BAJANI MORTGAGE
Your Pathway to Homeownership.
Free Tool
HELOC Calculator for Ontario Homeowners
See how much you could borrow on a home equity line of credit, what it costs each month interest-only or paid off over time, and how your payment moves if prime changes.
Your Home & HELOC
Leave at 0 if you don't have one yet.
Canadian prime as of October 23, 2026.
Prime + 0.5% is typical; your lender may differ.
Used to compare interest-only payments with paying the balance down.
HELOC Room
$188,000
Enough for your amount
Interest-Only
$206/mo
Repay in 10 Years
$529/mo
HELOC Rate
4.95%
Prime + 0.50%
Your Scenario
- Estimated property value
- $720,000
- Current mortgage balance
- $388,000
- Amount to borrow
- $50,000
- HELOC rate
- 4.95% (prime 4.45% + 0.50%)
- Repayment period compared
- 10 years
Your HELOC at a Glance
HELOC Room Available
$188,000
65% of value for the line, 80% with your mortgage
Interest-Only Payment
$206/mo
On $50,000 at 4.95%
Payment to Repay in 10 Years
$529/mo
Principal + interest
Home Borrowed Against
60.8%
Mortgage + HELOC as a share of value
Estimates only. HELOC limits depend on an appraisal, your income, credit and the lender's guidelines.
Interest-Only vs Paying It Off in 10 Years
| Interest Only | Repay in 10 Years | |
|---|---|---|
| Monthly payment | $206 | $529 |
| Interest paid over 10 years | $24,750 | $13,493 |
| Still owing after 10 years | $50,000 | $0 |
Assumes the rate stays the same. HELOC rates move with prime.
If the Prime Rate Changes
| Prime Rate | HELOC Rate | Interest Only | Repay in 10 Years |
|---|---|---|---|
| 3.95% (−0.50%) | 4.45% | $185/mo | $517/mo |
| 4.45% (today) | 4.95% | $206/mo | $529/mo |
| 5.45% (+1.00%) | 5.95% | $248/mo | $554/mo |
| 6.45% (+2.00%) | 6.95% | $290/mo | $579/mo |
HELOC or Refinance?
- A HELOC lets you borrow only what you need, when you need it, and pay interest-only. It suits renovations, irregular expenses or an emergency fund.
- The rate is variable and usually higher than a fixed refinance rate, and interest-only payments never reduce what you owe.
- Refinancing locks a larger amount into your mortgage at a fixed or variable mortgage rate, but may mean a prepayment penalty if you're mid-term.
- Many homeowners combine both: a readvanceable mortgage pairs a mortgage with a HELOC that grows as you pay the mortgage down.
What This Means for You
Borrowing $50,000 on a HELOC at about 4.95% would cost roughly $206 a month interest-only, or $529 a month to clear it in 10 years.
Lenders generally qualify a HELOC on the full limit at the stress-test rate, not just what you plan to draw, so a large limit can affect what else you qualify for.
A licensed mortgage professional can compare HELOC, refinance and readvanceable options for your situation.
Your Pathway to Homeownership Starts With Understanding Your Numbers
Your calculator results are estimates. Nandan Bajani can help you review your situation and understand your mortgage options.
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