HELOC calculator
Start with the home and the balance. The line appears first, the payments once you add a draw.
Line under your limit: -
The result is a calculation on your figures. It is not a guaranteed saving or an offer.
Home value times your limit, minus everything already owed on the home. A plan's actual line also depends on its own valuation, your credit and its terms, which the calculator does not check.
At this CLTV, the balance you owe already reaches the limit, so no line is left. A different CLTV or a lower balance changes that.
Index plus margin, within any floor and cap you entered. This is not the APR, and it does not include fees.
With interest-only payments, the whole balance is still owed when the draw period ends, so the payment rises once principal is added.
The table repeats both payments with the rate 1, 2 and 3 percentage points higher, capped at your lifetime cap if you entered one.
The rate on a HELOC is variable and can increase.
The line is secured by your home. If payments are not made, the lender can foreclose.
Every result on this site comes from the numbers you enter and the assumptions shown.
Data used: the figures and terms you entered. The rate and costs you can actually obtain may differ.
A HELOC is a loan against your home. The figures here are not an offer of credit and do not show any plan's fees or APR.
This is not a credit offer or a personal recommendation to borrow against your home.
For illustrative purposes only. Not a loan offer or commitment to lend. Cindrus is not a lender, mortgage broker or loan originator, we pass no information to lenders, and no lender pays us.
Create a free Cindrus account and add your home, your first mortgage and your HELOC balance in US dollars. Your net worth takes all three into account, and you can change any figure when it moves.
For the HELOC itself, a paid plan emails you before the draw period ends and, if your HELOC follows the prime rate, when the published prime rate changes, with the source and date of the prime rate.
- The whole planned draw is taken on the first day and nothing more is drawn.
- The rate stays where you set it for both periods.
- Each month's interest is the balance times the yearly rate divided by twelve.
- In repayment, the balance is paid off in equal monthly amounts over the repayment period.
- Fees, annual charges and minimum draw rules are not included.
Your next step.
Take the result with you.
Free. No account.
- Write down the figures you used: you find them under «Understand the number».
- Ask what it costs in total, not only what the payment will be.
- Ask whether the rate is fixed and what can change it.
- Ask for the offer in writing, so you can compare it calmly.
- Ask what is not included in the figure.
Ready to talk to the bank?
Your figures and the right questions, on one page.
- Costs and rate
- Fees and remaining balance
- The assumptions behind the figure
Follow your loan.
Your loan and your calculations, in one place.
- Your calculations saved in one place
- Your financial overview
The account is free.
The calculator is free without an account. Not personal advice.
Your bank conversation
Ask the bank about these six things.
Based on your calculation. Not personal advice.
How the HELOC figures are worked out
The line is the home value times the limit you entered, minus the first mortgage and other liens. If the result is below zero, the calculator shows no line.
The rate is the index plus the margin, held between the floor and the cap you entered. The calculator keeps it unchanged unless you look at the stress table.
During the draw period, an interest-only payment is the balance times the rate divided by twelve. Some plans charge interest by the day, which gives slightly different months.
In the repayment period, the balance is paid off in equal monthly payments over the years you entered, at the same rate.
A plan can let the lender freeze or reduce the line in some situations, for example if the home's value falls significantly below the appraised value. The calculator assumes the line stays open.