HELOC Calculator
Estimate how much revolving credit you could access against your home — and its interest-only monthly cost.
Type exact values (cents included) or drag a slider to get close. To fine-tune, click the slider and press Left arrow keyRight arrow key on your keyboard: each press moves mortgage amounts by $100 and interest rates by 0.01%.
Type an exact value from $200,000 to $3,000,000. Dragging the slider moves quickly. With the slider focused, press the left or right arrow key to move in steps of $100.
Type an exact value from $0 to $2,000,000. Dragging the slider moves quickly. With the slider focused, press the left or right arrow key to move in steps of $100.
Type an exact value from 3.00% to 10.00%. Dragging the slider moves quickly. With the slider focused, press the left or right arrow key to move in steps of 0.01%.
HELOCs are re-advanceable and interest-only, but rates float with prime. Great flexibility — with discipline.
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Get Exact Numbers — Free CallHow the HELOC Calculator Works
A Home Equity Line of Credit (HELOC) lets you borrow against your home’s equity as needed, paying interest only on what you actually draw. In Canada, combined mortgage and HELOC borrowing is generally capped at 80% of your home’s value, with the HELOC portion itself limited to 65%.
This calculator applies both limits to your home value and mortgage balance to estimate your available credit and its cost if fully drawn.
4 Steps to Your Results
Used to calculate both the 80% combined loan-to-value limit and the 65% HELOC-specific cap.
Subtracted from your 80% limit, since your mortgage and HELOC share that combined ceiling.
HELOC rates float with prime, so this is typically your lender’s current HELOC rate.
Your home equity, available HELOC amount, and the interest-only monthly payment if you drew the full amount.
On a $900,000 home with a $400,000 mortgage balance, total home equity is $500,000 — but the available HELOC is capped at $320,000, the lower of 80% combined loan-to-value ($720,000 minus the $400,000 mortgage) and 65% of home value.
At a 6.45% HELOC rate, drawing the full $320,000 would cost about $1,720/month in interest-only payments.
Because a HELOC is revolving, you only pay interest on what you actually draw — not the full available limit.
Frequently Asked Questions
The lesser of 80% of your home’s value minus your existing mortgage, or 65% of your home’s value on its own — whichever limit is lower.
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