Free North Carolina HELOC Payment Calculator
North Carolina HELOC Calculator
By SoFi Editors | Updated January 29, 2026
Your home doesn’t just provide shelter — it’s also a dynamic financial asset. And for homeowners in North Carolina, the ability to access the equity built up in a property with a home equity line of credit (HELOC) can expand horizons. HELOC funds can be used for practically any purpose and can fund a renovation or help you downsize your debts.
A North Carolina HELOC calculator is an indispensable resource on this journey, allowing you to see what monthly payments on a HELOC might be at various borrowed amounts and interest rates. This guide will help you use the calculator correctly and expand your knowledge of what a home equity line of credit is and what it can do for you.
- Key Points
- • A home equity line of credit allows homeowners to borrow, repay, and reborrow funds, using equity as collateral.
- • A HELOC has two distinct stages and a free HELOC repayment calculator can help homeowners estimate their financial obligation at each stage.
- • Interest is calculated only on the portion of the credit line currently in use, providing a cost-effective alternative to lump-sum financing.
- • Most HELOCs have a variable interest rate tied to economic benchmarks, which can cause monthly payment amounts to fluctuate.
- • The flexibility of these funds allows them to be used for a wide range of purposes, including debt consolidation, education expenses, or as a financial reserve.
Calculator Definitions
• HELOC Balance: This figure is the amount of money currently withdrawn from an existing HELOC or the amount you think that you will need to withdraw.
• Current Interest Rate: The interest rate is the percentage of the amount you have borrowed that is charged for borrowing. Because HELOC rates are usually variable, the figure represents the current cost of borrowing rather than a permanent fixed rate.
• Draw Period: The draw period is the initial timeframe, usually five to 10 years, during which the homeowner can actively withdraw funds from the equity product. During this phase, many agreements allow for interest-only payments to keep initial monthly costs manageable.
• Repayment Period: Following the draw phase, the repayment period begins and typically spans 10 to 20 years. At this point, there is no further borrowing, and the homeowner must repay the outstanding principal plus interest. The shorter the repayment period, the higher monthly payments will likely be.
• Monthly Interest Payment: This is the monthly payment option available during the draw period. It covers only the cost of borrowing and doesn’t include any money to repay what was borrowed.
• Monthly Principal and Interest Payment: This payment is the amount required to fully pay off the borrowed funds, with interest, over the course of the repayment phase.
How to Use the North Carolina HELOC Calculator
Enter a few basic facts and you can get estimates of monthly payments during the draw and repayment phases. Here’s how:
Step 1: Enter Your Planned or Actual HELOC Balance
To begin the calculation, the calculator needs your current (or estimated) HELOC balance. This is not the total limit of your line of credit, but rather the specific amount you have already drawn or plan to draw.
Step 2: Estimate Your Interest Rate
The interest rate is the most volatile component of your financing. If you already have a HELOC, use your current rate. If you are thinking about getting a HELOC, use a rate quoted by a lender. Later you can input higher or lower rates to see how payments might change as the variable rate adjusts.
Step 3: Choose the Length of the Draw Period
The draw period is the window of time when the line of credit remains open for new withdrawals. While 10 years is a common standard, some agreements specify five years. Whatever period you choose, you can expect the monthly payment amount to increase significantly when the draw period ends.
Step 4: Select Your Repayment Period
The repayment period is the timeframe allotted to pay back the full balance, with interest. This phase typically lasts between 10 and 20 years. The shorter the repayment phase the higher you can expect your monthly bill to be.
Step 5: Review Your Results
The free HELOC calculator will provide a breakdown of your projected monthly obligations during both the draw and repayment phase. It’s important to examine these numbers to ensure that both estimates can fit comfortably in your budget.
What Is a Home Equity Line of Credit?
If using the HELOC calculator has piqued your interest in how to get equity out of your home, it’s helpful to take a step back and make sure you understand exactly how a HELOC works. A HELOC is a revolving credit line that uses your home as collateral. Technically, the HELOC is a second mortgage (assuming you are still paying off your home loan).
“Revolving” means that during a predetermined time period, you can borrow money from the credit line, repay it (if you wish) and then borrow again, up to your credit limit. HELOCs have two phases. The first, a draw phase, is when borrowing happens. Many lenders don’t require you to repay any of the principal during this time. You’ll just have to make monthly interest payments on whatever balance you are carrying. A HELOC interest-only calculator is another way to see what these payments might be.
After the draw comes the repayment phase. Monthly payments will increase in size as you begin to repay what you have borrowed, with interest. Using the HELOC payment calculator can help you understand what that jump in costs might look like so you can be prepared. You can use a HELOC repayment calculator to estimate payments as the variable interest rate on a HELOC changes during this time.
Lenders typically allow homeowners to access up to 90% of their equity with a HELOC, but they like the homeowner to have at least 15% equity in the home before greenlighting borrowing with a HELOC. To determine your equity level, subtract your mortgage balance from your home’s estimated value. Then divide the answer by the home value to get a percentage. Your credit score will be a factor in determining whether or not you qualify for this type of borrowing. At minimum, you would need a score of 640. Some lenders prefer 680. And for the best interest rates, a credit score of 700-plus is often necessary. It makes sense to look for borrowers with a good track record of managing credit: After all, if you fail to repay what you borrow with a HELOC, you risk foreclosure.
Recommended: Different Types of Home Equity Loans
Home Equity Trends in North Carolina
HELOCs are pretty popular lately, as home equity has risen across the U.S., giving homeowners more equity to work with. The average homeowner in North Carolina has more than $120,000 in equity. In fact, average equity in the state has more than doubled since 2020. A credit line equivalent to 90% of the average equity would allow a North Carolina owner to borrow up to $108,000.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
Making decisions based on data from a HELOC payment calculator is a hallmark of sound financial planning. Just running the basic numbers in the calculator is a smart move. But you can also use the calculator and its output in more expansive ways:
Try running scenarios: Homeowners thinking about a HELOC can input different HELOC balances, interest rates, or repayment terms to see how each of these things will affect the amount of the 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 HELOCs’ variable interest rates can shift over time.
Evaluate debt-consolidation strategies: If you have 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 on the cards at once. There’s a good chance your monthly payment with a HELOC would be less than the sum of what you now pay. And it would be a single payment instead of multiple payments.
Plan for future payments: Looking carefully at the monthly principal and interest payment during repayment will prepare you for how payments increase after the draw phase of a HELOC ends. Seeing these future figures early on can motivate a would-be borrower to put up some guardrails around what is and isn’t an appropriate use of a HELOC.
Recommended: HELOC vs. Home Equity Loan
Tips on HELOCs
Borrowing based on the equity in your home is a major responsibility that requires a clear understanding of the risks and rewards involved. There are other things you can do, in addition to using the free HELOC calculator, to ensure success.
• Compare options from multiple lenders. Financial institutions offer different margins, fee structures, and introductory periods when rates tend to be especially low. A sweet “teaser rate” might look attractive for the first six months, but it’s important to also look at how much a variable rate can adjust, and how often, over the entire life of the HELOC.
• Manage with care. Since the consequences of missing payments can include the loss of your home, keeping a close eye on your monthly budget is a top priority. A missed payment on a HELOC is far more serious than a missed payment on an unsecured credit card.
• Take advantage of tax breaks. The interest on a HELOC, unlike the interest on a credit card or personal loan, is tax deductible in 2026 for homeowners who itemize their return. It’s a good idea to work with a tax advisor to take advantage of this and potential future tax strategies.
• Make principal payments. During the draw phase you may not be required to pay down the principal, but it’s smart to try to send payment toward the principal, to the extent that your budget permits. It will make entering the repayment phase a less abrupt transition.
Alternatives to HELOCs
If you are unsure about a HELOC or just want to make sure you cover all the bases as you explore how to take advantage of your equity, you’ll want to take a little time to look at the other borrowing options that are likely available to you. For starters, make sure you understand what is a home equity loan and how it differs from a HELOC.
Home Equity Loan
A home equity loan, like a HELOC, is a second mortgage because it uses your home as collateral. But a home equity loan provides a homeowner with a lump sum of money all at once. It is a fixed-rate loan with predictable monthly payments that begin immediately after the funds are delivered. A home equity loan is often a smart choice for homeowners who have a specific, one-time expense with a known cost. A home equity loan calculator can show you what those payments might be.
Home Improvement Loan
This unsecured personal installment loan provides a lump sum of money at a fixed interest rate for a defined term. Unlike a HELOC or home equity loan, a home improvement loan does not use 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 like a HELOC, 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 in play, a personal line of credit is less risky for the borrower; however, this typically 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 primary mortgage with a completely new one for a larger amount than you currently owe. You receive the difference in cash at closing. As you compare a cash-out refinance vs. a home equity line of credit it’s important to keep in mind that a refinance is only a good idea if current market interest rates are lower than your original mortgage rate. Closing costs on the refi are 2% to 5% of the home price.
The Takeaway
A North Carolina HELOC payment calculator can help you plan for your HELOC and navigate repayment without surprises. Understanding the definitions of key terms, the phases of the financing, and the various ways to interpret data can help you move forward with confidence. The next step if you’re interested in a revolving line of credit? Begin to look at lenders, their fees and terms, and get quotes on possible interest rates.
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.
FAQ
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line of credit that functions similarly to a credit card. You can borrow and repay funds as needed for up to a decade and pay interest on what you borrow according to a variable interest rate. In contrast, a home equity loan provides a one-time lump sum of cash with a fixed interest rate.
How much can I borrow with a HELOC?
Lenders may allow you to borrow up to 90% of your home equity, which is your home’s appraised value minus whatever you still owe on your home loan. Your specific limit will also be influenced by your credit score, income history, and debt-to-income ratio.
What can I use the money for from a HELOC?
There are no strict requirements on how the funds must be spent. Homeowners commonly use their line of credit for major home renovations, debt consolidation, education costs, or medical expenses. Having access to a credit line also serves as an effective financial safety net.
Is a HELOC interest rate fixed or variable?
Most HELOCs feature a variable interest rate that fluctuates based on a benchmark index, such as the U.S. prime rate. This means monthly payments can change as economic conditions shift.
Learn more about home equity lines of credit:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Free New Mexico HELOC Payment Calculator
New Mexico HELOC Calculator
By SoFi Editors | Updated January 23, 2026
A home equity line of credit (HELOC) calculator is a strategic financial planning tool for homeowners in New Mexico. By providing a clear estimate of potential payment structures, it empowers you to understand how this flexible financial product might fit into your budget.
Using a New Mexico HELOC calculator can bring clarity to your financial decisions before you commit. Here’s a close look at how to use the calculator, what a home equity line of credit is, alternatives to explore, and more.
- Key Points
- • A home equity line of credit (HELOC) is a revolving line of credit secured by the equity in a home.
- • A HELOC has two distinct phases: a draw period followed by a repayment period.
- • During the draw period, borrowers can access funds as needed up to an approved limit.
- • During the repayment period, funds can no longer be withdrawn, and the outstanding principal and interest must be repaid.
- • Most HELOCs feature variable interest rates that can change over the life of the line of credit.
Calculator Definitions
• HELOC Balance: The HELOC balance is the total amount of money that has been withdrawn from the available line of credit. Interest is charged on this outstanding balance.
• Current Interest Rate: The interest rate is the percentage charged on the borrowed balance. HELOCs typically have variable rates, meaning the rate can rise or fall over time based on market conditions.
• Draw Period: The draw period is the designated timeframe, often lasting five to 10 years, during which a homeowner can borrow funds from their HELOC.
• Repayment Period: The repayment period immediately follows the draw period and typically lasts 10 to 20 years. During this phase, you can no longer withdraw funds and must make regular payments on the principal and interest.
• Monthly Interest Payment: This is the payment typically made during the draw period, which often consists only of the interest accrued on the withdrawn balance. This structure results in lower initial monthly payments but does not reduce the principal.
• Monthly Principal and Interest Payment: This is the standard payment required during the repayment period. It covers both a portion of the borrowed principal and the accrued interest.
How to Use the New Mexico HELOC Calculator
The purpose of a HELOC calculator is to help homeowners visualize how different variables — such as the amount borrowed, the interest rate, and the term lengths — can affect their estimated monthly payments. Here’s a step-by-step guide on how to use it.
Step 1: Enter Your Planned or Actual HELOC Balance
This figure represents the principal balance you plan to borrow or have already withdrawn from your line of credit. It is the foundational amount used to calculate your interest charges and repayment schedule.
Step 2: Estimate Your Interest Rate
Enter the interest rate applicable to your balance. Because most HELOCs have variable rates, consider testing higher rates to see how potential market changes could affect your monthly payments.
Step 3: Choose the Length of Your Draw Period
Input the duration of your draw period, which is typically between five and 10 years. This timeframe determines how long you have access to the funds in your credit line before the repayment phase begins. A HELOC interest-only calculator can help you see your payments during this phase.
Step 4: Specify Your Repayment Period
Enter the length of the repayment period, which generally ranges from 10 to 20 years. The duration of this period directly influences the size of your monthly principal and interest payments. A HELOC repayment calculator allows you to see what those payments might be.
Step 5: Review Your Results
The calculator will provide estimates for your monthly payments during both the draw and repayment periods. These figures are for planning and budgeting purposes, helping you understand the potential financial impact.
What Is a Home Equity Line of Credit?
What Is a Home Equity Line of Credit?
A home equity line of credit (HELOC) is a flexible financial tool for homeowners who have built equity and wish to leverage it for various financial goals. It allows homeowners to convert illiquid home equity into accessible cash for high-impact goals like home improvements or consolidating high-interest debt, often at a lower interest rate than unsecured credit.
A HELOC is a revolving line of credit secured by the equity in your home, which is the difference between the home’s market value and the outstanding home loan balance. It operates in two distinct phases:
• The Draw Period: Typically lasting five to 10 years, this is the phase where you can withdraw funds as needed, up to your credit limit. During this time, payments may be interest-only, and you only pay interest on the amount you have actually borrowed.
• The Repayment Period: Following the draw period, this phase usually spans 10 to 20 years. You can no longer draw funds, and you must begin making regular payments that cover both the principal balance and the interest.
A key characteristic of most HELOCs is their variable interest rate, which means the rate can fluctuate over time. A HELOC calculator can help you be prepared for these adjustments.
Recommended: HELOC vs. Home Equity Loan
What Is a HELOC Calculator?
If you’re thinking of getting equity out of your home, the first step is using a HELOC calculator. A HELOC calculator helps homeowners estimate the potential costs of a home equity line of credit. By entering details such as the credit limit, interest rate, draw period, and repayment term, it provides an estimate of monthly payments and interest costs.
A HELOC calculator is especially useful for comparing scenarios, planning for rate changes, and deciding whether a HELOC fits your financial goals.
Home Equity Trends in New Mexico
For homeowners in New Mexico, understanding home equity is fundamental to accessing financial products like a HELOC. Home equity is the portion of your property’s value that you own outright. It is calculated by taking your home’s current market value and subtracting your outstanding mortgage balance.
Homeowners build equity in two primary ways. First, every mortgage payment you make reduces your principal loan balance, thereby increasing your ownership stake. Second, your equity can grow if your property’s market value increases over time. Building sufficient equity — often at least 15% — is a key requirement for qualifying for a HELOC, as this equity serves as the collateral for the line of credit.
From 2020 to 2025, home equity grew significantly across the U.S., increasing 142% nationwide and adding roughly $11.5 trillion in total value. New Mexico outpaced the national average during this period, with home equity rising 172%. As of 2025, the average New Mexico homeowner holds about $116,283 in equity, reflecting strong appreciation in home values and increased ownership stakes that may provide greater borrowing flexibility through options like HELOCs or home equity loans.
Here’s a look at how equity has risen nationwide between 2020 and 2025.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
The outputs from a HELOC calculator are strategic insights that can inform your financial planning. By understanding the potential costs and payment structures, homeowners can make more confident and advantageous decisions.
• Budgeting: The estimated monthly payments for both the draw and repayment periods allow you to see how a HELOC would fit into your monthly budget. You can plan for the lower, often interest-only payments during the draw period while preparing for the higher principal-and-interest payments that will begin later.
• Financial foresight: One of the biggest risks with a HELOC is the potential “payment shock” when transitioning from the draw period to the repayment period. The calculator helps you visualize the size of this payment increase, allowing you to prepare years in advance and avoid financial strain.
Tips on HELOCs
The flexibility of a HELOC requires discipline to ensure you stay on track with your financial goals without taking on unmanageable debt. Below are tips to ensure best-use practices when managing a HELOC:
• Manage payments carefully: Because your home secures the loan, falling behind on payments puts you at risk of foreclosure. It is essential to have a clear repayment plan and budget for payments, especially when transitioning from the draw period to the higher-payment repayment period.
• Compare options from multiple lenders: Interest rates, fees, and terms can vary significantly between lenders. Shop around with banks, credit unions, and online lenders to compare offers, including introductory rates, rate caps, and closing costs, to find the best deal for your situation.
• Understand potential fees: HELOCs can come with various fees. Be aware of potential closing costs (typically 2% to 5% of the credit limit), annual fees, inactivity fees if you don’t use the line, and prepayment penalties or early closure fees if you pay off and close the line within a few years of opening it.
• Recognize the risk: The most significant risk of a HELOC is that it uses your home as collateral. Defaulting on the loan could lead to the lender foreclosing on your property, so it’s critical to borrow wisely and ensure you can afford the payments.
If after considering these points a HELOC does not seem like the right fit, it is beneficial to explore alternatives.
Recommended: What Is a Home Equity Loan?
Alternatives to HELOCs
For homeowners, it is beneficial to understand the full spectrum of financing options available. While a HELOC offers flexibility, other products may be better suited to different financial goals or risk tolerances. Here are four common alternatives to a HELOC.
Home Equity Loan
A home equity loan also uses your home’s equity as collateral but differs significantly from a HELOC. It provides a single lump-sum disbursement at a fixed interest rate, which results in predictable, consistent monthly payments over the life of the loan. This makes it a good option for those who need a specific amount of money at once and prefer budget stability.
A home equity loan calculator can help you compare the cost of this product to that of a HELOC.
Recommended: Different Types of Home Equity Loans
Home Improvement Loan
A home improvement loan is a type of personal loan specifically used for renovations. Unlike the revolving credit of a HELOC, it provides a one-time lump sum of cash, which is ideal for projects with a known cost. Since your home is not used as collateral, interest rates are typically higher.
Personal Line of Credit
A personal line of credit is similar to a HELOC in that it offers a revolving line of credit you can draw from as needed. The primary difference is that it is typically unsecured, meaning it does not use your home as collateral, which may result in a higher interest rate.
Cash-Out Refinance
A cash-out mortgage refinance replaces your existing mortgage with a new, larger loan, allowing you to take the difference in cash. When comparing a cash-out refinance vs. home equity line of credit, a HELOC is a second mortgage, whereas a cash-out refinance alters the terms of your current mortgage.
The Takeaway
A New Mexico HELOC calculator serves as a valuable first step for any homeowner considering tapping into their home’s equity. It provides potential monthly payment estimates, empowering homeowners to budget effectively, compare financing options, and make more informed decisions that align with their personal financial goals.
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.
FAQ
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line of credit with a typically variable interest rate, allowing you to borrow funds as needed during a draw period. In contrast, a home equity loan provides a single lump sum of money upfront at a fixed interest rate, with predictable monthly payments that begin immediately.
How much can I borrow with a HELOC?
Homeowners can typically borrow up to 90% of their home’s equity, but typically need at least 15% equity to qualify. The exact amount depends on several factors, including the lender’s policies, the amount of equity you have, and your overall creditworthiness.
What can I use the money for from a HELOC?
The funds from a HELOC are highly flexible and can be used for almost any purpose. Common uses include financing home improvements, consolidating higher-interest debt like credit cards, and paying for major expenses such as education tuition or medical bills.
Is a HELOC interest rate fixed or variable?
A HELOC interest rate is typically variable, meaning it can change over time based on market benchmarks like the prime rate. As rates rise or fall, your monthly payment may increase or decrease.
What happens when the draw period ends?
Once the draw period ends, you can no longer withdraw funds from the line of credit. The repayment period begins, and you must start making regular monthly payments that cover both the principal you borrowed and the accrued interest until the balance is paid off.
Learn more about mortgages:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Free New Jersey HELOC Loan Payment Calculator
New Jersey HELOC Calculator
By SoFi Editors | Updated January 29, 2026
Homeownership in New Jersey often represents the largest single component of a household’s net worth. It also gives the state’s residents real borrowing power. If you’re among the Garden State homeowners exploring how to get equity out of your home with a home equity line of credit (HELOC), a free HELOC calculator will be a helpful resource.
This guide will show you how to use the calculator and its data in your decision making process and educate you on how a HELOC works, as this very flexible borrowing method has special characteristics you’ll want to be aware of before starting your borrowing journey.
- Key Points
- • A home equity line of credit is a revolving credit line secured by the borrower’s primary residence.
- • A HELOC payment calculator allows users to compute monthly payment amounts for the two phases of a HELOC, draw and repayment.
- • Homeowners can typically access up to 90% of their equity, depending on the specific terms offered by the lender.
- • Most HELOCs feature variable interest rates.
- • Interest paid on a HELOC may be tax-deductible.
Calculator Definitions
• HELOC Balance: The HELOC balance is the total amount you want to draw from your line of credit or the amount already drawn. Interest is calculated based on the outstanding balance.
• Current Interest Rate: This is the percentage charged on the borrowed funds. Most HELOCs have a variable interest rate tied to a market index.
• Draw Period: The draw period is the HELOC’s first phase, often up to 10 years, during which you can borrow funds as needed up to the credit limit. During this phase, you likely will only be required to pay interest on what you’ve borrowed, although some borrowers choose to repay the principal.
• Repayment Period: This phase begins after the draw period ends and lasts 10 to 20 years. Homeowners can no longer borrow and must make regular payments that cover both the principal and the interest to fully pay off the balance.
• Monthly Interest Payment: This figure shows the cost of borrowing for one month based on the current balance and interest rate. This is the interest-only payment amount during the draw phase.
• Monthly Principal and Interest Payment: This is the total required monthly payment during the repayment phase, designed to eliminate the debt by the end of the term. It includes both the interest charges and a portion of the principal balance.
Understanding these definitions will help you grasp what is a home equity line of credit and how it works.
How to Use the New Jersey HELOC Calculator
Using the free HELOC calculator is easy. Simply follow these steps for the most accurate estimates.
Step 1: Enter Your Planned or Actual HELOC Balance
Entering the current outstanding balance is necessary to establish the baseline for repayment.
Step 2: Estimate Your Interest Rate
Since most lines of credit use variable rates, this percentage may shift over the life of the HELOC. Select the current rate or use the calculator to estimate higher or lower rates.
Step 3: Choose the Length of the Draw Period
Homeowners must indicate how long they intend to have active access to the fundsChoose a period of between 5 and 10 years.
Step 4: Select Your Repayment Period
This step defines the timeline for paying back the used funds plus interest, typically over 10 to 20 years. The longer the repayment period, the lower the monthly payments will usually be. However longer repayment periods typically cost more in interest over time.
Step 5: Review Your Results
The final step is to analyze the projected monthly payments to make sure they will fit into your household budget, both in the short and long term.
What Is a Home Equity Line of Credit?
If using the HELOC payment calculator reveals that monthly HELOC payments might fit into your budget, you’ll want to take a step back and make sure you understand exactly what a HELOC is and how it works before seeking out a lender. Unlike traditional installment debt where a borrower receives a lump sum, a HELOC allows a homeowner to withdraw funds as needed up to a predetermined credit limit. The revolving nature is one of its most distinct features: As the borrower pays down the balance, the credit line immediately becomes available to use again. This is similar to how a credit card functions, but because a HELOC is secured by your home, it will often have higher borrowing limits and lower interest rates.
A HELOC is divided into two phases. The first is the draw period, which typically lasts up to 10 years. During this time, the homeowner has the freedom to access the credit line as needed. Many lenders provide the option of making interest-only payments during this time, which can keep initial costs low. A HELOC interest-only calculator can show you what these payments might look like.
Once the draw period ends, the HELOC enters the repayment period, which can last 10 or even 20 years. At this point, the borrower can no longer draw on the credit line and must begin making regular payments that cover both the principal and the interest. A HELOC repayment calculator computes these larger payments.
Since your property is the collateral, failing to meet the payment obligations can lead to foreclosure. This means it’s essential to have a clear repayment strategy before borrowing with a HELOC. It’s also important to understand that HELOCs typically have variable interest rates, meaning the amount of interest the borrower will pay can change over time — which could be decades.
The flexibility of a revolving line of credit makes it ideal for projects with uncertain timelines, such as extensive home renovations where costs may be spread out over several years. Instead of paying interest on a large lump sum from day one, the homeowner only pays interest on the amount they have withdrawn. This efficiency, combined with the potential for lower rates, makes it a smart solution for those with disciplined spending habits.
Recommended: Different Types of Home Equity Loans
Home Equity Trends in New Jersey
Home equity builds up as you make payments on your home loan. But equity also increases as home prices rise, and New Jersey has seen its share of price increases. In the fall of 2020, the median sale price of a New Jersey home was $386,000, according to Redfin. Fast forward to 2025 and the median sale price had increased to $559,500. The average New Jersey homeowner is now enjoying more than $270,000 in home equity, as equity has risen more than 120% in the state in the five years ending in 2025. If Jane and Joe Average qualified for a HELOC and were allowed to borrow up to 90% of their equity, they would have a credit line of $243,000.
The graphic shows how equity has increased across the U.S. in that same five-year time period.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
The monthly payment estimates provided by a HELOC can help with budgeting, scenario planning, and debt consolidation. Let’s look at these individually:
Budgeting: Having the monthly payment estimates from a free HELOC payment calculator allows homeowners to determine how the HELOC might fit into their budget, both during the draw and repayment phases. Running different HELOC balance numbers in the calculator can also help a homeowner set a maximum borrowing amount — by trying different numbers in the HELOC balance field, you can quickly see the point at which the monthly payments become untenable.
Scenario planning: Try out different repayment terms using the calculator to see what timeline feels right for your HELOC repayment phase. Remember that a shorter repayment term means higher monthly payments but likely will result in less interest paid overall. Think about how long you might stay in your home as well. Is this a forever house, or will you be moving in, say, in a decade? That might affect the repayment term you choose.
Debt consolidation: If you add up your total monthly payments on the credit cards or personal loan you’re currently carrying you can compare that number to the payment you’d be making if you used a HELOC to pay off all that debt. If the HELOC payments are lower, then using the credit line to erase credit card debt might be a good solution.
Tips on HELOCs
You’ve no doubt already gleaned that if you have a HELOC it’s important to have some guardrails around how you use the credit line. With interest-only payments for up to a decade, one can quickly rack up debts that, come repayment time, pose a real budget challenge. Here are a few other insights about how to obtain and manage a HELOC:
Shop around. Before signing on to a HELOC, you’ll want to compare interest rates, fees, and terms from multiple lenders, as their offerings can vary. Finding a lender with the best rates and fees can significantly reduce the cost of the HELOC over several decades.
Consider making proactive payments. You may not be required to pay down the principal owed on your HELOC during the draw phase, but it’s a good idea to direct some cash to this purpose when you can. That will help ensure you hit the repayment phase with a manageable monthly bill.
Watch interest rates. Your HELOC agreement will specify how often rates can change and by how much. Keep an eye on the rate so you aren’t surprised by a monthly bill. You can always return to the HELOC payment calculator to see how a rate change affects your payments.
Don’t miss payments. Maintaining a consistent payment history will protect your property from the risk of foreclosure — not to mention it’s a good thing for your credit score.
Recommended: HELOC vs. Home Equity Loan
Alternatives to HELOCs
A revolving line of credit may not be the ideal borrowing method for every homeowner. Depending on your financial habits, other options might offer more stability or a different risk profile. For starters, you’ll want to understand what is a home equity loan and how it differs from a HELOC.
Home Equity Loan
A home equity loan is an installment loan that provides a lump sum at a fixed interest rate. Unlike a revolving line, the borrower receives all funds at once and begins paying back both principal and interest immediately. If you prefer stable monthly payments and need funds for a large, one-time expense, this might be a good solution for you. A home equity loan calculator can show you what your payments might be based on the amount you wish to borrow.
Home Improvement Loan
This is typically an unsecured loan intended for specific residential projects. Since your home is not used as collateral, the property is not at risk of foreclosure. The tradeoff: Interest rates are typically higher than those for home-equity-based borrowing, and the amount you can borrow may be lower than what you would see with a HELOC.
Personal Line of Credit
Another generally unsecured loan, this is a credit line (vs. a lump-sum loan). It offers flexibility for ongoing expenses, but usually comes with a lower credit limit and higher interest rate than a HELOC or home equity loan because no collateral is involved.
Cash-Out Refinance
A cash-out mortgage refinance replaces your existing mortgage with a new, larger one. You receive the difference in cash. If you’re thinking about a cash-out refinance vs. a home equity line of credit there are a few considerations: A refinance will leave you with one monthly payment instead of two. This can be appealing, but it only makes sense if a refi allows you to secure a lower interest rate than you have on your original mortgage. Another point: With a refinance, you’ll begin repaying the loan immediately, while with a HELOC you can delay repaying your principal as long as you make the interest payments.
The Takeaway
A HELOC is a useful tool for New Jersey homeowners, offering the flexibility to borrow as needed by leveraging the value of their residence. However, using your home as collateral requires a high degree of responsibility and a clear understanding of the long-term obligations involved in paying back what is borrowed. A free HELOC calculator can provide the clarity needed to determine whether a HELOC is a good fit for your finances.
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.
FAQ
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line of credit that allows you to borrow and repay funds as needed, much like a credit card. A home equity loan is an installment loan that provides a one-time lump sum with a fixed interest rate. While both use your home as collateral, the HELOC offers greater flexibility for ongoing expenses but also a less predictable monthly payment due to its variable interest rate. The home equity loan provides predictable, fixed monthly payments from the start.
How much can I borrow with a HELOC?
Lenders may allow you to borrow up to 90% of your home equity. The specific limit is determined by your credit score, income, and debt-to-income ratio (your monthly debts divided by your gross monthly income).
What happens when the draw period ends?
When the draw period concludes on a home equity line of credit, you can no longer withdraw money. The repayment period begins, and you must start making monthly payments that cover both the principal and the interest. The repayment phase typically lasts between 10 and 20 years. It is important to prepare for this transition, as the shift from interest-only payments to full principal and interest payments can lead to a significant increase in your monthly bill.
Is the interest on a HELOC tax-deductible?
The interest paid on a line of credit may be tax-deductible, although you’ll need to itemize on your tax return to capture this deduction. A tax advisor can help you with this process and keep you apprised of any change in the rules concerning HELOCs.
Learn more about home equity line of credits:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
SOHE-Q425-080
Get prequalified in minutes for a SoFi Home Loan.
Free New Hampshire HELOC Payment Calculator
New Hampshire HELOC Calculator
By SoFi Editors | Updated January 23, 2026
Tapping into your home’s equity is a significant financial step that needs careful planning. Before you apply for a home equity line of credit, use the New Hampshire calculator to see your estimated monthly payments during both the draw period and repayment period.
This guide offers basic information including definitions, housing trends, tips, financing alternatives, and clear step-by-step instructions on how to use the calculator. Use this knowledge to make a confident decision on whether a HELOC is right for your budget and 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 toward a major project or expense.
- • There are two payment periods to be aware of: the draw period and repayment period.
- • Most HELOCs feature variable interest rates, meaning your monthly payments can change over time based on broader economic conditions.
- • To qualify, lenders generally require that homeowners have a minimum of 15% equity in their home.
- • Qualified borrowers may be able to access up to 90% of their home equity.
Calculator Definitions
• HELOC Balance: This term represents the total amount of money a borrower has currently withdrawn from their available credit line, or the amount a homeowner plans to borrow.
• Current Interest Rate: This is the rate at which interest accumulates on your outstanding HELOC balance.
• Draw Period: This is the specific time frame—often between 5 and 10 years—during which you can access funds from your HELOC, up to your approved credit limit.
• Repayment Period: This is the second phase—often 20 years—when the homeowner must pay back the full balance through combined principal and interest payments.
• Monthly Interest Payment: This is the monthly cost of borrowing funds based on the outstanding balance and the current variable interest rate. It does not contribute to reducing the original amount used.
• Monthly Principal and Interest Payment: This is the amount you’ll be required to pay monthly during the repayment period. Use the New Hampshire HELOC payment calculator to get estimates since your exact payment amount will be based on current rates.
How to Use the New Hampshire HELOC Calculator
Follow these easy instructions to use the New Hampshire HELOC payment calculator most effectively.
Step 1: Enter Your Planned or Actual HELOC Balance
Start with the total amount you plan to borrow from the line of credit.
Step 2: Estimate Your Interest Rate
Now, enter your desired annual interest rate. The rate can be from a prospective lender or an estimate based on your research.
Step 3: Choose the Length of the Draw Period
The draw period timeframe is typically five to 10 years.
Step 4: Select Your Repayment Period
The repayment period timeframe is typically 10 to 20 years.
Step 5: Review Your Results
Analyze the results by looking closely at the potential monthly payments during both the draw and repayment periods to see if they fit within your monthly budget.
Now that you are familiar with how to use the New Hampshire calculator, let’s 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 or personal loans. This also means that you risk foreclosure if you fail to make payments.
As you learn how a HELOC works, keep in mind that 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. The interest rate is usually variable (unlike a standard home equity loan, which usually offers a fixed interest rate) so it’s helpful to keep an eye on market movements and trends, like the U.S. Prime Rate.
There are two phases to the HELOC. First is the draw period, which is typically 5 to 10 years. This 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. Our HELOC interest-only calculator can help you assess what your payment amounts for the draw period may be.
Then you begin the repayment period, usually 10 to 20 years, when your required monthly payments will increase significantly to cover both the principal balance and the interest. During this phase, you can use a HELOC repayment calculator to help you out.
If you are a New Hampshire homeowner who has built up equity in your property, then you will want to use these tools to help you understand how to get equity out of your home.
Recommended: HELOC vs. Home Equity Loan
Home Equity Trends in New Hampshire
As you consider different types of home equity loans, you will see that the amount of equity a homeowner possesses is the key to borrowing power.
With a HELOC, it’s helpful to monitor equity levels and housing trends. For example, with the upswing in housing prices from 2020 to 2025 (see chart), many homeowners find themselves sitting on substantial equity in their homes.
Homeowners in New Hampshire have enjoyed an average equity level increase of 136% over the same period. The average home equity per New Hampshire homeowner is more than $275,000 as of 2025.
To qualify for a HELOC, lenders typically require that a homeowner maintain at least 15% equity. Also, you can borrow up to 90% of equity. With these figures, you may see that you have a sizable amount of equity to tap into.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
The New Hampshire HELOC payment calculator allows you to experiment with different loan scenarios, budget effectively, and prepare for productive conversations with lenders. Follow these steps to get the most out of the calculator:
• Explore the estimates: One of the key functions of the New Hampshire payment calculator is its ability to model scenarios. Since HELOC rates can shift over time, experiment with different HELOC balances, interest rates, or repayment terms to see how each of these figures affects the monthly payment.
• Evaluate debt consolidation: If you’re managing high-interest credit card debt, 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.
• Approach lender conversations more confidently: Use the New Hampshire calculator ahead of time to run estimates and gain a clear understanding of your borrowing capacity. That way you can enter lender negotiations with more realistic expectations.
Tips on HELOCs
Here are some tips that apply to HELOCs:
1. Strengthen your credit score: Lenders typically require a credit score of at least 640.
2. Shop around with different lenders: Don’t commit right away. Instead, compare annual fees, inactivity fees, and prepayment penalties from a variety of lenders.
3. Prepare and plan a budget: With the transition between the two HELOC phases (the draw period and repayment period), you’ll see your monthly payments increase from interest-only to principal-and-interest.
4. Consider the risks: A HELOC uses your home as collateral. This means that the lender could foreclose on your home if you fail to make payments.
Alternatives to HELOCs
Even if you are confident that a HELOC is appropriate for your budget and goals, it’s a good idea to be aware of alternatives before making a final decision. Here are some options:
Home Equity Loan
For a single, fixed-cost project, a home equity loan is a good choice because it provides the homeowner with a one-time, lump-sum disbursement secured by their home’s equity. The home equity loan typically has a fixed interest rate, which makes for consistent and predictable monthly payments. Use a home equity loan calculator to 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 to be used for renovations and repairs. It is similar to a home equity loan with fixed installments and predictable payments, but it is unsecured (it does not use your home as collateral), which typically results in a higher interest rate.
Personal Line of Credit
A personal line of credit (PLOC) is a revolving line of credit that is not secured by collateral. It functions similarly to a HELOC in that you can draw and repay funds as needed. Because it is unsecured, the PLOC holds less risk (because your home isn’t on the line) but usually means a higher interest rate. To qualify, a lender will look at your financial picture including your credit score and income; your home equity doesn’t play a role.
Cash-Out Refinance
When a homeowner takes out a cash-out mortgage refinance, they replace their primary mortgage with a new, larger mortgage. This process pays off the original mortgage debt, and the homeowner receives the remaining balance as cash. This move can be beneficial if current interest rates are significantly lower than the rate on the primary mortgage.
As you consider a cash-out refinance vs. home equity line of credit or home equity loan, a key difference is that the refinance consolidates all home debt into a single payment.
The Takeaway
A HELOC could allow you to borrow a lump sum of money against your property’s value. Its fixed interest rate and predictable monthly payments make it an appealing way to access cash for big projects or to pay off debt. Using a HELOC payment calculator can estimate your borrowing capacity and show you what monthly payments might be if you choose this borrowing method. Make sure you borrow responsibly by seeking out offers from multiple lenders to find the lowest rate for your needs.
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.
FAQ
How much can I borrow with a HELOC?
Lenders typically allow you to borrow up to 90% of your equity. The exact amount you can borrow will depend on the equity in your home. (Your equity is equal to your home’s estimated value minus your outstanding mortgage balance.)
What can I use the money for from a HELOC?
Homeowners can put HELOC funds toward almost any purpose, including home renovations, debt consolidation, or educational expenses.
Is the interest on a HELOC tax-deductible?
The interest on a HELOC may be tax-deductible. Always consult a professional tax advisor.
What is the minimum credit score I need to qualify for a HELOC?
You will need to show a 640 credit score or higher. Some lenders require at least a 680 credit score. You may be able to land more favorable terms and interest rates by having a credit score in the 700s.
Learn more about mortgages:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
SOHE-Q425-070
Get prequalified in minutes for a SoFi Home Loan.
Free Nevada HELOC Payment Calculator
Nevada HELOC Calculator
By SoFi Editors | Updated January 23, 2026
Tapping into your home’s equity is a significant financial step that needs careful planning. Our free Nevada HELOC payment calculator helps you estimate the true cost of borrowing. Before you apply for a home equity line of credit, use the Nevada calculator to see your estimated monthly payments.
This guide offers basic information including definitions, housing trends, tips, financing alternatives, and clear step-by-step instructions on how to use the calculator. Use this knowledge to make a confident decision on whether a HELOC is right for your budget and 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 toward a major project or expense.
- • There are two payment periods to be aware of: the draw period and repayment period.
- • Most HELOCs feature variable interest rates, meaning your monthly payments can change over time based on broader economic conditions.
- • To qualify, lenders generally require that homeowners have a minimum of 15% equity in their home.
- • Qualified borrowers may be able to access up to 90% of their home equity.
Calculator Definitions
• HELOC Balance: This term represents the total amount of money a borrower has currently withdrawn from their available credit line, or the amount a homeowner plans to borrow.
• Current Interest Rate: This is the rate at which interest accumulates on your outstanding HELOC balance.
• Draw Period: This is the specific time frame—often between 5 and 10 years—during which you can access funds from your HELOC, up to your approved credit limit.
• Repayment Period: This is the second phase—often 20 years—when the homeowner must pay back the full balance through combined principal and interest payments.
• Monthly Interest Payment: This is the monthly cost of borrowing funds based on the outstanding balance and the current variable interest rate. It does not contribute to reducing the original amount used.
• Monthly Principal and Interest Payment: This is the amount you’ll be required to pay monthly during the repayment period. Use the Nevada HELOC payment calculator to get estimates since your exact payment amount will be based on current rates.
How to Use the Nevada HELOC Calculator
Follow these easy instructions to use the Nevada HELOC payment calculator most effectively.
Step 1: Enter Your Planned or Actual HELOC Balance
Start with the total amount you plan to borrow from the line of credit.
Step 2: Estimate Your Interest Rate
Now, enter your desired annual interest rate. The rate can be from a prospective lender or an estimate based on your research.
Step 3: Choose the Length of the Draw Period
The draw period timeframe is typically five to 10 years.
Step 4: Select Your Repayment Period
The repayment period timeframe is typically 10 to 20 years.
Step 5: Review Your Results
Analyze the results by looking closely at the potential monthly payments during both the draw and repayment periods.
Now that you are familiar with how to use the Nevada calculator, let’s 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 or personal loans. This also means that you risk foreclosure if you fail to make payments.
As you learn how a HELOC works, keep in mind that 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. The interest rate is usually variable (unlike a standard home equity loan, which usually offers a fixed interest rate) so it’s helpful to keep an eye on market movements and trends, like the U.S. Prime Rate.
There are two phases to the HELOC. First is the draw period, which is typically 5 to 10 years. This 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. Our HELOC interest-only calculator can help you assess what your payment amounts for the draw period may be.
Then you begin the repayment period, usually 10 to 20 years, when your required monthly payments will increase significantly to cover both the principal balance and the interest. During this phase, you can use a HELOC repayment calculator to help you out.
If you are a Nevada homeowner who has built up equity in your property, then you will want to use these tools to help you understand how to get equity out of your home.
Recommended: HELOC vs. Home Equity Loan
Home Equity Trends in Nevada
With a HELOC, and with some of the different types of home equity loans, the amount of equity a homeowner possesses is the key to borrowing power. The housing market plays a role in influencing your home equity so it’s helpful to keep an eye on housing trends.
Thanks to a nationwide surge in home equity since 2020 (see chart), homeowners across the U.S., including those in Nevada, have benefited from rising home prices. During that period, Nevada saw a 99% increase in equity. In fact, the average Nevada homeowner has around $156,000 in home equity as of 2025.
Since lenders typically require that a homeowner maintain at least 15% equity to qualify for a HELOC, and you can borrow up to 90% of equity, many homeowners find themselves sitting on a substantial amount of tappable equity.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
The Nevada HELOC payment calculator allows you to experiment with different loan scenarios, budget effectively, and prepare for productive conversations with lenders. Follow these steps to get the most out of the calculator:
• Explore the estimates: One of the key functions of the Nevada payment calculator is its ability to model scenarios. Since HELOC rates can shift over time, experiment with different HELOC balances, interest rates, or repayment terms to see how each of these figures affects the monthly payment.
• Evaluate debt consolidation: If you’re managing high-interest credit card debt, 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.
• Approach lender conversations more confidently: Use the Nevada calculator ahead of time to run estimates and gain a clear understanding of your borrowing capacity. That way you can enter lender negotiations with more realistic expectations.
Tips on HELOCs
Here are some tips that apply to HELOCs:
• Strengthen your credit score: Lenders typically require a credit score of at least 640.
• Shop around with different lenders: Don’t commit right away. Instead, compare annual fees, inactivity fees, and prepayment penalties from a variety of lenders.
• Prepare and plan a budget: With the transition between the two HELOC phases (the draw period and repayment period), you’ll see your monthly payments increase from interest-only to principal-and-interest.
• Consider the risks: A HELOC uses your home as collateral. This means that the lender could foreclose on your home if you fail to make payments.
Alternatives to HELOCs
Even if you are confident that a HELOC is appropriate for your budget and goals, it’s a good idea to be aware of alternatives before making a final decision. Here are some options:
Home Equity Loan
For a single, fixed-cost project, a home equity loan is a good choice because it provides the homeowner with a one-time, lump-sum disbursement secured by their home’s equity. The home equity loan typically has a fixed interest rate, which makes for consistent and predictable monthly payments. Use a home equity loan calculator to 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 to be used for renovations and repairs. It is similar to a home equity loan with fixed installments and predictable payments, but it is unsecured (it does not use your home as collateral), which typically results in a higher interest rate.
Personal Line of Credit
A personal line of credit (PLOC) is a revolving line of credit that is not secured by collateral. It functions similarly to a HELOC in that you can draw and repay funds as needed. Because it is unsecured, the PLOC holds less risk (because your home isn’t on the line) but usually means a higher interest rate. To qualify, a lender will look at your financial picture including your credit score and income; your home equity doesn’t play a role.
Cash-Out Refinance
When a homeowner takes out a cash-out mortgage refinance, they replace their primary mortgage with a new, larger mortgage. This process pays off the original mortgage debt, and the homeowner receives the remaining balance as cash. This move can be beneficial if current interest rates are significantly lower than the rate on the primary mortgage.
As you consider a cash-out refinance vs. home equity line of credit or home equity loan, a key difference is that the refinance consolidates all home debt into a single payment.
The Takeaway
Nevada homeowners can use the HELOC payment calculator as a strategic first step when considering tapping into their home equity. Our online tool provides monthly payment estimates, giving the homeowner a clear idea of their borrowing power. Run scenarios with different borrowed amounts, interest rates, and repayment terms to find the right mix for your budget and goals.
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.
FAQ
How much can I borrow with a HELOC?
Lenders typically allow you to borrow up to 90% of your equity. The exact amount you can borrow will depend on the equity in your home. (Your equity is equal to your home’s estimated value minus your outstanding mortgage balance.)
What can I use the money for from a HELOC?
Homeowners can put HELOC funds toward almost any purpose, including home renovations, debt consolidation, or educational expenses.
Is the interest on a HELOC tax-deductible?
The interest on a HELOC may be tax-deductible. Always consult a professional tax advisor.
What is the minimum credit score I need to qualify for a HELOC?
You will need to show a 640 credit score or higher. Some lenders require at least a 680 credit score. You may be able to land more favorable terms and interest rates by having a credit score in the 700s.
Learn more about mortgages:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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