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Home Equity Line of Credit Calculator

Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

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For more information about these financial calculators please visit: Dinkytown.net Financial Calculators from KJE Computer Solutions, Inc.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Home Equity Line of Credit FAQs

What is a HELOC?

A home equity line of credit (HELOC) is a revolving line of credit that allows you to borrow against the equity in your home. It operates similarly to a credit card and you can borrow funds as needed up to your credit limit. You can draw funds during the initial "draw period," which lasts five years, and make interest-only payments during that time. After the draw period, the repayment phase begins, where you start paying back both the principal and interest.

How much can I borrow with a HELOC?

The HELOC loan amount depends on your home’s value and the amount of equity you have. Your credit score, income, and current debts also play a role in determining the total amount you can borrow.

Can I use a HELOC for anything?

Yes, a HELOC can be used for almost any purpose. Many homeowners use a HELOC for home improvements, debt consolidation, education expenses, medical bills, or even as an emergency fund.

Apply for a HELOC