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HELOC Calculator
Home equity available and payoff timeline for a line of credit.
Your Home Equity
$
$
$
Max available: $300,000
%
Typically prime rate + 0.5% to prime + 1.5%
$
Minimum is interest-only
HELOC maximum = lesser of 65% of home value OR 80% LTV minus your mortgage balance. Rates are variable (prime-based).
HELOC Summary
Max HELOC Available
$300,000
Monthly Interest-Only
$290
Payoff Time
6.5 years
Total Interest
$12,253
Current equity$450,000
LTV after HELOC draw46.7%
Compare real rates from Canadian credit unions
Many credit unions offer better rates than what you're calculating with. See the current leaders.