Mortgage Qualify

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HELOC Calculator

See how much home equity you could access, and what an interest-only or amortized payment would look like.

Your property

Available HELOC

$240,000

80% combined LTV limit minus mortgage$240,000
65% HELOC-only limit$520,000
Interest-only payment (full draw)$1,440
P&I payment over 10 yrs$2,798
Combined LTV if fully drawn80.00
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How your home value breaks down

HELOC availability is capped at whichever is smaller: 65% of home value on its own, or 80% combined with your existing mortgage (OSFI guidelines).

Frequently asked questions

What's the difference between a HELOC and a second mortgage?+

A HELOC is revolving credit — you can draw, repay, and redraw against your available limit, similar to a credit card secured by your home. A second mortgage is a fixed lump-sum loan with its own amortization schedule.

Why is my available HELOC lower than 65% of my home value?+

Because your combined secured debt (existing mortgage plus HELOC) is also capped at 80% of your home's value. If your mortgage balance is high relative to your home's value, that 80% combined limit — not the 65% HELOC-only limit — usually ends up the binding constraint.

Is HELOC interest tax-deductible?+

It can be, if the borrowed funds are used for investment or business purposes — not for personal use like renovations or debt consolidation. This depends on your specific situation; talk to an accountant before assuming deductibility.