Quick Tools
HELOC Calculator
A home equity line of credit (HELOC) is limited by your home’s value, the first mortgage, and the lender’s combined loan-to-value cap. Enter those numbers plus a rate, draw amount, and repayment term to see your maximum line, remaining equity, interest-only payment, and a fully amortizing principal-and-interest payment. This is an educational estimate, not a loan offer, pre-approval, or personalized financial advice. Actual terms depend on credit, fees, and the lender.
Frequently asked questions
What is combined loan-to-value (CLTV)?
CLTV is all loans secured by the home—usually the first mortgage plus the HELOC—divided by the home’s value. Many lenders cap combined LTV around 80–85%. This tool uses the percentage you enter (default 80%).
How is the maximum HELOC line calculated?
Maximum line equals home value times the max combined LTV percent, minus the current mortgage balance. If that number is negative, no line is available under those assumptions. Lenders may also subtract other liens or require a lower cap.
What does remaining equity mean here?
Current equity is home value minus the mortgage. Remaining equity after the max line is what is left if you borrowed the full HELOC: home value minus mortgage minus max line, which equals the unencumbered share below the CLTV cap.
How is the interest-only monthly payment calculated?
Interest-only payment is the draw amount times the annual rate, divided by 12. It assumes a simple variable-rate draw period with no principal reduction. HELOC rates often change, so this is a snapshot at the rate you enter.
How is the amortizing principal-and-interest payment calculated?
It uses a standard fully amortizing loan formula on the draw amount over the repayment years you enter, with monthly compounding. Many HELOCs later convert from interest-only to amortizing; this models that repayment-style payment.
Is this a loan offer or pre-approval?
No. Quick Tools does not make loans, pull credit, or contact lenders. Figures ignore origination fees, annual fees, insurance, taxes, and rate caps. Talk to a licensed lender for actual eligibility and disclosures.
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