Figure Loans HELOC Calculator
Estimate your maximum the lender's HELOC amount, monthly payment, total interest, and origination fee. Adjust the inputs to model different scenarios.
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How to use the Figure Loans HELOC calculator
This calculator mirrors how the lender size and price a HELOC. Here is how to interpret each input and output.
Inputs explained
- Current home value. The estimated market value of your home. The lender uses an automated valuation model for most loans under $400,000, so this estimate should be reasonably close to the AVM result.
- Remaining mortgage balance. The amount still owed on your first-lien mortgage. This service subtract this from the maximum combined LTV to determine available equity.
- Credit score. the lender requires a minimum of 600. Higher scores typically earn lower APRs within the published range.
- Repayment term. these HELOCs offer 5, 10, 15, or 30-year repayment schedules. Shorter terms mean higher monthly payments but much less total interest.
- Estimated APR. the lender publishes a HELOC APR range from approximately 6.55% to 15.54%. Use the lower end for excellent credit, the upper end for 600 – 650 scores.
Outputs explained
- Max HELOC amount. Calculated as 85% of home value minus remaining mortgage balance, capped at $400,000, the limit on most offers (some borrowers qualify for up to $750,000).
- Monthly payment. Standard amortization using your APR and term. Because the lender requires a full draw at origination, this payment starts immediately.
- Origination fee. Up to 4.99% of the loan amount, deducted from your funding disbursement.
- Total interest paid. The sum of all interest over the repayment term — a useful number for comparing shorter vs. longer terms.
- Total cost of loan. Principal plus total interest plus origination fee. The number to compare across lenders.
What this calculator does not include
- Property taxes and homeowner's insurance (if impounded)
- State recording fees or title charges
- Any discount APR reductions (the lender publishes 0.25% autopay and 0.25% credit union member discounts)
- Changes to rate if you later refinance or pay down early
Ready to see your actual Figure Loans offer?
Checking your real the rate takes about five minutes and uses a soft credit pull with no impact to your credit score.
Example results
These examples use the calculator's defaults: an 85% combined loan-to-value limit, a 15-year term, and an 8.50% APR.
| Home value | Mortgage balance | Max HELOC | Monthly payment | Origination fee (4.99%) |
|---|---|---|---|---|
| $400,000 | $200,000 | $140,000 | $1,379 | $6,986 |
| $600,000 | $300,000 | $210,000 | $2,068 | $10,479 |
| $900,000 | $350,000 | $400,000 (cap) | $3,939 | $19,960 |
In the third example, 85% of the home's value minus the mortgage is $415,000, but the calculator applies $400,000, the limit on most offers. Some borrowers qualify for lines up to $750,000.
How the repayment term changes your cost
Here is a $100,000 Figure HELOC at 8.50% APR across the four available terms:
| Term | Monthly payment | Total interest |
|---|---|---|
| 5 years | $2,052 | $23,099 |
| 10 years | $1,240 | $48,783 |
| 15 years | $985 | $77,253 |
| 30 years | $769 | $176,809 |
Choosing 30 years instead of 10 lowers the payment by $471 a month but more than triples the total interest. Pick the shortest term your budget can handle comfortably.
Account for the origination fee
Because the fee is subtracted from your proceeds, you receive less than the loan amount. With a 4.99% fee, a $100,000 HELOC deposits about $95,010. If you need a specific amount in hand, divide it by 0.9501: netting $100,000 requires borrowing about $105,252. Our origination fee guide shows more examples.
Tips for using your estimate
- Use a conservative home value. Automated valuations can come in below what you expect.
- Borrow only what you need. The full amount is drawn at closing, so interest starts on the whole balance. See how the full draw works.
- Compare at least two other lenders. Our alternatives guide lists options.
- Check that your total debt payments stay under 50% of gross income, the lender's DTI limit.