HELOC calculator: How much could I borrow against my home?
Find how much of your home's value you could borrow, then see the payment during the draw period and after it ends.
How Nest does the math
Borrowing limit: your home value times the lender's limit, minus what you owe on your mortgage.
Draw period: many HELOCs need only interest payments at first. After it ends, the payment repays the full amount over the repayment period.
HELOC rates are usually variable, so the payment can change. Your home secures the line.
Questions, answered
How much home equity can I borrow?
Lenders cap your total home debt at a share of the home's value, often 80% to 85%. Your limit is that share minus your mortgage balance. Some lenders go higher or lower.
How do HELOC payments work?
During the draw period, which could last 10 years, you can borrow and many plans need only interest payments. In the repayment period, often 10 or 20 years, payments are often much higher.
HELOC or home equity loan?
A HELOC is a line of credit you draw as needed, usually at a variable rate. A home equity loan is a lump sum, usually at a fixed rate and fixed payment.
What are the risks?
Your home secures the loan. If you can't repay, you could lose your home. Borrow only what you are confident you can pay back.
