South Carolina HELOC Calculator

By SoFi Editors | Updated January 23, 2026

A home equity line of credit (HELOC) allows South Carolina homeowners to borrow against the equity they’ve built in their homes, offering flexible access to funds for expenses like renovations, debt consolidation, or unexpected costs. Because HELOCs typically come with variable interest rates and two distinct phases, it’s important to understand how this type of financing works before tapping into your equity.

A South Carolina HELOC calculator can help you estimate monthly payments and explore how rate changes may affect your budget. Keep reading for exactly how to use the calculator, plus learn what a home equity line of credit is and alternatives to consider.


  • Key Points
  • •   A home equity line of credit operates as a revolving account, allowing you to withdraw funds, pay them back, and withdraw them again as needed.
  • •   This financial structure is secured by the equity in your primary residence, which serves as collateral for the credit line.
  • •   The life of the account is divided into two distinct phases: a draw period and a subsequent repayment period.
  • •   Interest rates for these accounts are typically variable, meaning they can fluctuate over time.
  • •   A HELOC calculator can help you predict monthly payments during both the draw period and 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•   HELOC Balance: This represents the total amount of money you have currently withdrawn from your available credit line that has not yet been repaid to the lender.

•   Current Interest Rate: This is the percentage charged on your borrowed funds. This rate is typically variable with home equity lines of credit.

•   Draw Period: This is the initial phase of the credit line, usually lasting 10 years, during which you can actively withdraw funds up to your approved limit.

•   Repayment Period: This is the second phase of the account, often lasting 20 years, where you are required to pay back the outstanding principal and interest.

•   Monthly Interest Payment: This figure represents the cost of borrowing for one month, assuming you are only paying the interest accrued on your current outstanding balance.

•   Monthly Principal and Interest Payment: This is the total amount due each month during the repayment phase, covering both the borrowed principal amount and the cost of the interest.

How to Use the South Carolina HELOC Calculator

Using the South Carolina HELOC calculator is a simple way to estimate payments and understand how borrowing against your home equity could affect your finances. Follow the steps below to model different scenarios and make more informed decisions before applying for a HELOC.

Step 1: Enter Your Planned or Actual HELOC Balance

Enter your current HELOC balance or the amount you plan to borrow. This figure is the primary driver of the monthly cost.

Step 2: Estimate Your Interest Rate

Enter the interest rate your lender offers, or use an estimated rate if you’re still comparing options. Because this figure largely determines your monthly payment and most HELOCs have variable rates, it’s smart to test higher rates as well to see how market changes could impact your costs over time.

Step 3: Choose the Length of Your Draw Period

The draw period defines your window of opportunity for accessing funds. This is the timeframe — often five to 10 years — during which you can use your equity for renovations, tuition, or other major costs.

Step 4: Specify Your Repayment Period

The repayment period is where the true financial commitment is realized. Once the draw phase closes, you enter a term — typically 10 to 20 years — where you must pay back everything you borrowed. In the calculator, specifying this timeframe allows you to examine the impact of different terms on your monthly budget.

Step 5: Review Your Results

Once you have entered all your data, the calculator provides a summary of your monthly obligations and the total cost of borrowing. Reviewing these results allows you to interpret the long-term impact of your equity strategy.

What Is a Home Equity Line of Credit?

A home equity line of credit, commonly known as a HELOC, is a revolving line of credit that allows you to borrow against the value of your primary residence.

Unlike a home equity loan where you receive a single sum of money, a HELOC functions much like a credit card with a significantly higher limit and a lower interest rate. You are approved for a maximum credit amount based on the equity you have built in your home, and you can withdraw as much or as little as you need during the active phase of the account.

There are two distinct phases in a HELOC:

•   The first is the draw period, which typically lasts 10 years. During this time, you can access your funds as needed and are often only required to pay the interest on the amount you have used. Use a HELOC interest-only calculator to see what payments would be based on your balance.

•   The second phase is the repayment period, which usually spans 20 years. Once you enter this phase, you can no longer withdraw money, and your monthly payments will increase to include both principal and interest. Use a HELOC repayment calculator to see what those payments might be.

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 their potential monthly payments during the draw period and repayment period. By adjusting variables such as balance, interest rate, draw period, and repayment term, the calculator allows you to model different scenarios and better understand how a HELOC could affect your budget before borrowing.

Home equity represents the portion of your home you truly own, calculated as the property’s current market value minus any outstanding home loan balances. As home prices rise and loan balances fall, equity can grow into a meaningful financial resource for homeowners looking to borrow against it through options like a HELOC.

From 2020 to 2025, average home equity increased 142% nationwide, adding up to roughly $11.5 trillion in value. South Carolina outpaced the national average during this period, with home equity rising 155%. As of 2025, the average homeowner in the state holds about $93,212 in equity, reflecting strong housing appreciation and increased borrowing potential for many residents.

Here’s a look at how equity has risen nationwide between 2020 and 2025.

How to Use the HELOC Calculator Data to Your Advantage

By analyzing the output of the South Carolina HELOC calculator, you can make decisions that protect your credit and your home while maximizing the utility of your funds. Here are four ways to use the HELOC calculator data to your advantage:

•  Test affordability before borrowing: Use the calculator to estimate monthly payments during both the draw and repayment periods, then compare those figures to your household budget. This helps ensure a HELOC fits comfortably alongside your other financial obligations.

•  Run interest rate scenarios: Because most HELOCs have variable rates, adjusting the rate in the calculator lets you see how payment amounts could change over time. This scenario planning helps you prepare for market fluctuations and avoid surprises.

•  Compare borrowing strategies: By changing the loan balance, draw timing, or repayment length, you can evaluate different ways to use your credit line. This makes it easier to decide how much to borrow and when to repay.

Tips on HELOCs

HELOCs need to be managed with care so you don’t fall behind on bills. Here are some tips for repaying your home equity line of credit:

•  Shop around. Compare options from multiple lenders to find your best offer. Look for a competitive interest rate and low fees, as well as a repayment term and monthly payments that fit your budget.

•  Monitor variable rates. Since most of these accounts have rates that change with the market, you should check your rate regularly. If you see that interest costs are rising across the economy, consider making larger principal payments to reduce your overall debt.

•  Make principal payments early. Even if you are only required to pay interest during the draw period, making voluntary principal payments can save you a significant amount of money in the long run. Every dollar of principal you pay back early is a dollar that won’t accrue interest during the repayment phase.

•  Set a budget for draws. It can be tempting to use a revolving line of credit for everyday expenses, but this can lead to a balance that is difficult to repay. Limit your withdrawals to specific, high-value needs like home repairs, education, or debt consolidation.

•  Check for annual fees. Be aware of inactivity fees or annual maintenance charges that might apply even if you aren’t using the line. Understanding these costs in advance helps you avoid surprises on your monthly statement and ensures you are only paying for a product you truly need.

Alternatives to HELOCs

While a revolving line of credit is a powerful tool, it is not the only way to access funds. Depending on your specific goals and your comfort with using your home as collateral, other financing structures might be a better fit for your financial landscape.

Home Equity Loan

Often confused with its revolving counterpart, a home equity loan is a “closed-end” second mortgage. Instead of a line of credit, you receive a single lump-sum payment at closing. These typically come with a fixed interest rate, providing the predictability of set monthly payments from day one. 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 typically an unsecured installment product. Unlike equity-based lines, it does not require you to use your house as collateral, which can be a significant benefit for risk-averse homeowners. This makes it a lower-risk option for those who may not have enough equity or who do not want to put their property on the line for a renovation. Because it is unsecured, the interest rates are often higher, and the amount you can borrow may be more limited than an equity-based line.

Recommended: Home Equity Loans vs Home Improvement Loans

Personal Line of Credit

A personal line of credit offers a revolving structure similar to a HELOC but without the collateral requirements. It is an unsecured account where the lender evaluates your creditworthiness and income to set a limit. While it provides flexibility for ongoing needs, the lack of collateral usually results in higher interest rates and lower borrowing limits.

Cash-Out Refinance

A cash-out mortgage refinance involves replacing your primary mortgage with a completely new one for a larger amount than what you currently owe. You receive the difference in cash, which can be an attractive option if current mortgage rates are lower than the rate on your existing mortgage. However, it resets the clock on your primary mortgage and often involves higher closing costs than a second mortgage option.

When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance consolidates all housing-related debt into a single monthly payment, whereas a HELOC is a separate payment.

The Takeaway

The decision to tap into your property’s value is a significant milestone in any homeowner’s financial journey. A South Carolina HELOC calculator provides clear, data-driven insights. It allows you to move past guesswork and build a strategy based on the reality of your household budget and see if a HELOC works with your long-term 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.


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FAQ

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

A HELOC is a revolving credit line with a variable rate and two phases: draw and repayment. You can borrow and repay funds repeatedly. A home equity loan provides a lump sum of cash all at once with a fixed interest rate and fixed monthly payments that begin immediately. While both are second mortgages secured by your home, the HELOC offers more flexibility for ongoing expenses, whereas the loan offers more predictability for a one-time cost.

Is a HELOC interest rate fixed or variable?

Most HELOCs feature a variable interest rate that can change monthly. This means your monthly payments may fluctuate over the life of the account. Some lenders offer a fixed-rate option that allows you to convert a portion of your balance to a set rate for a specific term, providing more predictability and protection against rising interest rates during the repayment phase.

What happens when the draw period ends?

Once the draw period ends, typically after 10 years, you can no longer withdraw funds from the credit line. The account enters the repayment period, which usually lasts 10 to 20 years. During this phase, your monthly payments will increase significantly because you must begin paying back both the principal amount you borrowed and the interest. You must pay off the entire outstanding balance by the end of this set term.

Are there closing costs or fees for a HELOC?

Yes, these products often involve closing costs and fees ranging from 2% to 5% of the credit limit. Fees can include application fees, appraisal costs, and annual maintenance charges. Some lenders may waive or reduce these costs if you meet certain requirements, such as keeping the account open for a minimum of three years.

What is the minimum credit score I need to qualify for a HELOC?

Lenders typically look for a credit score of at least 640, though many prefer scores of 680 or higher for the most competitive rates and higher borrowing limits. Along with your credit score, lenders will evaluate your employment history, income, and debt-to-income (DTI) ratio. A stronger credit profile gives the lender more confidence, which can reduce your overall interest rate.

Learn more about home equity line of credits: