What is a HELOC calculator?

This HELOC calculator is designed to help you quickly and easily calculate your monthly HELOC payment per your loan term, current interest rate, and remaining balance. Input details of the initial period of your line of credit loan during which you make interest-only payments

How do you calculate a HELOC limit?

A simple way to calculate the HELOC maximum limit you may be eligible for is to use the formula: HELOC loan amount = (Home value × 80%) – Mortgage loan balance If you owe $50,000 as your mortgage balance and your home is worth $500,000. The amount you can access in a HELOC is: HELOC loan amount = ($500,000 × 80%) - $50,000 = $350,000.

What is a HELOC payoff calculator?

Use our home equity line of credit (HELOC) payoff calculator to figure out your monthly payments on your home equity line based on different variables. How do HELOCs work? A HELOC is a revolving, open line of credit. It works much like a credit card — you are able to use it as needed, repay the funds and then tap it again.

How do I calculate my estimated line of credit for a HELOC?

To calculate your estimated line of credit for a HELOC, you will want to use the following calculation: Multiply: (Your home’s value) ✕ (your lender’s loan to value percentage (LTV)) = maximum amount of borrowable equity. Subtract: (Maximum amount of borrowable equity) − (what you currently owe on your mortgage) = your HELOC credit limit.