HELOC calculator: How much home equity can I use?

A Home Equity Line of Credit is a financing solution that lets you tap into the equity you’ve built in your home and convert it into a flexible line of credit. Think of it as having funds on demand — you can withdraw what you need when you need it. This kind of flexibility is great for homeowners looking for help managing unexpected expenses.

Because a HELOC lets you use your built-up equity, you’re using your home as collateral. So, you can also think of a HELOC as a second mortgage, one that comes with variable interest rates that could change over time.

That means you’ll be responsible for two payments each month: one for your original mortgage, and one for your HELOC.

Ready to tap into your equity? Submit a HELOC application today!

Apply for a HELOC

Here are just three of the many benefits that come from using our HELOC calculator:

• Estimate your borrowing potential: Our HELOC qualification calculator gives you a quick look at how much of your home’s equity you may be able to access.

• Plan for your financial future: Results could help you better determine how to meet your goals, whether it’s a renovation project, paying for a wedding or education expenses.

• Make informed decisions: Knowing how much you could borrow through a HELOC may help you narrow down your options and confidently select a financing solution.

As part of the HELOC application process, our Rate underwriting team evaluates the following key factors to determine if you qualify:

• Credit score: 640 minimum
• Debt-to-income ratio: 50% maximum.
• Combined loan-to-value ratio: 85% maximum
• Property types: Single-family homes, townhomes and condos are all eligible

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A HELOC is a flexible solution that can be used for a variety of financing needs. Here are a few common HELOC uses.

Home improvements

Whether you’re upgrading your kitchen, landscaping your backyard or tackling any other upgrade or renovation, a HELOC can help fund it.

Debt consolidation

Use a HELOC to combine high-interest credit cards or loans into one streamlined payment.

Education costs

A Home Equity Line of Credit can be used to cover education costs, such as tuition fees.

Unexpected expenses

From emergency medical bills to sudden car repairs, a HELOC provides a financial cushion that can help cover unexpected costs.

More HELOC uses

A home equity line of credit has a revolving balance. Think of it like a credit card - it allows you to borrow money, pay it back and borrow again. The interest rate on a HELOC is often variable, and you only pay interest on the amount you borrow.

A home equity loan is a fixed-term one where you receive an upfront lump sum. You make regular payments over time, and since they typically come with a fixed interest rate, monthly payments are predictable.

HELOC vs home equity loan

If you’re wondering if there’s a “How much HELOC can I get” calculator, you’ve come to the right place! Our calculator helps you get a feel for the maximum amount you can borrow.

That said maximum HELOC amounts depend on several factors, including your:

• Home’s value — the more valuable your home, the higher your potential credit line.
• Outstanding mortgage balance — the amount you owe on your current mortgage impacts how much equity you have left to borrow.
• Credit score — a strong credit score and solid financial history could mean higher credit limits.
• Debt-to-income ratio — your income compared to your debts helps assess your ability to repay.