity estimate. Current draw means the amount already borrowed from the line, not the full line limit. Interest rate means the rate used for the monthly estimate. Many HELOC rates can move over time. Repayment period means the years used to estimate the later principal-and-interest payment. Max combined LTV means the cap used to estimate possible borrowing room after the current mortgage.
The headline answer is the interest-only estimate for the current draw. If you have drawn $30,000 at 9%, the estimate is $225.00 per month before fees. That is not the same as the later repayment payment.
During repayment, the calculator pays down the drawn balance over the repayment years. A $30,000 draw at 9% over 15 years is about $304.28 per month, which is higher than the $225.00 interest-only estimate because principal is being repaid too.
It uses the current draw for the payment estimates. The credit line is shown separately because a $80,000 line with only $30,000 drawn should not be treated like $80,000 of borrowed money.
CLTV means combined loan-to-value. This page compares your current mortgage plus the current HELOC draw with the home value. It also estimates available equity from the max CLTV cap you enter.
Yes. CFPB and FTC guidance both warn that HELOCs often have variable rates and different draw and repayment periods. A rate change, draw change, fee, freeze, balloon payment, or repayment-period switch can move the real payment.
Do not assume it is. IRS Publication 936 says home equity loan or line interest is generally deductible only when the money is used to buy, build, or substantially improve the home securing the loan and the other rules are met.
In plain language: The calculator estimates available equity as home value times max CLTV minus current mortgage balance. It computes draw-period interest-only payment from current draw times monthly rate, then estimates repayment payment by amortizing the current draw over the entered repayment years. Available equity = home value x max CLTV - current mortgage balance. Interest-only payment = current draw x annual rate / 12. Repayment payment amortizes the current draw over the repayment years.
Read the interest-only estimate as a draw-period payment check, the repayment estimate as a later payment warning, and CLTV as a risk/borrowing-room screen.
This is planning math only. HELOCs often have variable rates, teaser rates, index and margin terms, minimum draws, annual fees, transaction fees, lender freezes, balloon payments, repayment-period jumps, appraisal changes, tax limits, and home-collateral risk. Ask the lender how the payment changes if the rate rises, the draw grows, the draw period ends, or the line is frozen.
Double-check the lender disclosure, draw period, repayment period, index and margin, rate cap, fees, minimum draw, appraisal value, freeze rules, balloon language, right to cancel, and whether the home is at risk if payments are missed.
It can happen in some situations. CFPB notes that lenders may freeze access if home value drops significantly or the borrower situation changes. This calculator cannot predict that.
No. A HELOC is a revolving line you may draw from more than once. A home equity loan is usually a lump sum. Use the Home Equity Loan Calculator when you want the fixed lump-sum version.
No. It does not add application fees, annual fees, transaction fees, appraisal fees, title costs, or closing costs. Compare the written lender terms before treating two offers as equal.
Be careful. A HELOC can turn unsecured debt into debt backed by your home. A lower payment can be dangerous if the rate changes, the repayment period jumps, or missed payments put the home at risk.
No. The calculator runs in your browser tab. Recent answers stay only on the page while you use it, and they are not sent to a server.