Home Equity and HELOC Available

Estimate the home equity line of credit you might be able to set up. Then talk to us about your real options.

Your Numbers

Standard limits: 65% of value for a HELOC, 80% combined.

Home value

Mortgage balance

Existing HELOC / secured line balance

Optional. Any home equity line or other secured line already in place.

Estimated HELOC available

Home equity$0

65% of value$0

80% of value$0

Less mortgage balance$0

Less existing secured line$0

Your HELOC is limited to the lower of 65 percent of value, or 80 percent of value minus what you owe.

APR. OAC. For illustrative purposes only. Subject to change without notice.

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This is not financial, legal or lending advice. This is not an offer of financing or a rate quote. Lender limits and qualification vary, a home equity line of credit requires approval and the standard stress test, and the amounts shown are estimates. Speak with us for figures specific to you. Mortgage broker services provided by TMG AnchorPoint Mortgage Inc., NS Licence 3000145, NB Licence 260055962, NL Licence 26-07-TM223-1.

What These Numbers Mean

Plain-language definitions and the typical ranges, so you can play with the inputs with confidence.

Home value: The current market value of your home. Both caps below are a percentage of this figure, so the value drives everything.
Typical: a current appraised or estimated market value
Mortgage balance: What you still owe on your mortgage. It is subtracted from the combined limit, since your mortgage and a line of credit together cannot exceed 80 percent of value.
Typical: your remaining principal today
Existing HELOC or secured line balance: Any home equity line or other secured line already registered against the home. It counts against both caps, which is easy to overlook.
Typical: $0 if you have no line in place yet
65 percent of value (the HELOC cap): A revolving line of credit portion is capped at 65 percent of the home value on its own.
Typical: a HELOC portion is capped at 65 percent of value
80 percent combined cap: Your mortgage plus any line of credit together cannot exceed 80 percent of value. For most homeowners with a mortgage, this is the limit that actually binds, not the 65 percent line.
Typical: mortgage plus HELOC combined is capped at 80 percent of value
Home equity: Value minus what you owe. It is the equity you hold, but it is not the same as what you can borrow, since the 65 and 80 percent caps apply first.
Typical: value less mortgage and any secured lines
Estimated HELOC available: The lower of the 65 percent line cap and the 80 percent combined cap, after subtracting what you owe. A line of credit still requires approval and the standard stress test.
Typical: the lower of 65 percent of value, or 80 percent of value minus balances

These are general ranges, not your numbers. The right figure depends on your situation, the property, and the lender. Talk to us and we will pin it down.

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Home Equity and HELOC Available

Your Numbers

What These Numbers Mean

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