How to Use Our HELOC Calculator
A step-by-step guide to calculating your home equity line of credit payments
Our HELOC calculator helps you understand the true cost of a Home Equity Line of Credit. Unlike basic calculators, we show you the critical "payment shock" that occurs when your draw period ends and full principal + interest payments begin.
Step 1: Enter Your Property Value
Start by entering your home's current market value. This determines your maximum borrowing capacity, typically 80-85% of your home's value minus any existing mortgage balance.
Step 2: Set Your HELOC Amount
Use the slider to select how much you plan to borrow. Our HELOC payment calculator will instantly show you the monthly payment during both the draw period and repayment period.
Step 3: Select Your Credit Score
Your credit score determines the margin added to the Prime Rate. Excellent credit (740+) typically gets the best HELOC rates, while lower scores may see rates 3-6% higher.
Step 4: Review Payment Shock Analysis
The most important feature of our HELOC calculator is the payment shock analysis. See exactly how much your payment will increase when the interest-only draw period ends - often doubling or tripling your monthly obligation.