HELOC vs Mortgage Calculator
Compare the monthly payment and total interest of a HELOC and a mortgage-style loan, using your own amount and rates.
Quick answer
Compares the monthly cost of a HELOC (interest-only or paid down) with a fixed-term second mortgage on the same amount, using the rates you enter.
Next step: read the full HELOC vs mortgage comparison.
What a lender would appraise your home at
Enter 0 if you own your home outright
Usually your lender's prime rate plus a set amount. Use your lender's number. This default is only an example
Use a quote from your lender. This default is only an example
Mortgage or loan: monthly payment
$529.07
HELOC paid down over the same years: monthly payment
$555.1
HELOC interest only: monthly payment
$250
HELOC interest only if the rate rises 1 point
$291.67
Mortgage or loan: total interest
$13,488.96
HELOC paid down: total interest
$16,612.3
HELOC interest only: interest paid, and you still owe the full amount
$30,000
The agency's limit for a HELOC is 65% of your home's appraised value, about $390,000 for your home. For a second mortgage it is 80% of the value minus the mortgage you owe, about $230,000. Your lender sets your real limit.
The HELOC interest-only line shows what you pay each month if you never pay down the balance. After 10 years you would still owe $50,000.
Limits come from FCAC, Borrowing against home equity (modified October 15, 2025, read November 9, 2026).
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Common questions
How much can I borrow with a HELOC?
The Financial Consumer Agency of Canada (FCAC) lists a HELOC limit of 65% of your home's appraised value. A second mortgage or home equity loan can go up to 80% of the appraised value, and for a second mortgage that is minus what you still owe on your mortgage. Your lender sets your real limit.
Is a HELOC rate fixed or variable?
FCAC says a HELOC rate is variable and changes with market rates. A second mortgage or home equity loan can be fixed or variable, and FCAC says its rate is generally higher than a first mortgage.
Can I borrow again after I pay it back?
With a HELOC, yes. FCAC says you can borrow, repay and borrow again up to your limit. A home equity loan cannot be re-borrowed once it is repaid, and it has fixed payments of principal and interest.
What does it cost to set up?
FCAC lists an appraisal, a title search, title insurance and legal fees. You may also need a new mortgage loan insurance premium. This calculator does not include these costs, so ask your lender for a full list.
What is the risk?
Your home is the security for the money you borrow. FCAC warns of serious consequences, like the foreclosure of your home, if you cannot repay.
Which rates should I enter?
Use the rates your lender gives you. The numbers already in the boxes are examples, not quotes or market rates.
Sources: FCAC: Borrowing against home equity (modified October 15, 2025, read November 9, 2026)
Next step: learn how this works
Read the guide behind these numbers, with sources and checked dates.