Calculator · Florida
HELOC calculator
Two numbers decide a HELOC: how much room sits under the lender's combined loan-to-value cap, and what the payment looks like after any interest-only period ends. This shows both, because the second one is where people get caught.
How much can I borrow against my home?
Multiply your home's value by the lender's maximum combined loan-to-value — commonly 85% — then subtract your existing mortgage balance. On a $600,000 home with a $330,000 first mortgage at 85% CLTV, that is $180,000 of available credit.
Estimated monthly payment
$0
on a $0 line — you have $0 of borrowing room
- First mortgage balance0%
- Combined LTV after draw0%
- Total equity in the home$0
How your home's value is allocated
Gold is the line you're drawing, dark blue is your existing first mortgage, light blue is headroom you're leaving unused, grey is equity held back by the lender's CLTV cap.
A HELOC is secured by your home; failure to repay can result in foreclosure. Rates, maximum CLTV, minimum credit score and available loan amounts are set by the lender and change frequently. Five-day funding describes a typical timeline for a clean file with an acceptable automated valuation — it is not a guarantee.
Questions about this calculator
What is combined loan-to-value?
Your first mortgage balance plus the new credit line, divided by the home's value. Lenders cap it — commonly at 85% — and that cap is what determines how much you can actually borrow, not your equity alone.
What happens when the HELOC draw period ends?
The payment converts from interest-only to fully amortizing, which is usually a substantial jump. That step-up is the single most common HELOC surprise, so this calculator shows both figures side by side from the start.
Is a HELOC better than a cash-out refinance?
If your first mortgage carries a rate you could not replace today, a HELOC almost always wins, because a cash-out refinance re-prices the entire balance to reach a slice of equity. If your existing rate is at or above market, cash-out may well be cheaper.
Where this applies
Related loan programs
Numbers are a starting point. A pre-approval is an answer.
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