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HELOC is a type of loan that is secured against your home. Home Equity Line of Credit loans are typically provided at lower interest rates than traditional loans. The HELOC Calculator allows you to calculate your amunt of equity in your property

Current HELOC Balance ($): | |

Annual Interest Rate (%): | |

Interest-Only Period (years): | |

Repayment Period (years): |

HELOC or home equity line of credit is a type of an overdraft facility which is given by the banks based on equity in your home i.e. the difference between your home value and balance of your current mortgage loan.

As they say you work hard to build your home, now it's time to let the hard work pay. If you have imminent needs the home equity line of credit could just be the thing for you. Your home can help you secure low cost funds easily as various banks offer this kind of credit to their existing as well as new customers. Thanks to the cut-throat competition among lenders out there, banks are ready to offer competitive interest rates too.

**Other repayments**- Bank underwriters are trained to check your previous track record thoroughly, there are many methods and software applications in place to check the credit worthiness of a customer. This is also checked through your existing loans and credit cards track records, so it is important for you to have a good repayment history in order to be eligible for HELOC.**Credit worthiness**- Your credit worthiness could also be checked by looking at your bank statements. If there are any irregularities regarding your payments like cheque payments - it could become an obstacle to secure credit from a bank.**Your home equity amount**- Your home equity amount is the difference between your home value and balance of your current mortgage, so the less the equity, the smaller the amount of home equity line of credit.**Loan to value**- This basically depends upon your bank's current policies, loan to value or LTV, means the percentage of the equity amount which your bank is willing to lend, for example if your equity is 10,000 and your bank provides 80% LTV then your maximum HELOC will be 8,000 only. If you are new to LTV Rates, you should review our Loan to Value Calculator and guide to LTV, both are very useful when comparing mortgage offers.

iCalculator's HELOC calculator can help you decide on the tenor, loan amount, interest rate and basically all factors stated above that work best for you.

Online HELOC or home equity line of credit calculators are designed to make your calculations simpler and quicker. You just need to enter the values like Current HELOC Balance, Annual Interest Rate, Interest-Only Period, Repayment Period into the calculator. Within no time you can see the monthly interest and principal.

There are different banks in the UK offering different kinds of interest rates and repayment methods. To choose the best you need to compare their interest rates and repayments methods, but it can be really overwhelming to do the calculations manually. Using the HELOC calculator helps you zero in on the best deal available in the market by helping you get answers to the following.

- Which bank should you reach out to for your home equity line of credit?
- What interest rate and repayment period will work best for you?
- What will be the monthly payment required and if you can afford to pay that amount?
- What is the period you want to get as interest only period and how long you want the line of credit to run?
- How much loan amount to apply for?
- Whether it is a good idea at all for you to get a home equity line of credit or not?

**It saves you a lot of time and money**while making your research process painless. You just need to go through websites or just call the banks and ask for their terms, input them into the calculator and there you are with the results to help you decide on your HELOC.**It will also save you from the risk**of getting a bad deal from some bank, you can check and compare all those banks with just a few clicks and entries on the calculator, it is as simple as that.**It will help you decide**the actual amount you need so you will be able to pay for your HELOC.**It will help you decide**on how big or small you want to pay monthly according to your financial capacity.- Since iCalculator's HELOC calculator gives you very precise calculation it can
**save you from any potential irregular repayments**too.

Be it your home renovation, a wedding party you are throwing for your daughter or just a vacation, don't let overwhelming bank offers confuse you, just calculate your HELOC/Home equity line of credit payments and choose an offer from the bank you trust. And, don't forget iCalculator's finance calculators are here to guide you through any financial decision that you are about to make, be it a mortgage, savings, tax or accounting calculations.

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