Wisconsin HELOC Calculator

By SoFi Editors | Updated January 23, 2026

A Wisconsin HELOC payment calculator gives homeowners a practical way to understand how tapping into home equity could affect their monthly budget. By adjusting variables like interest rates, credit limits, and repayment timelines, the tool offers a clearer, more personalized estimate of potential costs before applying.

Keep reading to learn more on how to use the HELOC calculator, home equity trends in Wisconsin, and alternatives to home equity lines of credit.


  • Key Points
  • •   A home equity line of credit provides a revolving credit facility secured by the equity built within a primary residence.
  • •   Home equity is calculated by taking the current market value of the property and subtracting the outstanding balance of any existing mortgages.
  • •   This credit arrangement is divided into two distinct phases: an initial draw period and a subsequent repayment period.
  • •   The annual cost of using this credit line is typically variable, meaning rates can shift over time.
  • •   Because the property serves as collateral, failure to meet payment obligations can result in the loss of the home through foreclosure.



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•   HELOC Balance: This figure represents the specific amount of credit a homeowner has currently withdrawn and is actively using from their approved limit.

•   Current Interest Rate: This percentage reflects the annual cost applied to the used balance of the credit line. Since these products are generally variable, this annual figure can fluctuate over time.

•   Draw Period: This is the initial stage of the agreement, often lasting a decade, during which the homeowner has the flexibility to withdraw funds as needed. As payments are made toward the principal during this time, the available credit limit is replenished, allowing for revolving use of the funds.

•   Repayment Period: This stage marks the time when the credit line is closed to new withdrawals and the balance must be settled. Homeowners begin making regular monthly payments that cover both the used principal and the ongoing borrowing cost until the entire debt is retired.

•   Monthly Interest Payment: This is the ongoing expense associated with using the credit line during the initial phase, based only on the outstanding balance and the current annual percentage.

•   Monthly Principal & Interest Payment: This reflects the total combined payment required during the final phase of the agreement to ensure the balance reaches zero by the end of the term. It includes both the cost of using the credit and a portion of the original sum withdrawn, providing a structured path to full repayment.

How to Use the Wisconsin HELOC Calculator

The Wisconsin HELOC calculator can be used to help homeowners evaluate their current budget and future debt capacity by simulating various borrowing scenarios. Here’s exactly how to use it:

Step 1: Enter Your Planned or Actual HELOC Balance

To start the calculation, you need to identify your current balance. If you already have an active credit line, you can find this number on your most recent account statement. If you are a new applicant and have not yet accessed any funds, you can enter zero or input a hypothetical draw amount to see how future spending would impact your monthly budget.

Step 2: Estimate Your Interest Rate

Identify the annual borrowing cost percentage associated with your credit agreement. Since most revolving credit lines are variable, this figure may change over time, but you should use the current percentage for your initial calculation. If the tool allows, you can test higher percentages as well, helping you visualize how a potential market shift might increase your monthly obligations.

Step 3: Choose the Length of Your Draw Period

Select the duration of the initial phase where you are allowed to access funds. Most agreements in Wisconsin provide a window of five to 10 years for this stage. This period offers the most flexibility, as you are often allowed to make smaller, interest-only payments, which can be helpful when managing the costs of ongoing projects like home renovations.

Step 4: Specify Your Repayment Period

Once the window for withdrawing funds closes, you enter the phase where the debt must be settled. This duration is typically between 10 and 20 years. Selecting the correct timeframe in the tool will show how your balance is spread across future months. A longer period will result in smaller monthly payments but a higher total cost over the life of the agreement.

Step 5: Review Your Results

After you have provided all the variables, the calculator will generate a projection of your monthly payments for both the draw and repayment phases. Pay close attention to the transition between these two periods. Seeing the jump from interest-only payments to combined principal-plus-interest payments helps you prepare for the increased financial responsibility that comes when the draw period concludes.

Recommended: How to Get Equity Out of Your Home

What Is a Home Equity Line of Credit?

A home equity line of credit is a revolving financial facility that allows a homeowner to access the equity they have built in their property over time. Unlike other options that provide a single lump sum of cash at the start of the agreement, a HELOC functions more like a credit card with a high limit. Once the account is open, the homeowner can withdraw funds as needed, pay them back, and then draw them again during the initial stage of the contract.

There are two phases of a home equity line of credit: the draw period and the repayment period.

•   Draw period: The draw period typically lasts five to 10 years. During this phase, you can access funds as needed and usually make interest-only payments on the amount you borrow. This phase offers flexibility for ongoing expenses like home improvements or debt consolidation. Use a HELOC interest-only calculator to see what payments would be based on your balance.

•   Repayment period: Once the draw period ends, the HELOC enters the repayment period, which is typically 10 to 20 years. Here, you can no longer borrow and must repay both principal and interest. Monthly payments typically increase during this phase as the balance is paid down. Use a HELOC repayment calculator to see what those payments might be.

Because a HELOC is secured by your home, borrowing responsibly and planning for future payment changes is essential. When used carefully, it can be a flexible and cost-effective way to access home equity.

Recommended: What Is a Home Equity Line of Credit?

Home equity growth has been a major financial trend across the U.S. over the past several years, driven largely by rising home values and steady demand for housing. From 2020 to 2025, average home equity increased 142% nationwide, accounting for roughly $11.5 trillion in total value (see chart below). This surge has strengthened household balance sheets and given many homeowners more flexibility to borrow, invest, or fund major expenses using their equity.

Wisconsin has mirrored much of this momentum, with home equity increasing 95% during the same period. As of 2025, the average Wisconsin homeowner holds approximately $154,616 in equity, reflecting both appreciation in property values and years of home loan paydown. This growing equity base has expanded financial options for homeowners across the state, particularly those considering tools like HELOCs or home equity loans to support renovations, debt consolidation, or other long-term goals.

How to Use the HELOC Calculator Data to Your Advantage

A HELOC calculator is more than a payment estimator — it’s a planning tool that helps you evaluate how different borrowing scenarios could impact your finances. By reviewing the data carefully, you can make more informed decisions before committing to a home equity line of credit.

•  Assess realistic affordability: Use the calculator to determine a monthly payment that fits comfortably within your budget, not just the maximum amount you qualify for.

•  Prepare for rate fluctuations: Test higher interest rates to understand how future increases could affect your payments and overall costs.

•  Compare borrowing scenarios: Adjust credit limits, draw periods, and repayment terms to see which combination aligns best with your financial goals.

•  Support smarter lender comparisons: Bring clear estimates to conversations with lenders so you can better evaluate offers and negotiate terms.

Tips on HELOCs

Using a home as collateral requires a disciplined and analytical approach to credit management. While the flexibility of a revolving line of credit is a significant benefit, it also places a high degree of responsibility on the homeowner to ensure the debt remains sustainable. Here are tips on HELOCs to ensure you make the most of your credit line:

•  Know how variable rates work: Most HELOCs have variable interest rates, so your payments can increase over time as market rates change.

•  Borrow only what you need: Having access to a large credit line doesn’t mean you should use it all. Instead, draw only what fits your budget and goals.

•  Understand the draw and repayment phases: Payments are often lower during the draw period and higher once repayment begins, so plan ahead for the transition.

•  Have a clear repayment plan: Use a HELOC for expenses that can improve your finances or home value, not ongoing costs without a payoff strategy.

•  Compare lenders and fees: Review interest rates, closing costs, annual fees, and caps to find a HELOC that offers the best overall value.

While a revolving credit facility is a powerful tool, it is also helpful to consider other paths that might better fit specific financial needs.

Alternatives to HELOCs

Every financial situation is different, and there are times when a revolving credit line may not be the most appropriate choice. Depending on your goals, your timeline, and your comfort with using your home as collateral, other financing products might provide a more targeted solution for your needs.

Home Equity Loan

A home equity loan provides a lump sum of cash all at once and usually features a fixed annual borrowing cost. It is a “closed-end” second mortgage, meaning that once the funds are received, the homeowner begins making fixed monthly payments toward both the principal and interest immediately. This is an excellent fit for those who have a specific, one-time expense and want the predictability of stable payments over a set term.

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 an unsecured option, meaning it does not require the property to be used as collateral. It is typically a fixed-amount product where the funds are disbursed at once for a specific project. Because it is unsecured, the annual cost percentage may be higher than a credit line tied to home equity, but it removes the risk of foreclosure if a homeowner is concerned about putting their residence on the line.

Personal Line of Credit

Similar to a credit line based on home equity, this is a revolving account that allows for flexible borrowing. However, it is usually not tied to any physical asset. The borrowing limits are typically lower, and the annual costs are higher because the lender is taking on more risk. It is a useful alternative for those who need flexibility but do not have enough equity or do not wish to use their home as security.

Cash-Out Refinance

A cash-out mortgage refinance involves replacing the original primary mortgage with a completely new one for a larger amount than what is currently owed. The difference is taken in cash. This can be beneficial if a homeowner can secure a lower overall borrowing cost for their entire home debt, but it also resets the timeline of the primary mortgage and involves more significant closing costs than a simple line of credit.

When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance allows the homeowner to maintain a single monthly payment rather than managing two separate debts.

Recommended: HELOC vs. Home Equity Loan

The Takeaway

A Wisconsin HELOC calculator is a useful tool for evaluating how using home equity could align with your broader financial goals. By estimating potential payments, it helps homeowners compare borrowing scenarios with greater confidence. When used carefully, it can guide budgeting decisions, encourage responsible borrowing, and support more productive discussions with lenders.

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 provides a revolving line of credit that allows you to withdraw funds, pay them back, and withdraw them again during a draw period. It typically has a variable borrowing cost. In contrast, a home equity loan provides a one-time lump sum with a fixed monthly payment and a fixed annual percentage. While both use your home as collateral, the HELOC offers more flexibility for ongoing needs.

What can I use the money for from a HELOC?

You have the flexibility to use the funds for almost any purpose. Common uses include home renovations, consolidating high-cost debt, or funding education expenses. Some homeowners also establish a credit line as a financial safety net for unexpected bills.

Is a HELOC cost percentage fixed or variable?

Most HELOCs offer a variable interest rate. This means your monthly payments can change over time. Some lenders may offer a fixed-option that allows you to lock in the cost for a portion of your balance, providing more predictability for your monthly budget and protecting you from future market increases.

What happens when the draw period ends?

When the draw period concludes, the window for withdrawing new funds closes. You enter the repayment phase, where you must pay back the used principal plus the ongoing borrowing cost. Payments during this time are usually much higher than the interest-only payments allowed during the initial phase. This repayment period typically lasts between 10 and 20 years until the entire balance is retired.

Are there closing costs or fees for a HELOC?

Yes, these credit lines often involve closing costs, which typically range from 2% to 5% of the total limit. Some lenders may waive these costs if you keep the line open for a certain period, such as three years. Other potential expenses include annual membership fees, transaction fees for withdrawals, or inactivity fees if the credit line remains unused for a long period of time.

Learn more about home equity line of credits: