HELOC (Home Equity Line of Credit)
Lending & MortgagesA revolving credit line secured by your home equity, allowing you to borrow as needed up to a set limit.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding heloc (home equity line of credit) helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how heloc (home equity line of credit) impacts your specific situation.