Loans & Line of Credit Calculators
Making smart financial decisions starts with the right tools. Explore our easy-to-use home equity calculatorsfootnote 1 and budget with confidence.
Our most popular calculators
Calculate your loan payments with ease using our most popular calculators.footnote 1
Home Equity Payment Calculatorfootnote 1
Determine your monthly payments on a Home Equity Loan or Line of Credit.Footnote 2
Line of Credit Calculatorfootnote 1
Find out how much equity you have available in your home.
Debt Consolidation Calculatorfootnote 1
Enter your existing loan details and find out how much you can save by consolidating your debt.
Other loan calculators
Line of Credit Payment Calculatorfootnote 1
Determine your monthly payments and term for a line of credit.
Home Equity Tax Savings Calculatorfootnote 1
Find out what your total tax savingsfootnote 3 could be with a home equity line or loan.
HELOAN vs Vehicle Loan Calculatorfootnote 1
Compare a home equity loanfootnote 2 to vehicle loan and find out which works best for you.
Unlock your home’s equity in 3 easy steps:
1. Prepare your financesGather essential documents (income statements, tax returns, credit reports) and assess your budget.- 2. Choose your loan based on your goalsWhether you're working on a home renovation project, or consolidating your debt, we’ve got you covered. Choose from either a Home Equity Line of Credit (HELOC) or a Home Equity Loan (HELOAN).footnote 2
- 3. Apply for a loanOnce you’ve picked your loan, complete the application and we’ll help you through the closing process.
Helpful lending tips and advice
Explore expert insights and practical tips to navigate your lending journey.
What's a HELOC?
Discover what a HELOCfootnote 2 is and why it’s a smart tool if you want to renovate your home, consolidate debt, make major purchases or build an emergency fund.
What is a Credit Score?
Let’s dive into the details of how credit scores work and how you can boost that all-important number.
What is a line of credit: a simple guide
A line of credit is a flexible and convenient way to borrow and repay money over time. Learn more about lines of credit, how they work, and if one might be the right option for you.
Looking for auto loan calculators?
Get startedTake the guesswork out of your car financing with our easy-to-use auto loan calculators.footnote 1
Frequently Asked Questions
If you have equity in your home, you can borrow money by using that equity as collateral. For the first 10 years, known as the initial draw period, your payments will be interest-only and only based on what you have borrowed. As you pay down your balance, the funds become available for use again. After that it is the repayment period, and your payments will include both principal and interest, and may be higher than during the first phase.
HELOCs are issued at a variable rate of interest, which means that your interest rate can change over the life of your line. While your rate can change, there is a cap on how much the interest rate can change each time, as well as a lifetime cap on how much the rate can change during the life of your loan.
You can also lock in all or part of your HELOC at any time during the draw period for a rate and payment that will not change.footnote 4
A home equity loan (HELOAN) is a loan that uses the equity you have built up in your home as collateral. HELOANs deliver one time lump sum that you can use for any purpose you like. You can borrow as little as $5,000, with terms ranging from 5 to 20 years, at a fixed interest rate to enjoy a fixed payment that will not change.footnote 5
HELOANs are only available in second lien. If you are mortgage free, a HELOC with the fixed rate lock option might be right for you.
There are no up front costs to apply for a HELOC and we pay many of your closing costs. There is a $75 annual fee on your first monthly statement and each year after through the ninth anniversary of loan opening. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs we paid on your behalf.footnote 6
If you are approved, your loan funds will be accessible following a required waiting period of 3 business days from closing. After that, it’s easy to access your funds. You can transfer funds from your loan account to a checking account through mobile, online, by phone, at a branch or by checks that we will send you. You’ll receive a welcome package by mail that contains your access checks within 7-10 business days after closing.
You can choose the payment method that is most convenient for you. You can set up Auto Pay to establish monthly automatic payments from any BMO Checking account. When you do this during the application process you will receive a 0.25% interest rate discount.footnote 7
You may also make a one-time payment, by mail, or when you visit a branch. You can send higher payments to pay down the principal at any time without incurring fees. For all the details, visit Ways to Bank.
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footnote 1 Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO. Visit its website at www.leadfusion.com to review its privacy policy.
footnote 2 Relationship Requirement: If the property is not located in the following locations; arizona, california, colorado, florida, idaho, illinois, indiana, iowa, kansas, minnesota, missouri, nebraska, neveda, new mexico, north dakota, oklahoma, oregon, south dakota, utah, washington, wisconsin, wyoming, and EL Paso County, TX (Home Equity Line of Credit is not available in Texas), to be eligible for our real estate secured lending products, you must be a pre-existing BMO customer for at least six months at the time of application; contact a Banker for details. A BMO customer relationship includes any deposit, retirement, small business, secured and unsecured credit, and investment accounts (BMO Alto accounts are excluded). Not applicable to our Private Bank clients or BMO employees.
footnote 3 BMO Bank N.A. does not provide tax or legal advice. Please consult with your tax or legal advisor as to any benefits or consequences relevant to you.
footnote 4 Fixed Rate Lock Option InformationThe minimum line of credit withdrawn from a HELOC that can be converted to a fixed rate loan is $2,000 and the maximum that can be converted is 100% of the line amount. The minimum term is 5 years and the maximum loan term is 30 years. 30 year term only available at time of origination. No more than three fixed rate lock options may be open at one time. A $75 fee applies each time you convert a fixed rate lock option after the date of origination. Minimum payment due on a fixed rate lock option includes principal and interest in fixed monthly payments. As the fixed-rate balance is paid down during the draw period, funds are replenished and available for use at the variable rate during the draw period.
footnote 5 Rates are current as of 10/29/2024 and are subject to change without notice. For a Home Equity Loan, the annual percentage rate (APR) depends on the state in which property is located, individual credit qualifications, loan amount, combined loan-to-value ratio, term, and other criteria. Your APR for a $25,000 loan may be as low as 9.47% and as high as 12.22%. Your APR for a $50,000 loan may be as low as 8.97% and as high as 11.72%. Your APR for a $100,000 loan may be as low as 8.72% and as high as 11.47%. Your APR for a $150,000 loan may be as low as 8.72% and as high as 11.47%. To qualify for the lowest rate, you must meet requirements for loan amount, loan-to-value, term length, credit history and have Auto Pay from a BMO personal checking account. Repayments can be made over 5, 10, 15 or 20 years. If you borrow $50,000 at 8.97% APR assuming a 70% loan to value ratio for a 20 year term you will make 240 payments of approximately $448.90 each. Your monthly payment may differ from this example based on your actual loan amount and repayment terms. To receive a 0.25% rate discount, you must authorize BMO at origination to withdraw your Home Equity Loan payment each month from a BMO personal checking account using Auto Pay. The discount can only be applied to a new Home Equity Loan or a new Home Equity Line of Credit.
footnote 6 Closing Costs and Fee InformationBMO will pay closing costs for loans secured by a primary residence 1 to 4 family residence, excluding investment properties. Closing costs include appraisal charges, credit report, flood determination, title insurance, document recording fees, and mortgage and government taxes. You will be assessed a $75 annual fee on your first monthly billing statement. Thereafter, this $75 fee will be assessed annually on the anniversary of your closing date through the ninth anniversary of your loan opening. A fee waiver may be available based on your relationship balances, contact your banker for details. You may also be required to pay real estate taxes and items such as prior lien release fees. If the line amount is greater than $500,000, you are responsible for mortgage and government taxes as well as title fees in Alabama, Arkansas, Connecticut, Florida, Kansas, Hawaii, Idaho, Minnesota, Mississippi, New Jersey, New Mexico, Oklahoma, Pennsylvania, Tennessee, and District of Columbia. If you close your account within 36 months, a closing cost recoupment fee may be charged to recover the closing costs we paid on your behalf.
footnote 7 To receive a 0.25% rate discount, you must authorize BMO at origination to withdraw your Home Equity Line of Credit or Home Equity Loan payment each month from a BMO personal checking account using Auto Pay. The discount can only be applied to a new Home Equity Loan or a new Home Equity Line of Credit.