Borrow against your home equity — see your limit and payments.
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A HELOC is a revolving credit line secured on your home. Lenders usually let your mortgage plus the HELOC reach 80% to 90% of the home's value, so the line is home value × limit − mortgage balance.
During the draw period (often 10 years) many HELOCs need interest-only payments. After that the balance is repaid with principal and interest, so payments jump. Rates are variable, tied to the prime rate.
| Home value | 500,000 $ |
| Mortgage balance owed | 250,000 $ |
| Lender limit (combined LTV) | 85% |
| Amount you will draw (0 = full line) | 50,000 $ |
| HELOC interest rate | 8% |
| Draw period | 10 years |
| Repayment period | 20 years |
| Maximum HELOC line | $175,000 |
| Home equity | $250,000 (50%) |
| Interest-only payment while drawing | $333 a month on $50,000 |
| Payment in repayment period | $418 a month for 20 years |
| Total interest (if rate stays the same) | $90,373 |
$175,000.
| Home value | 350,000 $ |
| Mortgage balance owed | 200,000 $ |
| Lender limit (combined LTV) | 80% |
| Amount you will draw (0 = full line) | 0 $ |
| HELOC interest rate | 8% |
| Draw period | 10 years |
| Repayment period | 20 years |
| Maximum HELOC line | $80,000 |
| Home equity | $150,000 (42.9%) |
| Interest-only payment while drawing | $533 a month on $80,000 |
| Payment in repayment period | $669 a month for 20 years |
| Total interest (if rate stays the same) | $144,596 |
$80,000.
Usually up to 80–90% of your home value minus what you owe. On a $500,000 home with $250,000 owed at 85%, that is $175,000.
Only if the money is used to buy, build or substantially improve the home securing it, within the mortgage interest limits.
A HELOC is flexible with a variable rate; a home equity loan gives a lump sum with a fixed rate and payment.
Most lenders want 680 or higher and a debt-to-income ratio under about 43%.