Boring Mortgages Ontario

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Welcome to the Ontario HELOC CalculatorCalculate Your Available Home Equity

Determine your maximum HELOC amount and estimated monthly interest costs for your home equity line of credit.

Please enter:

Current Home Market Value ($): $500,000

$200K$2M

Remaining Mortgage Balance ($): $300,000

$0$450,000

Credit Score (optional): 720

300900

Most banks require a credit score of 680 or above

Desired HELOC Draw Amount ($) (optional): $0

$0$500K

Calculate Your HELOC

Enter your home value and mortgage balance, then click Calculate to see your results.

Maximize your home equity • Contact us directly

Understanding Home Equity Lines of Credit (HELOC)

How HELOCs Work

•Revolving Credit: Like a credit card secured by your home
•Variable Rate: Interest rate changes with prime rate
•Interest-Only: Minimum payments are typically interest-only
•80% LTV Limit: Maximum borrowing is 80% of home value

HELOC vs. Mortgage

Feature	HELOC	Mortgage
Interest Rate	Variable (Prime +)	Fixed or Variable
Payment	Interest-only option	Principal + Interest
Access	Draw as needed	Lump sum
Tax Deductible	If used for investment	No (primary residence)

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