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HELOC CALCULATOR
Estimate your interest only payment, repayment payment, and how much your HELOC payment can change based on your HELOC rate, draw amount and term.
100% secured. No impact to your credit scores.
calculate your payment
This calculator is for estimates only. Actual payments may vary.
No need to refinance your current loan.
HELOC rates are lower than credit cards and other loans.
Borrow what you need, when you need it.
SEE PAYMENT EXAMPLES
At 7.5% APR for 10 year draw
Interest only payment
Principal & Interest Payment
At 7.5% APR for 10 year draw
Interest only payment
Principal & Interest Payment
At 7.5% APR for 10 year draw
Interest only payment
Principal & Interest Payment
EQUITY ACCESS OPTIONS COMPARED
|
Option
|
Best For
|
Rate Type
|
Payment Structure
|
Keeps Current Mortgage
|
Access Funds As Needed
|
|---|---|---|---|---|---|
|
HELOC
(Home Equity Line of Credit)
|
Flexibility, revolving line, on going expenses
|
Variable
|
Interest-only during draw period
|
✅ Yes
|
✅ Yes
|
|
HELOAN (Home Equity Loan)
|
One time expenses, fixed rate & payments
|
Fixed
|
Fixed principal & interest payments
|
✅ Yes
|
❌ No
|
|
Cash-Out Refinance
|
Large expenses, debt consolidation
|
Fixed or Variable
|
Principal & interest payments
|
❌ No
|
❌ No
|
You’re approved for a credit line based on your home’s equity position and ability to repay.
With a HELOC, you have the flexibility to draw as much as you need, whenever you want.
During the draw period, the minimum payment is interest-only based on a 30 year repayment.
If you have a mortgage with a low rate and payment, a HELOC will not affect the terms.
HELOC rates are tied to the Prime Rate and can change monthly. Rates shown here reflect market averages.
Prime Rate (As of today)
Rates are subject to change. Get your personalized rate for accurate numbers based on your situation.
HELOC rates are typically based on two factors: the Prime Rate and your profile as a borrower.
Lenders start with the current Prime Rate and then add a margin based on factors such as your credit score, loan-to-value ratio (LTV), property type, occupancy, and overall financial profile.
Borrowers with higher credit scores, more home equity, and lower loan-to-value ratios generally qualify for lower HELOC rates. Unlike traditional fixed-rate mortgages, many HELOCs have variable interest rates, meaning the rate can increase or decrease over time as market conditions change.
Because every lender uses different pricing models, the best way to determine your actual HELOC rate is to compare multiple options and review a personalized quote based on your specific situation.
Andes Mortgage proudly offers both first-lien and second-lien Home Equity Lines of Credits for primary, vacation and investment properties. We also offer different draw periods ranging between 3 and up to 10 years as well as longer repayment periods of up to 30 years on our HELOCs.
For Real Estate Investors
Our newest HELOC program, the DSCR HELOC, is the first true Home Equity Line of Credit for investment properties.
Qualify based on the property’s rental income instead of personal income verification.
✅ No tax returns required
✅ No W2s or pay stubs
✅ Qualify using rental income
✅ Available for investment properties
✅ Uses DSCR to qualify
✅ Great for BRRRR and portfolio growth
Credit Score
Max LTV
Occupancy
Income Verification
Loan Amount
680
Up to 75%
Investment Properties
DSCR based
From $75k up to $500k
We compare rates from 40+ lenders to find competitive options that fit your needs. You’ll get expert guidance, personalized solutions, and a partner who works for you.
We compare rates from 40+ lenders to find competitive options that fit your needs. You’ll get expert guidance, personalized solutions, and a partner who works for you.
Compare interest rates for home equity lines of credit.
Qualify using your bank statements for income.
Home Equity Line of Credit for investment properties.
Calculate your house payment with a cash out refinance.
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home’s equity. Similar to a credit card, you can borrow funds as needed up to your approved credit limit during the draw period and repay the balance over time.
HELOC rates are typically based on the Prime Rate plus a lender margin. Factors such as your credit score, loan-to-value ratio (LTV), occupancy, loan amount, and overall financial profile can impact the rate you receive.
Most HELOCs have variable interest rates that can change over time as market conditions and the Prime Rate change.
At Andes Mortgage, we offer both variable and fixed-rate HELOC options.
At Andes Mortgage, we offer HELOCs with credit scores as 640. However, higher credit scores are preferred as you will receive better rates, terms and more equity access.
The amount you can borrow depends on your home’s value, current mortgage balance, available equity, and lender guidelines.
We at Andes Mortgage, we access HELOCs for up to 90% combined loan-to-value (CLTV).
No. A HELOC is a separate loan that is typically recorded as a second mortgage behind your existing first mortgage. Obtaining a HELOC does not change the interest rate, payment, or terms of your current mortgage.
Both a HELOC and a Home Equity Loan allow you to borrow against your home’s equity, but they work differently.
A HELOC functions like a revolving line of credit. You can draw funds as needed during the draw period and only pay interest on the amount you use. Most HELOCs have variable interest rates.
A Home Equity Loan (HELOAN) provides a lump sum of money upfront and typically comes with a fixed interest rate and fixed monthly payment.
HELOC funds can be used for a variety of purposes, including home renovations, debt consolidation, education expenses, emergency reserves, business investments, and other major expenses.
A HELOC is a separate line of credit that leaves your existing mortgage intact. A cash-out refinance replaces your current mortgage with a new loan and provides cash from your home’s equity at closing.
Home equity is the difference between your current home’s value and it’s current liens. The more equity you have, the bigger the line of credit you can generally take.
Yes. During the draw period, many HELOCs offer interest-only payment options. Once the repayment period begins, borrowers typically make principal and interest payments on the outstanding balance.
HELOC funds can be used for a variety of purposes, including home renovations, debt consolidation, education expenses, emergency reserves, business investments, and other major expenses.
No! You can pay off the balance of your HELOC in full and you will never be penalized or be charged any fees.
Absolutely! Homeowners who take out a HELOC often pay off high interest revolving debt, personal loans and even auto loans and student loans if the numbers make sense.
Get a personal rate in minutes and explore your best loan options – no impact to your credit.
Book a call and get personalized information.
Skip the wait and get started on your pre-approval asap.