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Home Equity Line of Credit: available equity, draw period payments and repayment schedule
Sobre Esta Calculadora
A Home Equity Line of Credit (HELOC) lets you borrow against the equity in your home at a variable rate, typically during a 10-year draw period, followed by a 20-year repayment period when the full balance must be paid down.
Available equity is calculated as: (Home Value × Lender's LTV cap — typically 80–85%) minus your outstanding mortgage balance. A home worth $500,000 with a $300,000 mortgage balance and an 80% LTV cap gives you $100,000 in available HELOC credit.
During the draw period, you pay interest only on what you borrow. This makes initial payments low — a $60,000 draw at 8% costs just $400/month in interest-only payments. But at the transition to full repayment, the same balance converts to principal-and-interest over 20 years, jumping to $502/month. The calculator shows both phases.
HELOC rates are variable (typically Prime Rate + margin). Stress-testing at prime + 2–3% is essential — a 2% rate increase on a $100,000 balance adds $167/month to your payment. HELOCs are best used for value-adding home improvements that increase your equity rather than lifestyle spending.
Analise uma linha de crédito utilizando como garantia o seu imóvel ou patrimônio.
Dicas
- HELOC rates are variable — always stress-test at +2-3% above current rate.