# Home Equity Line of Credit (HELOC) Calculator

> Estimate interest-only draw payments, repayment-period payments, fees, and an LTV-based HELOC limit.

Page: https://askcalculators.com/calculator/heloc-calculator/
Definition: https://askcalculators.com/calculator/heloc-calculator/definition.json
JSON Schema: https://askcalculators.com/calculator/heloc-calculator/schema.json
Version: 1.0.0
Maintained by: AskCalculators (software project; not a credentialed reviewer)
Qualified review: pending. Automated checks do not establish professional approval.
Page status: Live
Review status: Pending

## Use
Open the calculator page and enter values. Query-string parameters can restore and bookmark a calculation.
Example: https://askcalculators.com/calculator/heloc-calculator/?creditLine=50000&annualRate=8&drawYears=5&repaymentYears=15&annualFee=0&includeClosingCosts=0&homeValue=500000&mortgageBalance=210000&maxLtv=80

## Inputs
- creditLine: Amount drawn; type=money; required; default=50000; min=1
- annualRate: Interest rate; type=percent; required; default=8; min=0; max=50
- drawYears: Draw period; type=number; required; default=5; min=1; max=30
- repaymentYears: Repayment period; type=number; required; default=15; min=1; max=40
- annualFee: Annual fee; type=money; optional; default=0; min=0
- includeClosingCosts: Include closing costs; type=checkbox; optional; default=false
- closingCostValue: Closing cost value; type=number; required; default=2; min=0; showWhen=includeClosingCosts:true
- closingCostUnit: Closing cost unit; type=select; required; default=percent; values=percent|amount; showWhen=includeClosingCosts:true
- closingCostTreatment: Closing cost treatment; type=select; required; default=deducted; values=deducted|upfront; showWhen=includeClosingCosts:true
- homeValue: Current home value; type=money; required; default=500000; min=1
- mortgageBalance: Current mortgage balance; type=money; required; default=210000; min=0
- maxLtv: Maximum combined LTV; type=percent; required; default=80; min=1; max=100

## Outputs
- drawMonthlyPayment: Draw-period monthly outlay; format=currency; primary
- repaymentMonthlyPayment: Repayment-period monthly outlay; format=currency
- totalScheduledPayments: Total scheduled monthly outlays; format=currency
- totalInterest: Total interest; format=currency
- totalFees: Closing + annual fees; format=currency
- totalBorrowingCost: Interest + fees; format=currency
- cashReceived: Proceeds received; format=currency
- cashDueAtClosing: Cash due at closing; format=currency
- estimatedApr: Cash-flow APR estimate; format=percent
- estimatedCreditLimit: LTV-based HELOC limit; format=currency
- combinedLtv: Combined LTV with this draw; format=percent

## Formula
Draw payment = balance × r; repayment M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]

- P: amount drawn at the start
- r: monthly interest rate
- M: repayment-period principal-and-interest payment
- n: number of repayment months

The draw period is modeled as interest-only. Annual fees are divided into monthly outlays, and the rate is held constant.

## Rules
- Empty optional inputs are undefined, not zero.
- Hidden conditional inputs are ignored.
- Do not invent missing required inputs.

Notice: This model assumes the full line is drawn immediately and the interest rate stays unchanged.