Calculator
HELOC calculator
See how much equity you can access. A standalone revolving line goes up to 65% of your home's value, and a line combined with your mortgage goes up to 80%, less what's already registered against the home.
Your numbers
What it would appraise at today, not what you paid.
$0 if the home is free and clear.
A standalone line is revolving credit only. A combined facility sits behind your mortgage and goes further, but the part above 65% has to amortize.
Variable. It moves with prime, which is 4.45% as of September 15, 2026.
You only pay interest on what you draw.
Qualification and other charges(5)
Sets the property-tax estimate used in the debt-service ratios.
Enter this to see what the limit does to your debt-service ratios. Leave it at $0 to skip.
Car loans, student loans, support payments.
Only used to work out what your existing mortgage costs each month for the ratios.
A second mortgage, a builder's lien, a registered loan. These rank ahead of new credit.
Rate taken from the RateLens published table, current as of September 21, 2026 at 9:00 a.m. MT. Rules, premium tiers and fee schedules current as of September 16, 2026.
Available on a mortgage + HELOC
$300,000
80% of $900,000, less the $420,000 already charged against the title.
- Interest-only payment on your draw
- $743.75$150,000 at 5.95%, monthly
- What a lender qualifies you on
- $2,280.08The full $300,000 limit at 7.95% over 25 years
- Combined loan-to-value after the draw
- 63.3%Cap is 80%
- Revolving room at 65%
- $165,000$135,000 more is available, but it must amortize
Interest-only payments never reduce the balance
Standalone HELOC and mortgage + HELOC compared
How much each product lets you borrow on this home.
| Measure | Standalone HELOC | Mortgage + HELOC |
|---|---|---|
| Maximum loan-to-value | 65% | 80% |
| Ceiling on this home | $585,000 | $720,000 |
| Less your mortgage balance | $420,000 | $420,000 |
| Less other charges on title | $0 | $0 |
| Credit available | $165,000 | $300,000 |
| Of which revolvingEverything above 65% must amortize and can't be re-drawn | $165,000 | $165,000 |
- Standalone cap
- 65%
- Combined cap
- 80%
- Qualifying rate
- 7.95%
- Qualifying amortization
- 25 years
- Rules as of
- September 16, 2026
How we calculate your qualifying rate. Under OSFI Guideline B-20, lenders qualify you at the higher of your contract rate plus 2 percentage points, or 5.25% (the minimum qualifying rate). Since November 21, 2024, OSFI no longer prescribes this test for eligible uninsured straight switches at renewal between federally regulated lenders, with no increase in the loan amount or remaining amortization. Lenders still assess creditworthiness. New purchases and refinances generally require qualification. Provincially regulated credit unions (including Alberta credit unions) aren’t bound by Guideline B-20 and set their own qualifying policies, which is one reason a broker can sometimes place a file a bank cannot. Rules current as of September 16, 2026. Source: OSFI Guideline B-20.
Where your limit comes from
Every line, including the ones at zero.
| 80% of the home's value$900,000 × 80% | $720,000 |
|---|---|
| Less your mortgage balance | −$420,000 |
| Less other charges on titleNothing else registered against the property | $0 |
| Credit available | $300,000 |
Want to know what this does to your borrowing room?
The same draw at the same rate. The only difference is whether the payment includes principal.
- Interest only$89,250Balance still $150,000
- Amortizing over 25 years$79,776Balance down to $114,350
| Jurisdiction | Interest paid |
|---|---|
| Interest only | $89,250 |
| Amortizing over 25 years | $79,776 |
10 years of each on a $150,000 draw
The interest-only payment is lower every month, and at the end you still owe what you drew.
| Measure | Interest only | Amortizing |
|---|---|---|
| Monthly payment | $743.75 | $961.88 |
| Interest over the period | $89,250 | $79,776 |
| Principal repaid | $0 | $35,650 |
| Balance at the end | $150,000 | $114,350 |
HELOC or refinance?
A refinance costs more to set up and less to carry. A HELOC costs nothing to leave undrawn and more per dollar borrowed. The better choice depends on how long you’ll carry the balance, and we can work it out with you on a short call.
Credit available
$300,000
How this is calculated
Every figure on this page comes from one tested calculation engine. Here’s what it does.
The 65% and 80% limits
A standalone home equity line of credit is revolving, non-amortizing and re-drawable. It’s capped at 65% of your home’s value, less every charge already registered against the title.
A combined mortgage and HELOC goes up to 80%. The extra 15 percentage points come with a condition: the portion above 65% must be amortizing and non-readvanceable. You pay it down like a mortgage, and you can’t borrow it back.
Interest-only payments don’t reduce the balance
A HELOC compounds monthly, not semi-annually, so the interest-only payment is the balance times the annual rate divided by 12. It’s a small number, and it repays nothing. After 10 years of interest-only payments, you still owe the full amount you drew. That’s why the tool shows an amortizing payment beside it.
Lenders qualify you on the full limit
A lender counts the payment on your full authorized limit in your debt-service ratios, at the minimum qualifying rate, amortized over 25 years. It counts whether you’ve drawn the money or not. A $200,000 limit you never touch still uses up over $1,200 a month of borrowing room. If you’re planning a purchase in the next 2 years, size the limit with that in mind.
Enter a household income and the tool runs the GDS and TDS calculation twice, with and without the limit registered. It uses the same ratio engine as the qualification calculator.
HELOC rates are variable
HELOC rates are priced as prime plus a spread. Prime is 4.45% as of September 15, 2026. When the Bank of Canada moves, your payment moves with it, usually within a few weeks.
Common questions
How much can I borrow on a HELOC in Canada?
A standalone revolving line is capped at 65% of your home’s value, less every charge already on title. A combined mortgage-and-HELOC facility goes up to 80%, but everything above 65% must amortize and can’t be re-drawn.
On a $900,000 home with a $420,000 mortgage, that’s $165,000 on a revolving line, or $300,000 in total on a combined facility.
Do I have to make payments on a HELOC if I don't use it?
No. You’re only charged interest on what you’ve drawn.
An unused HELOC does cost you borrowing room. A lender qualifies you on the payment for the full authorized limit at the minimum qualifying rate over 25 years, whether you’ve drawn it or not. An untouched $200,000 line still reduces how much you can borrow on your next application.
Is a HELOC better than a refinance?
It depends on how long you’ll carry the balance.
A HELOC costs nothing while it’s undrawn, and it’s priced above a mortgage rate. It suits short, uncertain or staged borrowing. A refinance has setup costs and possibly a penalty, but a much lower rate. It suits a large amount borrowed for a long time. For a fixed sum repaid over years, a refinance usually costs less in interest. Run both.
What is the qualifying rate on a HELOC?
It’s the greater of your HELOC rate plus 2 percentage points or 5.25%. That’s the same minimum qualifying rate that applies to a mortgage.
Because a HELOC is priced above a mortgage, its qualifying rate is usually higher too. The lender applies it to the full authorized limit over a 25-year amortization, which lowers how much you can borrow on both counts.
Can I get a HELOC if my mortgage is already at 70% of my home's value?
Not as a standalone line. That product stops at 65%, and your mortgage is already past it.
A combined facility can still go up to 80%. That leaves roughly 10% of the value available, all of it amortizing instead of revolving. The calculator shows both products side by side, so you don’t have to pick one first.
What to work out next
- Refinance break-evenAnother way to use equity. It costs less to carry and more to set up.
- Debt consolidationIf you're drawing to pay off debt, compare it here.
- Maximum purchase priceSee your borrowing room once the full limit counts in your TDS.
- Stress testWhere the qualifying rate on a HELOC comes from.
- Mortgage paymentWhat an amortizing second charge would cost instead.
- Renewal comparisonRenewal is a good time to restructure a combined facility.
This calculator provides estimates only. Results are based on the information you enter and on assumptions that may not reflect your actual qualification, rate or costs. These include semi-annual, not-in-advance compounding for fixed rates, as required under section 6 of the federal Interest Act, and the mortgage default insurance premium tiers published by CMHC, Sagen and Canada Guaranty. It is not mortgage advice, a quote, a rate hold, a pre-approval or an offer of credit, and RateLens does not guarantee its accuracy or completeness. Your actual rate, payment, default insurance premium and closing costs will depend on your credit profile, income, the property, the lender’s current rates and policies, and other factors confirmed during a full application.
Qualifying rate methodology: you are qualified at the higher of your contract rate plus 2 percentage points or the 5.25% minimum qualifying rate, in accordance with OSFI Guideline B-20. The stress test does not apply to a straight renewal with your existing lender, and since November 2024 does not apply to an uninsured straight switch. Lender debt-service ceilings shown (GDS 39% / TDS 44%) are insurer guidelines; individual lenders may apply higher or lower limits at their discretion.
If you have a variable-rate mortgage with a fixed payment, rising rates mean more of each payment goes to interest and less to principal. Your trigger rate is the rate at which the entire payment goes to interest. Past that point your balance can increase. This calculator does not model trigger-rate effects. Speak to Daniel De Sousa, Mortgage Associate, about your specific mortgage.
Rules snapshot: September 16, 2026. Rates shown are calculation assumptions, not confirmed offers. Speak with Daniel De Sousa, Mortgage Associate, for a personalized quote. Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a licensed mortgage brokerage licensed by RECA.
Daniel De Sousa, Mortgage Associate, is licensed by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage is a mortgage brokerage licensed by the Real Estate Council of Alberta (RECA). Verify our licence on RECA ProCheck(opens in a new tab)
RateLens is a trade name used by Daniel De Sousa, Mortgage Associate, licensed in Alberta by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
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Compare HELOC rates across lenders
HELOC rates are quoted as prime plus a spread. Lenders set different spreads, and we compare them for you.
No credit check, and no commitment.