Draw, repay, use again
A HELOC is a revolving line secured by your property. During its draw period, you can generally borrow and repay within the lender’s terms. Minimum draws, fees and access restrictions may apply.
Work Hard Mortgage · Home equity
Explore your equity. Keep your first mortgage.
A home equity line of credit may let you borrow against your property without refinancing your existing first mortgage. See an instant example of available equity and monthly payments.
Free to explore. No contact information, application or credit pull required for calculator results. Application opens separately with Aven.
How much equity might be available?
Planning assumptions: maximum combined loan-to-value (CLTV) of 90% for a primary residence and 80% for a second home or investment property. These are illustrative, lender-dependent limits, not confirmed Aven terms or an approval.
Include all other property-secured debt once. An existing credit line’s full limit may count toward a lender’s CLTV, even if unused.
Potential available HELOC · illustrative
$190,000
$600,000 × 90% = $540,000 combined loan limit, less $350,000 in existing liens.
Actual credit limits depend on credit, income, debts, appraisal, property eligibility, lender minimums and maximums, and underwriting. No approval or commitment to lend.
Ready to explore an application?
The lender will review eligibility and actual terms.
What could the payment look like?
The default 8.50% annual interest rate is an illustrative example, not a current rate, APR or lender quote. Change the rate and repayment term to explore your budget.
The modeled line is capped at the potential available HELOC above.
Payments use the drawn amount, capped at the modeled line—not the unused credit limit.
Modeled line $100,000 · modeled drawn balance $100,000.
Interest-only example / month
$708.33
Interest only; principal stays at $100,000 if you make no principal payments or additional draws.
Principal + interest example / month
$867.82
Repays $100,000 over 20 years if the rate stays at 8.50%, with no additional draws.
What if rates rise?
Same $100,000 balance and 20-year repayment term. Each scenario holds its rate constant for illustration; these are not forecasts or rate caps.
8.50% · your example
Interest only $708.33/mo
Principal + interest $867.82/mo
10.50% · +2 percentage points
Interest only $875.00/mo
Principal + interest $998.38/mo
12.50% · +4 percentage points
Interest only $1,041.67/mo
Principal + interest $1,136.14/mo
Monthly estimates use annual rate ÷ 12 and exclude fees, closing costs, taxes, insurance and your first mortgage payment. Actual billing may use daily interest. An unused line may still have fees. An interest rate is not an APR; ask for the lender’s full cost disclosures.
Understand the line before you borrow
Plan for changing payments
HELOCs usually have variable rates. Interest-only payments do not reduce principal and may not be offered. When the draw period ends, borrowing generally stops and repayment begins; payments can rise substantially, and some plans require a balloon payment.
Protect your home and budget
Your property secures the debt and could be lost if you cannot repay. Keep paying your first mortgage and property charges. The lender may freeze or reduce available credit under permitted conditions. Compare total costs and affordability before borrowing.
Draw periods, repayment periods, rates, fees and eligible property types vary by lender. Second homes and investment properties may have fewer options or lower limits. Read the CFPB’s HELOC guide.
HELOC or cash-out refinance?
HELOC
Typically adds a separate lien and payment while leaving your existing first mortgage’s rate and balance in place. Flexible access may suit expenses over time. A variable rate and draw-to-repayment changes create payment uncertainty.
Cash-out refinance
Replaces your first mortgage with a larger new loan and cash at closing. The new rate and term apply to the entire refinanced balance. Compare closing costs, total interest and the effect of giving up your current rate; fixed and adjustable options may differ.
Take the next step when you’re ready.
Continue to Aven to review available products, eligibility and terms. Calculator values stay on this page and are not transferred to Aven; enter your current information there and review the lender’s offered terms.
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