Home Equity Loan Calculator (HELOC)
Calculate your home equity, potential HELOC borrowing power, and monthly payments. Compare home equity loan vs HELOC options.
Frequently Asked Questions
What is the difference between a HELOC and a home equity loan?
A home equity loan gives you a lump sum with a fixed rate and fixed payments. A HELOC is a revolving line of credit with a variable rate — you draw what you need during the draw period (typically 10 years), then repay during the repayment period (10-20 years). HELOCs offer more flexibility but less payment predictability.
How much home equity can I borrow?
Most lenders allow you to borrow up to 80-85% of your home's value minus your existing mortgage balance. Some lenders go up to 90% LTV for borrowers with excellent credit. Your credit score, income, and debt-to-income ratio also affect approval.
Is HELOC interest tax deductible?
HELOC interest is tax deductible only if the funds are used to buy, build, or substantially improve the home that secures the loan (per the Tax Cuts and Jobs Act). Interest on HELOC funds used for other purposes (debt consolidation, vacation) is not deductible.