HELOC Calculator - Free Online Calculator | WikEst
Estimate your HELOC credit line, interest-only draw payment, and amortized repayment. No signup. Updated 2026.
Property & HELOC Terms
Combined LTV cap (typically 80%–90%)
Draw & Rate
Initial balance you plan to borrow
Your HELOC at a Glance
Payment Comparison
Interest-Only (Draw Period)
Monthly payment while drawing
Amortized (Repayment)
Monthly after draw period ends
Understanding a HELOC in 2026
A Home Equity Line of Credit lets you borrow against your home's equity as needed, like a credit card secured by your house. The two-phase structure — an interest-only draw period followed by a fully amortizing repayment period — is where most borrowers get surprised. This calculator shows your maximum line, your remaining credit, and both payments.
How the Credit Line Is Sized
On a $500,000 home with a $300,000 first mortgage and an 80% CLTV cap: ($500,000 × 0.80) − $300,000 = $100,000 maximum line. Your initial draw comes out of that line; the rest stays available to borrow later during the draw period.
The Draw-Period Trap
During the draw period, interest-only payments keep the balance flat but never reduce it. When the period ends, the balance amortizes and the payment can more than double. A $50,000 draw at 9% costs $375/month interest-only, but once it converts to a 20-year amortizing loan at the same rate, the payment rises to about $450 — and higher if prime has moved up.
Rate Risk
HELOC rates are variable, benchmarked to the Wall Street Journal prime rate plus a lender margin. In 2026 they have generally run between about 8.0% and 10.0%. Because the rate floats, always model a higher rate in this calculator before committing to a large draw.
HELOC Calculator: A 2026 Borrower's Guide
A HELOC can be the cheapest flexible credit you can get — or a payment shock waiting to happen. This 2026 HELOC calculator sizes your maximum credit line from your home value, first-mortgage balance, and CLTV cap, then shows the interest-only payment you'll make during the draw period and the amortized payment that replaces it afterward. Enter your numbers and compare both phases before you sign.
HELOC vs home equity loan
Both borrow against your equity, but a HELOC is revolving and variable, while a home equity loan is a fixed lump sum. If you have one known expense — a roof replacement or a tuition bill — the fixed loan's predictability wins. If you have a multi-phase renovation or want a standby emergency fund, the HELOC's flexibility wins. Our home equity loan calculator models the lump-sum alternative side by side.
Can you afford the post-draw payment?
The most important question is not the low draw-period payment — it's the amortized payment after the draw ends. Run this calculator with your planned draw and repayment term, then bump the rate up 2-3 percentage points to simulate a prime-rate increase. If you cannot comfortably afford the higher repayment-phase number, draw less. Pair this with the mortgage payment calculator to see your total housing debt including the first mortgage.
2026 HELOC rates & data sources
HELOC rates track the prime rate published in The Wall Street Journal and have generally ranged from about 8.0% to 10.0% in 2026, with the exact margin set by your credit score, equity position, and lender. The 80% CLTV default in this calculator reflects the most common industry cap. Figures on this page were last reviewed on August 4, 2026; confirm current rates with your lender, as variable rates change with prime.
Frequently Asked Questions
How much can I borrow with a HELOC?
Lenders size a HELOC using combined loan-to-value (CLTV): Max Line = (Home Value × CLTV%) − First Mortgage Balance. Most lenders cap CLTV at 80% to 90%. On a $500,000 home with a $300,000 first mortgage and an 80% cap, your maximum HELOC is $100,000. This calculator shows that limit and how much credit remains after your initial draw.
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving credit line you draw against during a draw period (typically 5-10 years), usually at a variable rate with interest-only payments. A home equity loan is a one-time lump sum with a fixed rate and fixed payment. HELOCs suit ongoing or uncertain expenses; lump-sum loans suit a known, one-time cost. See our home equity loan calculator to compare the two.
How are HELOC rates set in 2026?
HELOC rates are variable and benchmarked to the prime rate published in The Wall Street Journal, plus a margin set by your lender based on credit score and equity. In 2026, HELOC rates have generally ranged from about 8.0% to 10.0%. Because they float, your payment can rise if prime rises — model a higher rate in this calculator before you borrow.
What happens when the draw period ends?
At the end of the draw period, the HELOC converts to the repayment phase: the balance amortizes over 10-20 years and you pay principal plus interest. The payment can jump sharply because you are now paying down the balance, not just interest. This calculator shows both the interest-only draw payment and the post-draw amortized payment side by side.
What are the risks of a HELOC?
Your home secures the line, so missed payments can lead to foreclosure. Variable rates can rise, and the post-draw payment shock can be severe if you borrowed the maximum. Draw only what you can repay, and stress-test the payment at a rate 2-3 points above today's before signing.
Is this HELOC calculator free?
Yes — 100% free, no signup, no email, no account. The calculation runs entirely in your browser and your figures never leave your device. Compare as many rate and term scenarios as you want.
Is HELOC interest tax-deductible?
Interest is deductible only if the proceeds are used to buy, build, or substantially improve the home that secures the line — and only if you itemize. Interest on funds used for other purposes is generally not deductible at the federal level. Confirm with a tax professional for your situation.
Disclaimer
This calculator provides estimates for educational purposes only. HELOC terms, rates, and credit limits vary by lender, credit profile, and property value, and variable rates change with the prime rate. Results do not constitute a loan offer or financial advice. Consult a licensed mortgage professional before borrowing. WikEst is not a lender, broker, or advisor.
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