Home Equity Line of Credit Calculator
Use our HELOC Calculator to quickly estimate monthly home equity payments and discover how different factors can affect your loan payment.
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What is a HELOC?
A home equity line of credit, commonly known as a HELOC, is a financial tool that allows homeowners to tap into the equity they have built in their property. It works as a revolving line of credit, similar to a credit card, where borrowers can access funds as needed.
What can you use a HELOC for?
HELOCs can be used for various purposes, like funding home improvements, a down payment for a new home, education expenses, emergency expenses, or even debt consolidation – pretty much anything you want!
How much equity can I borrow from my home?
The maximum amount you're allowed to borrow is determined by the equity in your home. Typically lenders will extend a line of credit that, when combined with the balance of your current mortgage, does not exceed 85-90% of your home's value.