Planning estimate
How this estimate works
HELOC scenario combines the amortizing first-mortgage payment with an interest-only HELOC payment. Refinance scenario amortizes the combined balance over 30 years. Closing costs, variable-rate changes and later HELOC amortization are excluded.
Before you act on the result
This tool is educational and does not evaluate credit, income documentation, assets, reserves, property eligibility, program limits or current pricing. It is not an approval, rate quote, commitment to lend or Loan Estimate. Use current lender terms and verified property information for a real decision.
Frequently asked questions
Why can the HELOC payment look lower?+
The estimate uses interest-only payments during the draw period. The balance does not decline and the later amortizing payment may be higher.
What happens if Prime rises?+
A variable HELOC rate and payment can increase according to its index, margin and caps.
Why refinance a low-rate first mortgage?+
A refinance may simplify the debt or reduce long-term HELOC exposure, but replacing a low-rate balance can also be expensive. Compare total interest and risk.