HELOC Calculator to Calculate Home Equity Line of Credit Availability

Home Equity Line Of Credit Calculator Sign

This calculator will calculate the amount of the Home Equity Line of Credit you may qualify for based on the following three factors:

  1. The appraised value of your property.
  2. Your current outstanding mortgages against the property.
  3. The loan to value the lender is willing to offer you.

Note that if you would like to calculate the minimum payment on a HELOC balance, please visit the HELOC Payment Calculator.

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Home Equity Line Of Credit Calculator

Calculate HELOC qualification amount.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Appraisal:Appraise value:Appraised value of property:Appraised value of property:

Appraised value of property:

Enter the dollar amount of the appraised value of your home (without the dollar sign). The appraised value is how much the house would expect to sell for. If you do not have a recent appraisal, you can estimate the value by seeing how much similar homes are selling for in your area.

$
Mtgs bal:Mtg balances:Current balance of mortgages:Total current balance of mortgages:

Current balance of mortgages:

Enter the total dollar amount of all current outstanding liens (1st mortgage, 2nd mortgage, home equity loan) against the home. Leave off the dollar sign.

$
LTV ratio:LTV ratio:Loan to value ratio:Loan to value ratio:

Loan to value ratio:

Enter the loan to value (LTV) ratio the lender is willing to offer you. The LTV is the percentage of the appraised value of the home that the total of all of your loans against the home must not exceed. Enter as a percentage without the percent sign (for 80%, enter 80).

%
LTV:LTV:LTV of appraised value:Loan-to-Value of appraised value:

LTV of appraised value:

Based on your entries, this is the maximum amount that you can have borrowed against the home at any one time.

Mortgages:Mortgages:Oustanding mortgages:Less outstanding mortgages:

Less outstanding mortgages:

This total of all of your current outstanding mortgages against the home, as entered in top portion of calculator.

HELOC amt:HELOC amount:HELOC you may qualify for:Home equity line of credit you may qualify for:

Home equity line of credit you may qualify for:

Based on your entries, this is how much may be available for a home equity line of credit. The HELOC Calculator arrives at this figure by subtracting the total of all current mortgages against the home from the maximum amount you can borrow against your home. If the amount is zero, this means the amount you owe is greater than the LTV ceiling.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

Home equity line of credit.

What is a Home Equity Line of Credit (HELOC)?

In case you're not familiar with it, a home equity line of credit (HELOC) is similar to a revolving charge account, where you can borrow from the line of credit as you need cash, as well as pay back what you owe as you see fit -- so long as you keep the interest current.

The size of the home equity line of credit you may qualify for is based on the appraised value of your property, the amount you owe on your property (total of 1st mortgage, 2nd mortgage, home equity loan), and the loan to value (LTV) the lender is willing to extend to you.

Home Equity Line of Credit vs Home Equity Loan

Even though the two sound the same, a HELOC is not the same thing as a Home Equity Loan. A Home Equity Loan is more like a traditional mortgage in that you borrow a specific amount and make fixed monthly payments over time.

The advantages of a home equity line of credit are that most lenders don't charge any closing costs, and you only pay interest on the amount of the HELOC you are using.

The disadvantage of a HELOC is that you will typically pay a higher interest rate than you would for a home equity loan.

The Perils of a HELOC

Because a home equity line of credit is similar to a revolving charge account, it also comes with the same pitfalls as other forms of easy access to credit (credit cards, etc.).

Since it's so easy to simply write a check from your HELOC, if you're not good at fighting off the urge to succumb to instant gratification or quick and easy problem solving, you could end up maxing out your HELOC and have nothing to show for the money spent -- except for monthly minimum interest payments.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.