HELOC & Home Equity Loan Payment Calculator
What a HELOC, home equity loan or second mortgage actually costs per month — interest-only or amortized, at any rate.
HELOC & home equity loan payment calculator
What a given amount actually costs per month — interest-only (typical for HELOCs and private seconds) or amortized.
Estimates only — lender terms, fees and compounding conventions vary. Typical ranges: bank HELOCs price from prime + a margin; B-lender seconds ~5.99–7.99%; private seconds ~9–14% plus fees. For a real quote on your file: 1-866-329-8801.
Frequently Asked Questions
What is a HELOC and how does it work?
A home equity line of credit is revolving credit secured by your house — you draw, repay and redraw up to a set limit, paying interest only on what’s outstanding. Rates float at prime plus a margin, and minimum payments are usually interest-only.
What are the requirements for a HELOC in Canada?
Banks generally want a credit score around 680+, provable income, and total lending within 80% of your home’s value (the revolving portion capped at 65%). Miss any of those and the bank says no — that’s where a home equity loan or second mortgage takes over.
What is the monthly payment on a $50,000 HELOC?
Interest-only at 7.5% is about $313/month; at 9%, about $375/month. Because HELOC minimums are interest-only, the balance never shrinks unless you pay extra — model both options in the calculator above.
Can I get a HELOC with bad credit?
Bank HELOCs are credit-score products and hard to get below ~680. But a home equity loan or second mortgage does the same job on equity instead of score — check how much you could access here.
HELOC vs second mortgage — what’s the difference?
A HELOC is revolving, cheaper, and credit-tested by a bank. A second mortgage is a fixed lump sum from a B or private lender, priced on equity — easier to get, faster to fund, higher rate. Homeowners with strong credit take the HELOC; homeowners rebuilding credit take the second.
Is HELOC interest tax-deductible in Canada?
Only when the borrowed money earns income — investing or funding a business. Using a HELOC for personal spending or debt consolidation isn’t deductible. Keep the two uses in separate accounts and confirm specifics with your accountant.
Want your real numbers, not estimates?
One call gets you an actual range for your property and situation — before any credit check.
📞 1-866-329-8801
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Parm Mehmi, Principal Broker · FSRA #13163 | FCAA #511322 · Licensed in Ontario, Alberta & Saskatchewan
Planning estimates only — not financial, lending or legal advice. Lender terms vary; appraisals and payout statements govern actual figures.