HELOC Calculator
Updated on 22 Oct 2026 · Checked by Aotob
With $450,000 of home and $250,000 owed, you could borrow up to $132,500.
Drawing $50,000 costs $323 a month interest-only, then $410 a month to repay.
Credit line available
$132,500
HELOC rates are variable: each 1 point rise adds $42 a month to the interest-only payment. Interest is tax-deductible only if the money improves the home.
Show the working
450,000 × 85% − 250,000 = 132,500
Interest-only = 50,000 × 7.75% ÷ 12 = 323
Payment if rates change
| Rate | Interest-only | Repayment |
|---|---|---|
| 6.75% | 281 | 380 |
| 7.75% | 323 | 410 |
| 8.75% | 365 | 442 |
| 9.75% | 406 | 474 |
| 10.75% | 448 | 508 |
Questions people ask
How much can I borrow with a HELOC?
Usually up to 80% to 90% of your home’s value, minus what you owe. On a $450,000 home with $250,000 owed, 85% gives a $132,500 line.
How do HELOC payments work?
During the draw period (often 10 years) you can pay interest only. Then the repayment period starts and you repay the balance with interest, often over 20 years.
Is HELOC interest tax-deductible?
Only if the money buys, builds or substantially improves the home that secures it, and you itemize.
Updated 22 Oct 2026Source: Standard loan maths, checked October 2026Checked by AotobVariable rate held steady; interest-only during the draw period.Report an issue