Free Calculator · Updated October 2026
See how big a home equity line of credit you can get, what the interest-only payment looks like while you draw, and what happens to the payment when the draw period ends. Built for California home values.
Estimates only, not a loan offer or commitment. Rates, terms and eligibility depend on credit, property, income and lender guidelines. Save Financial, NMLS #377740, DRE #01875766.
Lenders size a HELOC with one number: combined loan-to-value (CLTV). They multiply your home value by the maximum CLTV they allow, then subtract what you still owe on your first mortgage. What is left is your maximum line, up to the lender's dollar cap.
Maximum line = (home value × max CLTV) − mortgage balance
The calculator then shows two payments. During the draw period most HELOCs only require interest on what you have actually borrowed, so the payment is low. When the draw period ends, the balance is paid back with principal and interest over the repayment period, and the payment rises. Seeing that jump before you sign is the most useful thing a HELOC calculator can do.
| Input | Amount |
|---|---|
| Home value | $1,200,000 |
| First mortgage balance | $550,000 |
| Max CLTV | 85% → $1,020,000 total debt allowed |
| Maximum line | $470,000 |
| Amount drawn | $150,000 |
| Interest-only payment at an assumed 8.00% | $1,000/month |
| Payment over a 20-year repayment period | $1,255/month |
The rate here is an example only, not a quote. HELOC rates are usually variable and tied to the prime rate, so both payments move when prime moves. Your low first-mortgage rate stays untouched, which is why many California owners with a 3% loan choose a HELOC over a cash-out refinance.
If your tax returns show low income after write-offs, a standard bank HELOC may decline you even with plenty of equity. There are self-employed home equity options that qualify you on 12 or 24 months of bank statements or a CPA-prepared P&L instead of tax returns. Expect a slightly higher rate and a lower maximum CLTV than a full-documentation HELOC.
| HELOC | Home equity loan | Cash-out refinance | |
|---|---|---|---|
| Rate | Usually variable | Fixed | Fixed or adjustable |
| How you get money | Draw as needed | Lump sum | Lump sum |
| Your first mortgage | Stays in place | Stays in place | Replaced |
| Best when | Costs come in stages (remodel, tuition, business cash flow) | You need one known amount and want a fixed payment | Your current rate is near today's rates or you need a large sum |
Compare all three with the home equity loan calculator and the cash-out refinance calculator.
Multiply your home value by the lender's maximum combined loan-to-value (usually 80% to 90%) and subtract your mortgage balance. On a $1,200,000 home with $550,000 owed and an 85% limit, the maximum line is $470,000, subject to the lender's dollar cap.
During the draw period, most HELOCs require only interest on the amount you have used. After the draw period, the payment includes principal and usually rises noticeably. This calculator shows both payments.
No. A HELOC is a second lien, so your existing first mortgage and its rate stay the same.
Yes. Besides standard full-documentation HELOCs, some lenders offer home equity lines and loans that qualify you with bank statements or a P&L instead of tax returns.
Many close in two to four weeks, depending on the appraisal method and how quickly income documents are provided.
No. It is an estimate for planning. Your actual line, rate and payment depend on credit, income, property and lender guidelines.
A Save Financial broker can compare HELOC offers from multiple lenders, including self-employed options. Free quote, no credit pull to start.