HELOC and home equity calculator
Estimate your home equity and the borrowing room a home equity line of credit may provide, using common loan-to-value limits.
Estimated HELOC room
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How this calculator works
- Subtract your mortgage balance from your home value to find your equity.
- Multiply the home value by the loan-to-value limit the lender uses.
- Subtract your mortgage balance from that figure to find your available room.
Formula: Equity = home value − mortgage balance; HELOC room = (home value × LTV) − mortgage balance
Frequently asked questions
How much can I borrow with a HELOC?
Lenders commonly allow total borrowing up to 65% of your home's value for a HELOC, or up to 80% when combined with a mortgage. Individual lender policies vary.
Is a HELOC rate fixed or variable?
HELOC rates are usually variable, which means your payment can change when the lender's prime rate changes.
What happens if I cannot repay a HELOC?
A HELOC is secured by your home. If you default, the lender can take steps to recover the debt against the property. Treat it as a serious commitment.
Sources
- Financial Consumer Agency of Canada — Financial Consumer Agency of Canada
Important legal information
Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.
Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.
Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.
Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.
There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.
Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.
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If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.
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