Home equity line of credit (HELOC) calculator
See how much cash your HELOC could provide.
What is a HELOC?
A home equity line of credit (HELOC) is a revolving line of credit that allows homeowners to use the equity in their homes as collateral. When homeowners need access to cash, HELOCs can offer several advantages, such as lower interest rates compared to credit cards.
How to use a HELOC calculator?
A HELOC calculator is a tool that estimates how much you may be able to borrow through a home equity line of credit and what your monthly payments could look like. It uses your home's estimated value, your remaining mortgage balance, and Chase's loan-to-value (LTV) ratio to show your potential available credit. It also estimates an interest rate, then applies that rate over a 30-year term to project your monthly payments across the draw and repayment periods.
Getting your estimate takes just a few steps:
- Enter your ZIP code. This helps tailor your estimate to your location.
- Enter your current home value. Use a recent appraisal, tax assessment, or online home value estimate.
- Enter your current mortgage balance. This is what you still owe on your primary mortgage.
- Enter your desired line of credit amount. The calculator shows your estimated available range to guide you.
- Select your credit score range. Your credit profile helps refine your estimated interest rate.
- Choose your property type and occupancy type. For example, a single-family home used as your primary residence.
- Select "See results" to view your estimated rate, monthly payments, and available credit.
That's it. No personal contact information required to see your estimate.
How to interpret your results and what to consider next
Your results show three things: your estimated available credit, an estimated interest rate, and what your monthly payments could look like over the 30-year term. When reviewing your HELOC calculator results, look beyond the monthly payment. Understanding your interest rate, draw period, and repayment period can help you plan ahead and avoid surprises.
- Variable rates can change your payment. Chase HELOCs carry a variable interest rate for the full 30-year term, so your rate—and payment—can rise or fall over time. Try running the calculator at higher and lower rates to see how a rate change could affect your budget.
- Your payment will increase after the draw period. During the draw period, you make interest-only payments, so your monthly cost is lower. Once repayment begins, you pay both principal and interest for the remaining years, which raises your monthly payment. Planning for this shift now helps you avoid payment shock later.
Your HELOC estimate is a great starting point. Learn more about the Chase HELOC, or get started online to see what you may qualify for.
Find answers
Different lenders can have their own HELOC products that work slightly differently than Chase HELOCs. With a Chase HELOC, you’ll withdraw 85% or more from your line of credit at closing. This includes any fees and payoff amounts. But, you can continue to draw from your Chase HELOC for 3 years. The first 10 years is comprised of a 3-year draw period, when you can continuously draw from and pay back your line of credit, and interest-only payments.
Then, you’ll make principal and interest payments for the remaining 20 years.
Keep in mind: You’ll have a variable interest rate for 30 years, so your rate and payment will change.
Read about how to apply for a HELOC for more information.
A home equity line of credit (HELOC) allows you to leverage your home’s equity for debt consolidation, home improvements, large expenses such as education, paying off your mortgage or other HELOC uses. A HELOC can offer homeowners a flexible source of money that you repay with variable interest. HELOCs are a great option if you want to get cash without refinancing your current mortgage.
Here are some common differences between a HELOC and a cash-out refinance:
HELOC:
- Line of credit that’s separate from your existing mortgage
- Lump sum of cash
- Variable interest rate
- Existing mortgage interest rate and terms stay the same
Cash-out refinance:
- New loan that replaces your existing mortgage
- Lump sum of cash
- Fixed or variable interest rate
- New mortgage interest rate and terms
If you want, you can learn more about Chase HELOCs.
Many factors are taken into account before determining your monthly payment amount. Typically, HELOCs have a variable interest rate. This means the rate can increase or decrease throughout the life of your loan, which impacts your monthly payment.
HELOCs also have two distinct stages of repayment. The first 10 years is comprised of a 3 year draw period and interest-only payments. The remaining 20 years is both principal and interest payments.
Explore HELOC resources
How to calculate how much equity you have in your home
How much equity can I borrow from my home?
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