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Home Equity Loan & HELOC Calculator

See how much equity you have, how much you could borrow, and what a HELOC or fixed-rate home equity loan might cost each month.

Estimate Your Borrowing Power

Estimate how much you could borrow and what your payments might be.

Product

Enter 0 if your home is paid off.

HELOC structure

10-yr draw, 20-yr repayment

Your estimated home equity
$200,000
50.0% of your home's value
$140,000
Max you may borrow at 85% CLTV
68.8%
Combined LTV with this amount
Draw period (interest only)
$500.00
per month, years 1-10
Repayment period
$627.33
per month, principal & interest
Check Your Actual Rate

For illustration only; not a loan offer or commitment to lend. Results use the interest rate you enter and exclude taxes, insurance, and closing costs. HELOC rates are variable, so actual payments can rise or fall. The repayment estimate assumes the full amount is still owed when the draw period ends. Actual rates, terms, and borrowing limits depend on credit, income, property, and lender approval.

How to Calculate Your Home Equity

Home equity is the part of your home you own outright: its current market value minus everything you owe against it.

Home equity = Home value - Mortgage balance(s)

Lenders don't let you borrow all of it. They cap your combined loan-to-value ratio (CLTV), which counts your existing mortgage plus the new loan or line. Most home equity lenders allow a CLTV of 80% to 90%, depending on your credit score and property.

Borrowing power = (Home value x Max CLTV) - Mortgage balance

Example

  • Home value: $400,000
  • Mortgage balance: $200,000
  • Home equity: $200,000 (50%)
  • Borrowing power at 80% CLTV: $120,000
  • Borrowing power at 90% CLTV: $160,000

For a deeper walkthrough, including how appraisals and market conditions affect your number, read how to calculate home equity.

How HELOC Payments Work

A HELOC has two phases. During the draw period (often 10 years) you can borrow, repay, and borrow again, and many lenders require only interest on what you've drawn. During the repayment period (often 10 to 20 years) you can no longer draw, and you repay the balance with principal and interest - so your payment typically rises. HELOC rates are variable, which means payments can also change when the Prime Rate moves.

How Home Equity Loan Payments Work

A home equity loan pays you a lump sum at closing. You repay it with a fixed rate and the same monthly payment for a set term, usually 5 to 30 years. Shorter terms have higher payments but far less total interest.

What Else Affects Your Numbers

  • Your appraisal. Online estimates are a starting point; the lender's valuation sets the number that counts.
  • Credit score and debt-to-income ratio. These drive both your rate and the maximum CLTV a lender will offer.
  • Closing costs. Appraisal, title, recording, and origination fees vary by lender and state.

Not sure which product fits? Compare them in HELOC vs. home equity loan, or check your actual rate.

Calculator FAQs

How do I calculate how much home equity I can borrow?

Multiply your home's value by the lender's maximum combined loan-to-value (CLTV) ratio, then subtract what you owe on your mortgage. For a $400,000 home with a $200,000 balance and an 85% CLTV limit: $400,000 x 0.85 = $340,000, minus $200,000 = $140,000 of potential borrowing power.

How is a HELOC payment calculated?

During the draw period, many HELOCs require interest-only payments: your balance times the annual rate, divided by 12. When the draw period ends, the remaining balance is repaid with principal and interest over the repayment period, so the payment usually rises. Because HELOC rates are variable, payments can also change when the Prime Rate moves.

How is a home equity loan payment calculated?

A home equity loan is a fixed-rate installment loan, so the payment is calculated with a standard amortization formula and stays the same each month. A longer term lowers the payment but increases total interest.

Can I borrow against a home that is paid off?

Yes. With no mortgage balance, your borrowing power is simply your home value times the lender’s CLTV limit. In that case the HELOC or home equity loan would be in first-lien position.

Is this calculator a loan offer?

No. It is an estimate for planning. Your actual rate, credit limit, and payment depend on your credit, income, property appraisal, and the lender’s approval.