Home Equity
HELOC Calculator
Calculate your available home equity, max HELOC credit line, and what your payments will look like during draw and repayment periods.
Your Home & HELOC Details
HELOC Analysis
Available Equity
$160,000
Max HELOC line at 85% LTV
Amount Drawn
$80,000
Draw Payment (interest only)
$487/mo
Years 1-10
Repayment Payment (P&I)
$635/mo
Years 11-30
Interest During Draw
$58,400
Total Interest
$130,734
Tap Your Equity
Get a HELOC Quote
South Florida home values have appreciated significantly. See how much equity you can access.
HELOC Facts
Variable rate product
Most HELOCs have variable rates tied to Prime. Your draw payment will fluctuate as rates change.
Interest-only during draw
During the draw period, you typically only pay interest on what you've borrowed. You can pay down principal anytime.
Tax deductibility
HELOC interest may be tax-deductible if used to buy, build, or substantially improve your home. Consult a tax advisor.
How the HELOC calculator works
A home equity line of credit lets you borrow against your equity as a revolving line. The tool multiplies your home's value by the lender's combined loan-to-value limit, commonly 80 to 85 percent, then subtracts your current mortgage balance to show the available credit line. During the draw period you can borrow and repay repeatedly, paying interest only on the balance you use, usually at a variable rate.
Say a West Palm Beach home is worth $600,000 with a $360,000 first mortgage. At an 80 percent combined loan-to-value limit, the lender allows $480,000 of total debt, leaving a $120,000 line available. If you draw $50,000 at an 8.5 percent variable rate, interest-only payments start near $354 a month, then rise once the repayment period begins and principal is added.
For South Florida owners who bought before the recent run-up in prices, home equity has grown substantially, making a HELOC a flexible way to fund renovations, an investment property down payment, or hurricane-related repairs. Because the rate is variable, budget for payment increases if rates move. Lenders also weigh your income and credit, so the calculated line is a ceiling, not a guaranteed approval.