Estimate your available home equity line of credit and monthly payment.
Available credit ≈ home value × max LTV − current mortgage balance; payment varies with the drawn balance and variable rate.
A $400,000 home at 80% LTV minus a $250,000 mortgage allows up to $70,000 in HELOC credit.
A Home Equity Line of Credit is a revolving credit line secured by your home equity, with a variable rate and a draw period followed by repayment.
Lenders use a combined loan-to-value ratio, often capping total mortgage plus HELOC at 80–85% of the home's value.
The rate can rise, and the debt is secured by your home, so missed payments can lead to foreclosure. Budget for rate increases.
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