What’s the difference between interest-only and amortizing payments?

Many HELOCs have an interest-only draw period followed by a repayment period where the balance amortizes — this tool shows both so you can see the payment jump when repayment begins.

What is combined LTV?

Combined loan-to-value adds your existing mortgage balance and the new HELOC together as a percentage of your home’s value — lenders cap this, commonly around 80–85%.

HELOC Calculator

Credit

Estimate your available home equity line of credit and monthly payment.

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Changing the display currency only changes the symbol shown — amounts aren't converted, since this tool doesn't use live exchange rates.

Home value

Existing mortgage balance

Max combined LTV lenders allow (%)

Amount you plan to draw

HELOC rate (%)

Available equity to borrow

Interest-only payment: $0

Amortizing payment (10yr): $0

How this is calculated

Available Equity = (Home Value × Max Combined LTV %) − Existing Mortgage Balance. Interest-only payment = Draw Amount × Rate ÷ 12. The amortizing payment uses the standard amortization formula over a 10-year illustrative repayment period.

Frequently asked questions

What’s the difference between interest-only and amortizing payments?: Many HELOCs have an interest-only draw period followed by a repayment period where the balance amortizes — this tool shows both so you can see the payment jump when repayment begins.
What is combined LTV?: Combined loan-to-value adds your existing mortgage balance and the new HELOC together as a percentage of your home’s value — lenders cap this, commonly around 80–85%.

Mortgage Calculator

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Compare your current mortgage to a refinance offer and find the breakeven point.