🏦 HELOC

Home Equity Line of Credit Calculator

HELOC: A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home. In Canada, you can typically borrow up to 80% of your home's value minus any existing mortgage balance.

Note: HELOC rates are usually variable and tied to the prime rate. Interest is calculated daily and charged monthly.

Property Details

Start Month

Start Year

Current Property Value ($)

Outstanding Mortgage Balance ($) Enter 0 if your home is fully paid off

Maximum Loan-to-Value (%) Typically 80% in Canada

Available Equity:
$200,000

Maximum HELOC Amount:
$100,000

Current LTV:
60.0%

HELOC Details

Amount to Draw ($) How much you want to borrow from the HELOC

Interest Rate (%) Variable rate, typically Prime + margin (e.g., 7.2%)

Projection Period (Years)

Payment Type