Calculator
HELOC interest calculator
Most HELOCs charge interest only on what you draw, at prime plus a spread. See the monthly cost now, after a prime change, and at different spreads.
Your rate now
5.20%
prime + 0.50
Monthly interest now
$347
After the prime change
$363
at 5.45%
| Spread over prime | Rate | Yearly interest |
|---|---|---|
| +0.00 | 4.70% | $3,760 |
| +0.50 | 5.20% | $4,160 |
| +1.00 | 5.70% | $4,560 |
| +1.50 | 6.20% | $4,960 |
Estimate: the published prime rate (4.45%, October 28, 2026) plus the +0.25 point policy-rate change on October 29, 2026. Check your lender's posted prime.
How it works
- Monthly interest = balance × rate ÷ 12.
- Your rate = the latest prime estimate plus your spread.
- The table shows yearly interest at different spreads.
Questions people ask
Where does the prime rate come from?
The Bank of Canada publishes a typical chartered-bank prime weekly. If the policy rate changed after the latest figure, the site adds that change and labels it as an estimate.
Does my payment include principal?
Many HELOCs only require interest. Paying principal as well reduces the balance and future interest.
How big can a HELOC be?
FCAC says up to 65% of your home's value, and up to 80% combined with your mortgage.