Missouri HELOC Calculator

By SoFi Editors | Updated January 23, 2026

Borrowing against the equity in your home requires careful consideration and planning. Before applying for a home equity line of credit, use our Missouri HELOC payment calculator to help you estimate monthly payments during the draw and repayment periods. This guide explains the key concepts and alternatives you need to know before deciding if a HELOC is the right choice for your financial goals.

  • Key Points
  • •   A home equity line of credit (HELOC) is a revolving line of credit that allows you to use your home as collateral to secure funds.
  • •   HELOCs have a draw period (usually 10 years), where you can borrow funds, and a repayment period (10 to 20 years), where you repay the principal and interest.
  • •   With a HELOC, you can typically borrow up to 90% of your equity.
  • •   To qualify, you’ll need a credit score of 640 or higher.
  • •   A HELOC payment calculator can help you determine if you can comfortably afford a credit line, especially when payments increase during the repayment period.



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: This is the total amount of principal that you currently owe on the line of credit.

•   Current Interest Rate: This is the percentage the lender charges for the use of funds. The interest rate is usually variable, meaning it fluctuates with the market.

•   Draw Period: The draw phase is typically a period between 5 and 10 years when the homeowner is permitted to access funds from their HELOC as needed, up to their credit line limit. You pay interest only on the amount borrowed during the draw period.

•   Repayment Period: The repayment phase begins after the draw period. It is usually 10 to 20 years.

•   Monthly Interest Payment: This refers to the minimum payment required during the draw period. Some HELOCs allow for interest-only payments during this phase, which cover the interest accrued on the borrowed amount but do not reduce the principal balance.

• \  Monthly Principal and Interest Payment: This is the standard payment made during the repayment period. It includes a portion of the principal balance and the accrued interest, and is designed to pay off the line of credit over the specified term.

How to Use the Missouri HELOC Calculator

The Missouri HELOC calculator is a useful tool for homeowners to test out their finances before accessing their equity. Here are the steps to use the calculator effectively.

Step 1: Enter Your Planned or Actual HELOC Balance

Start by inputting the outstanding principal balance on your current HELOC.

Step 2: Estimate Your Interest Rate

Enter the annual interest rate for your line of credit.

Step 3: Choose the Length of the Draw Period

Choose the duration of the draw period — typically between 5 and 10 years.

Step 4: Select Your Repayment Period

Now enter the repayment period — typically 10 to 20 years.

Step 5: Review Your Results

You will see the calculator generates separate payment estimates for the interest-only draw period and the principal-and-interest repayment period. Use these estimates to help you plan.

Now that you understand how to use the calculator, we can explore what is a home equity line of credit.

What Is a Home Equity Line of Credit?

A home equity line of credit, known as a HELOC, is a revolving line of credit that is secured by the equity in your home. Because your home serves as collateral, lenders typically offer more competitive interest rates compared to unsecured options like credit cards and personal loans. If you are a Missouri homeowner who has built up equity in your property, then you will want to understand how to get equity out of your home.

Your home equity is the difference between your home’s current market value and the outstanding balance on your home loan and any other loans you might have where your home is used as collateral.

A HELOC has two phases: the draw period, usually 5 to 10 years, is when you can withdraw funds as needed, up to your approved credit limit. You are often required to make payments only on the interest that accrues on your outstanding balance. Use a HELOC interest-only calculator to help you figure out payment amounts for the draw period.

The second phase is the repayment period, usually 10 to 20 years, when you can no longer withdraw funds. Your required monthly payments will increase significantly to cover both the principal balance and the interest. Missouri homeowners can refer to a HELOC repayment calculator to help budget for this phase.

Variable interest rates are typical for a HELOC (unlike a standard home equity loan, which usually offers a fixed interest rate). Use our free Missouri HELOC calculator to experiment with estimates and ensure you’re working within your budget.

Recommended: HELOC vs. Home Equity Loan

Different types of home equity loans are tied to the amount of equity a homeowner possesses. With a HELOC, lenders typically require that a homeowner maintain at least 15% equity to qualify, and you can borrow up to 90% of that equity.

Home equity has surged nationwide in the last five years (see chart). In Missouri, as in many states, home equity has increased by 159% over the same period. The average Missouri homeowner is sitting on more than $87,000 in equity — more than enough to cover a major home renovation, medical treatment, or another large purchase.

How to Use the HELOC Calculator Data to Your Advantage

Here are ways to get the most out of the Missouri HELOC payment calculator:

•  Evaluate major projects: Before diving into a project, calculate the monthly payments for both the draw and repayment periods so you can evaluate the affordability of your anticipated cost.

•  Assess debt consolidation: Weigh HELOC payments against your existing debt payments to see how much a consolidation would save you each month.

•  Prepare for discussions with lenders: Approach discussions with lenders more confidently by understanding your estimated borrowing limit and potential payments.

Tips on HELOCs

While a HELOC offers financial flexibility, it also comes with risks and considerations. Use the following tips to avoid pitfalls.

•  Compare offers: Take the time to approach a variety of lenders and compare options. Be aware of annual fees, inactivity fees, and early termination or prepayment penalties, which can significantly impact the overall cost of borrowing.

•  Budget wisely: With the HELOC, your monthly payments will significantly increase when you go from the interest-only draw period to the principal-and-interest repayment period. Use our Missouri HELOC payment calculator to estimate your future payments so you can budget for the long term.

•  Monitor interest rates: Since most HELOCs have a variable interest rate (which is tied to the U.S. Prime Rate), your interest rate and monthly payments will change over time. It’s a good idea to monitor interest rates and see how rate increases affect your plan for paying down the principal.

•  Examine the risks: Because your home serves as collateral, the lender could foreclose on your home if you fail to make payments.

• \ Be on top of your credit report: Lenders look for a credit score of 640 or higher and a debt-to-income (DTI) ratio below 45%. Work on strengthening your overall financial picture, and review your credit report regularly to check for any errors.

Alternatives to HELOCs

A HELOC is an appropriate option for many homeowners depending on their goals and budget. There are also alternatives to consider, such as a home equity loan, a home improvement loan, a personal line of credit, and a cash-out refinance.

Home Equity Loan

With a home equity loan, you receive a one-time lump sum that you borrow against your home equity. This is great when you have a one-time project with a fixed cost. A home equity loan typically has a fixed interest rate, which means consistent and predictable monthly payments over a set term. Using a home equity loan calculator can help you compare the cost of a home equity loan versus a HELOC.

Recommended: What Is a Home Equity Loan?

Home Improvement Loan

A home improvement loan is a personal loan designed for funding home renovations and repairs. Similar to the home equity loan, the home improvement loan is repaid in regular installments with a fixed interest rate. The difference is that the home improvement loan does not use your home as collateral, so the interest rate is usually higher than that of a home equity loan.

Personal Line of Credit

A personal line of credit (PLOC) is an unsecured revolving line of credit similar to a credit card. Like a home improvement loan, your home does not serve as collateral, and therefore the PLOC may have a higher interest rate and a lower credit limit compared to a HELOC.

Cash-Out Refinance

With a cash-out mortgage refinance, the homeowner replaces an existing primary mortgage with a completely new, larger one. You pay off the original debt and take the remaining balance in cash. This consolidates your debt into a single mortgage payment but resets your mortgage term. Using a cash-out refi is most appropriate when current market interest rates are lower than the rate on your existing mortgage, allowing you to access cash while potentially improving the terms of your primary debt.

When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance leaves you with one payment, whereas a HELOC gives you a second payment on top of your original mortgage payment.

The Takeaway

Missouri homeowners can use the Missouri HELOC payment calculator as a starting point to estimate their borrowing power and potential costs. By entering some details, the calculator can help you easily estimate monthly payments so you can make a strategic decision about your home equity.

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?

The primary difference is that a HELOC is a revolving line of credit, typically with a variable interest rate, while a home equity loan offers a fixed interest rate and one-time lump sum with predictable monthly payments.

How much can I borrow with a HELOC?

The exact figure will depend on your personal financial picture, including your credit score, income, and debts. Generally, you can borrow up to 90% of your equity.

What can I use the money for from a HELOC?

HELOC funds can be used for almost any expense, including home repairs, debt consolidation, and educational pursuits.

Is a HELOC interest rate fixed or variable?

Most HELOCs have a variable interest rate, although some lenders offer a fixed-rate option.

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