Use this HELOC calculator to estimate your maximum borrowing power, monthly interest-only payments during the draw period, and full principal-and-interest payments once repayment begins. See how combined LTV (CLTV) shapes your home equity line of credit in Texas, and stack it against a cash-out refi before you decide. Total interest cost over the life of the line is shown so you know exactly what you are signing up for.
HOME
$550,000
Draw Payment
$354/mo
Interest Only
Repay Payment
$434/mo
P + I
Total Interest
$96,639
30 yr life
HELOC Draw
$50,000
Your cash
Interest-only during draw period → P+I during repayment
| Feature | HELOC | Cash-Out Refi |
|---|---|---|
| Keeps Primary Mortgage? | — | |
| Flexible Draw Schedule? | — | |
| Fixed Interest Rate? | — | |
| Interest-Only Option? | — | |
| Single Monthly Payment? | — | |
| Closing Costs? | Low | Higher |
Borrow what you need, when you need it — like a credit card backed by your home. During this period, you typically only pay interest on the amount you've drawn, keeping monthly payments low.
Once the draw period ends, you can no longer borrow. Payments shift to fully amortized principal + interest, which means higher monthly payments as you repay the outstanding balance — accelerate the wind-down with our mortgage payoff calculator.
Renovate, consolidate debt, or fund life's big moments — all while keeping your existing mortgage rate. If you're weighing it against a cash-out refinance or thinking about using a 401(k) to pay off your house, talk to STX Lending about HELOC options today.
Draw only what you need.
Your primary mortgage stays intact.
Lower closing costs than refi.
Smart leverage for home improvement.
Compliance Note: This HELOC calculator is for illustrative purposes only. HELOC rates are typically variable and tied to the Prime Rate. Actual terms, rates, and available credit lines depend on creditworthiness, property value appraisal, and lender guidelines. This is not a commitment to lend. NMLS #222982.