West Virginia 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 West Virginia calculator to see your estimated monthly payments during 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.



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•   HELOC Balance: This term represents the total amount of money a borrower has currently withdrawn from their available credit line, or the amount a homeowner plans to borrow.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 West Virginia HELOC payment calculator to get estimates since your exact payment amount will be based on current rates.

How to Use the West Virginia HELOC Calculator

Follow these easy instructions to use the West Virginia 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 help determine if this can fit within your monthly budget.

Now that you are familiar with how to use the West Virginia 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 West Virginia 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

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.

Since 2020, increasing home prices (see chart) has led to a significant surge in home equity for existing homeowners, and West Virginia is part of that trend. West Virginia home equity has increased by 104% over the past five years, with the average home equity more than $96,000.

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.

How to Use the HELOC Calculator Data to Your Advantage

The West Virginia 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 West Virginia 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 West Virginia 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

West Virginia 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.


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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 home equity line of credits: