HELOC and Home Equity Calculator
See how large a line of credit your equity supports, and what each phase of it costs per month.
What This Calculator Does
Enter your home value, current mortgage balance, and the combined loan-to-value ceiling your lender applies. The calculator returns your available credit line, then shows the monthly payment during the interest-only draw period and after it converts to full principal-and-interest repayment.
Who Is This For
Owners of appreciated Miami homes and condos who want access to equity without touching a low first-mortgage rate, investors funding renovations or a down payment, and anyone comparing a HELOC against a cash-out refinance.
How It Works
Provide your property value, outstanding first-mortgage balance, the combined loan-to-value limit you expect, your interest rate, and the length of the draw and repayment phases. Calculate to see your borrowing capacity and the payment in each phase.
Frequently Asked Questions
How much can I borrow with a HELOC?
Lenders set a combined loan-to-value ceiling covering your first mortgage and the new line together, then subtract what you already owe. The remainder is your credit limit. The exact ceiling varies by lender, credit profile, and whether the property is a primary residence, second home, or rental.
What is the draw period versus the repayment period?
During the draw period you can borrow, repay, and borrow again, and the minimum payment is typically interest only on the balance you have used. When that window closes, the line converts to a repayment phase with principal included — which is where the payment jumps, sometimes sharply. Plan for that step-up before you draw.
Are HELOC rates fixed?
Almost never. Most lines are tied to an index plus a margin, so the payment moves when the index moves, up as well as down. Any figure this calculator produces is a snapshot at the rate you entered, not a fixed commitment. Ask about rate caps and any fixed-rate lock option before you sign.
HELOC or cash-out refinance?
If the rate on your first mortgage sits well below current market rates, a HELOC lets you keep it and borrow only what you need. A cash-out refinance replaces everything at one rate and makes more sense when the new rate is competitive with your old one, or when you want the certainty of a fixed payment.
Can I get a HELOC on a condo or second home?
Yes, though the terms tighten. Lenders review association finances, insurance, and reserves on condos, and they apply lower combined loan-to-value ceilings to second homes and investment properties than to a primary residence. South Florida owners should expect the association's documents to be part of underwriting.