Utah HELOC Calculator

By SoFi Editors | Updated January 23, 2026

A Utah HELOC calculator helps homeowners estimate how much equity they may be able to borrow and what their potential payments could look like. By entering basic details like your HELOC balance, interest rate, and lengths of your draw and repayment periods, you can quickly see what your monthly payments will be.

Keep reading to learn exactly how to use the Utah HELOC calculator, home equity trends in Utah, alternatives to HELOCs, and more.


  • Key Points
  • •   A home equity line of credit is a form of secured financing that utilizes the residence of the borrower as collateral for the funds.
  • •   Financing of this type generally occurs in two distinct phases: an initial window for accessing funds and a final window for full repayment.
  • •   During the draw period, borrowers are often only required to make payments on the interest of the funds they have used.
  • •   The repayment period marks the phase where the borrower must pay back both the original amount used and the associated costs over a set timeframe.
  • •   To use the Utah HELOC calculator, you’ll enter in the HELOC balance, interest rate, length of the draw period, and length of 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•   HELOC Balance: This figure represents the total amount of funds a homeowner has currently withdrawn and is actively using from their approved credit limit.

•   Current Interest Rate: This value refers to the variable percentage cost applied to the funds a borrower has chosen to access from their credit line.

•   Draw Period: The draw period is the initial window of time, frequently lasting 10 years, during which a homeowner is permitted to withdraw funds from their credit line.

•   Repayment Period: This phase begins once the window for accessing funds closes, marking the time when the borrower must pay back the used funds along with the cost of that credit.

•   Monthly Interest Payment: This is the smallest amount a borrower must pay during the initial phase, calculated solely on the amount of credit they have accessed.

•   Monthly Principal and Interest Payment: This figure combines the repayment of the used funds and the ongoing cost of the credit into one required payment during the final phase of the agreement.

The Utah HELOC calculator estimates monthly payments during both the draw period and the repayment period. Here’s a step-by-step guide on how to use it:

Step 1: Enter Your Planned or Actual HELOC Balance

Users should consult their most recent statement to find the current balance. Entering this number allows the tool to determine how much of the credit line is already in use and how that balance will translate into future monthly obligations. If you don’t currently have a HELOC, you can enter in the amount you plan to borrow.

Step 2: Estimate Your Interest Rate

Use the current rate from your lender or an average HELOC rate as a starting point. It’s also smart to test higher rates to see how future rate increases could affect your budget, since most HELOCs have variable interest rates.

Step 3: Choose the Length of Your Draw Period

The user must indicate how many years remain to access the funds. Choosing this duration correctly changes the timeline of the financing and helps the user see when the payment structure will shift. Most standard agreements provide a 10-year window, but some variations exist depending on the specific lender terms.

Step 4: Specify Your Repayment Period

This selection defines the length of time the homeowner has to pay back the full amount used, typically 10-20 years. This timeframe is the basis for the schedule of payments for both the used funds and the cost of the credit. A longer repayment period may lower monthly payments but will increase the total cost of borrowing over the life of the agreement.

Step 5: Review Your Results

Once all data is entered, the user should examine the projected monthly obligations. This step allows a beginner to determine if future payments will fit within a household budget and helps prevent surprises when the repayment phase begins.

What Is a Home Equity Line of Credit?

A home equity line of credit serves as a resource for property owners who wish to access the equity built within their homes. For those living in areas like Utah, home equity represents the portion of the property value owned outright. It is calculated by taking the current market value of the house and subtracting any remaining home loans. This equity acts as security, allowing the homeowner to open a revolving line of credit.

Unlike a home equity loan that provides a single disbursement, a HELOC provides ongoing access to funds. It functions similarly to a credit card because it is revolving. A borrower is approved for a maximum limit and can withdraw money as needed, pay it back, and then withdraw it again.

There are two primary phases to this financial product: the draw period and the repayment period.

•   The draw period typically lasts about 10 years. During this time, the homeowner has the flexibility to use the funds for various needs, such as home additions, education costs, or medical expenses. In many cases, the required monthly payments during this window are limited to the interest on the amount used. Use a HELOC interest-only calculator to see what payments would be based on your balance. Once the draw period ends, the repayment period begins.

•   The repayment period often lasts up to 20 years. During repayment, the borrower can no longer access funds and must make monthly payments that cover both the principal balance and the interest. Use a HELOC repayment calculator to see what those payments might be.

What Is a HELOC Calculator?

A HELOC calculator is a digital tool that lets homeowners project monthly payments for a home equity line of credit using details like the loan amount, interest rate, and repayment timeline. It helps borrowers understand potential costs and decide whether a HELOC fits their budget before moving forward.

Recommended: How to Get Equity Out of Your Home

Home equity has grown significantly over the past several years, driven by rising home values and strong demand across the housing market. From 2020 to 2025, average home equity increased 142% nationwide, adding roughly $11.5 trillion in value. This surge has strengthened household balance sheets and expanded homeowners’ access to equity-based financing options such as HELOCs and home equity loans.

Utah has followed this upward trend, though at a more moderate pace than the national average. Over the same period, Utah homeowners experienced a 67% increase in home equity, with the average homeowner holding about $224,566 in equity as of 2025. The five cities in Utah that saw the highest appreciation over the past five years were Payson, Woodland Hills, Spanish Fork, Mapleton, and Elk Ridge.

This growth reflects the state’s strong population growth, resilient housing market, and long-term appreciation, positioning many Utah homeowners with substantial financial flexibility.

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

How to Use the HELOC Calculator Data to Your Advantage

A HELOC calculator can do more than estimate monthly payments — it can help you make smarter borrowing decisions before you apply. By adjusting key inputs and reviewing different scenarios, you can use the data to understand affordability, prepare for rate changes, and choose terms that align with your financial goals.

•  Test multiple interest rates: Model higher rates to see how payment increases could affect your budget over time.

•  Compare draw and repayment periods: Evaluate how different timelines impact monthly payments depending on the period you’re in.

•  Set borrowing limits: Identify a comfortable balance that meets your needs without overextending your finances.

•  Plan for future cash flow: Use payment estimates to ensure your income can support the loan during repayment.

•  Strengthen lender discussions: Arrive prepared with clear numbers when comparing HELOC offers or negotiating terms.

Tips on HELOCs

A home equity line of credit can be a flexible financing tool, but it works best when used strategically. Understanding how HELOCs function and what to watch for can help you borrow confidently and avoid costly surprises.

•  Know how variable rates work: Most HELOCs have variable interest rates, so payments can rise if market rates increase.

•  Borrow only what you need: Drawing smaller amounts helps keep interest costs and monthly payments manageable.

•  Understand the draw and repayment periods: Payments may be interest-only at first, then increase once repayment begins.

•  Plan for rate changes: Build room into your budget in case interest rates climb over time.

•  Compare lenders carefully: Review rates, fees, and terms to find a HELOC that fits your financial goals.

Alternatives to HELOCs

A HELOC is just one tool in a broad set of financial products. Depending on specific goals, other options may be more suitable. Choosing the right product depends on whether a person needs a lump sum of cash or a revolving line of credit, and whether they are willing to use their home as collateral. Alternatives to a HELOC include:

Home Equity Loan

A home equity loan is sometimes called a “second mortgage.” It provides the borrower with a lump sum of cash all at once. The repayment schedule is fixed, meaning the monthly payments remain the same throughout the life of the loan. This predictability is helpful for those who have a specific, one-time expense and want a stable budget. Unlike a HELOC, there is no draw period; the borrower begins paying back both principal and interest immediately.

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 often a personal financing option used for specific renovation projects. Unlike a HELOC, these are frequently unsecured, meaning the home is not used as collateral. This reduces the risk to the property but often results in a higher interest cost for the borrower compared to secured options. These are ideal for homeowners who do not have sufficient equity or who prefer not to place a second lien on their residence.

Personal Line of Credit

A personal line of credit is an unsecured revolving credit option. Like a HELOC, it allows for flexible spending and repayment. However, because it does not use the home as security, the interest costs are typically higher and the borrowing limits are usually lower, often capped around $50,000.

Cash-Out Refinance

In a cash-out mortgage refinance, the homeowner replaces the primary mortgage with a new, larger one. The difference between the old mortgage and the new one is given to the homeowner in cash.

When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance results in a single monthly payment rather than two. It can be a strategic move if current market interest rates are lower than the rate on the original mortgage. However, it requires paying new closing costs on the entire value of the home, which are often higher than the fees associated with a simple line of credit.

The Takeaway

A Utah HELOC calculator helps you better understand how borrowing against your home equity may affect your monthly budget and long-term finances. By testing different rates, balances, and repayment scenarios, you can make more informed decisions, plan for potential rate changes, and choose a HELOC that aligns with your 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 line of credit where funds can be borrowed and repaid as needed during a draw period. A home equity loan is a second mortgage that provides a single lump sum of cash up front. HELOCs usually feature variable costs, while home equity loans typically have fixed repayment schedules and stable monthly payments from the start.

How much can I borrow with a HELOC?

Most lenders allow a borrower to access up to 90% of the equity in the home. The specific limit depends on credit history, income, and the amount of equity built in the property. Lenders typically require the homeowner to have at least 15% equity to qualify, though.

What can I use the money for from a HELOC?

Funds from a HELOC are highly flexible and can be used for almost any purpose. Common uses include major home renovations, medical bills, education expenses, or consolidating high-interest debt from sources like credit cards.

What happens when the draw period ends?

When the draw period ends, the ability to withdraw funds from the credit line is terminated. The borrower enters the repayment phase, making regular monthly payments that cover both the principal balance and the cost of the credit. This phase typically lasts 10 to 20 years until the debt is fully satisfied.

Are there closing costs or fees for a HELOC?

Yes, HELOCs can have closing costs similar to a mortgage, often ranging from 2% to 5% of the credit limit. Some lenders may waive these fees if the line remains open for a set period. Borrowers should also be aware of potential annual maintenance or inactivity fees.

Learn more about home equity line of credits: