Maine HELOC Calculator

By SoFi Editors | Updated January 23, 2026

If you’re a homeowner who is considering tapping into your home equity to fund a renovation or consolidate debt, you might be looking at a home equity line of credit (HELOC). For those in the Pine Tree State, a Maine HELOC calculator is a useful tool that can help you understand the payments that will be due across the lifecycle of the HELOC, from the initial phase when you access funds to the final retirement of the balance. This guide will help you use the calculator effectively and ensure that you learn the basics of HELOC management along the way.


  • Key Points
  • •  A home equity line of credit functions as a revolving credit source, allowing homeowners to draw, repay, and reborrow funds up to a predetermined limit.
  • •  This financing is secured by the homeowner’s residence, which serves as collateral.
  • •  Lenders may allow borrowing up to 90% of the homeowner’s home equity amount.
  • •  The product has an initial draw period followed by a mandatory repayment period.
  • •  Interest rates on HELOCs are typically variable, meaning that the interest rate and resulting payments can change over time.



This calculator is for informational purposes only. The outputs are estimates based solely on information you input. Calculations are not an offer to make a loan or an approval. All SoFi loans are subject to eligibility restrictions and limitations not reflected in this calculator, including a loan applicant’s credit, income, property. SoFi products, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.

Calculator Definitions

•   HELOC Balance: Your HELOC balance is the total amount of money you have drawn from the credit line or the amount that you think you would draw.

•   Current Interest Rate: The current interest rate is the percentage charged on the borrowed balance. This rate is usually variable, meaning the cost of borrowing can rise or fall over time.

•   Draw Period: The draw period is the initial phase, typically lasting 10 years, during which the homeowner can access funds from the HELOC. Usually during this phase you are only required to make interest payments.

•   Repayment Period: The repayment period is the second phase of the HELOC. Withdrawals end and the borrower must pay back the principal plus interest, in monthly installments. The repayment phase generally lasts between 10 and 20 years.

•   Monthly Interest Payment: This is the monthly payment amount during the draw phase, when you are only paying interest on what you have borrowed.

•   Monthly Principal and Interest Payment: During the repayment phase borrowers make this payment each month. A portion goes to repay what you have borrowed, and the rest is interest.

•   Total Interest: Total interest is the cumulative cost of interest paid over the entire life of the credit line.

How to Use the Maine HELOC Calculator

By providing a clear picture of future repayment requirements, the free HELOC calculator helps a homeowner determine if they can comfortably manage the shift in their budget that will occur once the initial phase of the product concludes. Here’s how to use it properly:

Step 1: Enter Your Planned or Actual HELOC Balance

The foundation of the calculation is the current balance of the credit line (or the balance you think you will have at the end of the draw phase). If you don’t yet have a HELOC, you can try out different balance estimates to see how the balance affects your monthly payments.

Step 2: Estimate Your Interest Rate

The interest rate helps determine the monthly cost of the credit line. Use an estimate from a lender or, if you have a HELOC, put in your current rate.

Step 3: Choose the Length of the Draw Period

Select a draw period of 5 to 10 years. The length of the draw period will determine how long you can rely on having the lower, interest-only payment option.

Step 4: Select Your Repayment Period

Choose how long you would like to repay what you have borrowed. A repayment period typically lasts between 10 and 20 years. A shorter repayment period results in significantly higher monthly principal and interest obligations but will cost less in interest overall.

Step 5: Review Your Results

Examine the calculator’s output, looking at both the monthly payment during the draw phase and the payment during the repayment period. You can adjust the inputs — try a shorter or longer repayment phase, for example — to find the combination of balance, interest rate, and term that works for you.

Recommended: Different Types of Home Equity Loans

What Is a Home Equity Line of Credit?

A HELOC is a revolving line of credit secured by the equity built up in a property. Unlike a traditional lump-sum financing option, this product allows homeowners to access funds as needed rather than all at once. This revolving nature makes it valuable for managing ongoing expenses, such as home renovations or educational costs, where the final cost might not be immediately clear. Because the residence serves as collateral, lenders are often able to offer more competitive interest rates compared to unsecured loans.

The mechanics of this credit line are frequently compared to a credit card, as the borrower has a maximum credit limit and can draw funds, repay them, and draw them again. However, the borrowing limits are generally far higher and can be up to 90% of your equity. (Your equity is the appraised value of your home minus the balance on your existing home loan.)

HELOCs have two distinct timeframes: a draw period for accessing funds and a repayment period for paying off the debt. This structure demands a high level of responsibility from the borrower, as the home is at risk of foreclosure if payments are not maintained. During the draw phase you will likely only be required to pay interest on the amount you have borrowed. A HELOC payment calculator or HELOC interest-only calculator can show you what your payment amount might be. Once you enter the repayment phase you will pay back the principal with interest (a HELOC repayment calculator is helpful at this stage).

Many homeowners in Maine are looking to get equity out of their home. The average homeowner in the state has more than $235,000 in equity, thanks to increasing home values in the state. In fact, the average equity level in Maine has more than doubled in the past five years. This is in keeping with a national trend in increasing equity levels, as shown in the graphic.

How to Use the HELOC Calculator Data to Your Advantage

One of the most valuable benefits of the calculator data is the ability to prevent “repayment shock” when the draw phase of a HELOC ends. The estimate provided by the calculator will give you a sense of what to expect and plan for. But there are other ways you can use the calculator and its data:

You can create “what-if” scenarios: Homeowners considering a HELOC can input different HELOC balances, interest rates, or repayment terms into the HELOC payment calculator to see how each of these things will affect their monthly payment. This lets you see what a high or low monthly payment would be based on different interest rates. This is useful given that HELOC interest rates can shift over time.

You can evaluate debt consolidation strategies: If you’re carrying balances on high-interest credit cards, you can add up the monthly payment amounts on your cards and compare that to the monthly payment you would have if you used a HELOC to pay off all that you owe at once. There’s a good chance your monthly payment with a HELOC would be lower than the sum of what you’re currently paying. And it would be one payment instead of multiple payments.

Recommended: HELOC vs. Home Equity Loan

Tips on HELOCs

In addition to preparing for the transition from the draw to the repayment phase, there are other ways you can manage a HELOC smartly, starting even before you sign the HELOC agreement.

•  Shop around for the best rate. It is beneficial to compare offers from multiple lenders. Looking for the most competitive rate, combined with lower fees, can save a significant amount of money over the life of the credit line.

•  Make principal payments during the draw period. While many homeowners only pay the required interest during the first 10 years, making additional payments toward the principal balance can significantly reduce the amount you need to pay later on.

•  Monitor interest rates. Since most of these products feature variable interest rates, staying informed about shifts in the economy allows borrowers to anticipate payment changes.

•  Verify all fees. Ask a prospective lender about application fees, annual maintenance fees, and potential early closure fees. Some lenders may waive closing costs if you keep the credit line open for at least 36 months.

•  Check rate caps. Review your HELOC agreement for periodic and lifetime rate caps, which limit how much your interest rate can increase over time, providing a ceiling for your potential monthly obligations.

Alternatives to HELOCs

While a Maine HELOC calculator is an excellent tool for planning, it is important to remember that a revolving line of credit is just one of several financing options available. Depending on the specific goal — whether it is covering a modest one-time expense or funding an ongoing project — one of these other options might be preferable.

Home Equity Loan

Often confused with a HELOC, this is a different structure entirely. Let’s examine what a home equity loan is and how it functions: Like a HELOC, a home equity loan uses your home as collateral. But in this case, you would obtain a lump-sum loan and immediately begin making monthly principal-and-interest payments. HELOCs have variable interest rates, but a home equity loan will typically have a fixed rate. The predictability of fixed-rate monthly payments makes it a strong choice for those with a specific, one-time funding need who prefer the stability of a consistent monthly payment. A home equity loan calculator can help you see what your monthly payments might be.

Home Improvement Loan

This unsecured personal installment loan provides a lump sum of money at a fixed interest rate for a specific term. So in that sense it is similar to a home equity loan. But unlike a HELOC or home equity loan, a home improvement loan does not require using your home as collateral. Home improvement loans often have a lower borrowing limit than HELOCs, and may have higher interest rates and shorter repayment terms as well.

Personal Line of Credit

A personal line of credit is a revolving credit account, but it is typically unsecured, meaning it is not backed by your home as collateral. The primary differences from a HELOC are the level of risk and the cost. Because your home is not at risk of foreclosure, a personal line of credit is less risky for the borrower; however, this generally results in a higher interest rate and a lower credit limit compared to a HELOC.

Cash-Out Refinance

A cash-out mortgage refinance involves replacing your original mortgage with an entirely new, larger one. You receive the difference in cash. This “one-payment” strategy can be superior to adding a second mortgage if the homeowner can secure a lower interest rate for the entire debt. However, this path also resets the timeline of the primary mortgage and involves higher closing costs, typically 2% to 5% of the loan amount. This merits careful consideration as you debate a cash-out refinance vs. a home equity line of credit.

The Takeaway

A free HELOC calculator is a useful resource as you’re thinking about how to borrow against your home equity. Running numbers with the calculator provides a clear estimate of the potential costs associated with borrowing, and you can evaluate scenarios involving different borrowed amounts, interest rates, and repayment terms to find the right mix for your comfort level.

SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.



Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.


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FAQ

What is the difference between a HELOC and a home equity loan?

A HELOC is a revolving line of credit with a variable interest rate. It allows you to borrow and repay funds (or pay only interest) during an initial draw period, before repaying the principal plus interest during a subsequent repayment phase. A home equity loan, on the other hand, provides a single lump sum of money upfront at a fixed interest rate. The loan repayment begins immediately and payments are made in predictable, equal monthly installments.

How much can I borrow with a HELOC?

Borrowing limits are typically determined by the equity you have in your residence. Lenders may allow you to access up to 90% of your equity, which is your home’s current market value minus any balance remaining on your mortgage. Your individual limit also depends on your credit score, income history, and debt-to-income ratio.

What can I use the money for from a HELOC?

Funds from this revolving credit line can be used for virtually any purpose. Common uses include consolidating high-interest debt, funding education expenses, or covering unexpected medical bills. Many homeowners prioritize using the funds for renovations that increase their property’s long-term value. The important thing to remember is that you should only borrow what you can reasonably afford to repay.

Is a HELOC interest rate fixed or variable?

Most HELOCs feature variable interest rates, which are calculated by adding a margin to a benchmark index like the prime rate. This means your rate and monthly payments can fluctuate over time based on economic conditions.

Learn more about home equity lines of credit: