🏠 Bank of America HELOC Calculator
Estimate your Home Equity Line of Credit amount, payments, and interest costs
🏦
Bank of America
Home Equity Line of Credit
Typical Max LTV
80-85%
Draw Period
10 Years
Repayment Period
20 Years
⚠️ Disclaimer: This calculator provides estimates only. Actual HELOC terms, rates, and credit
lines are determined by Bank of America based on creditworthiness, property value, and other factors. Contact
Bank of America directly for official quotes.
HELOC Calculation Formulas
📐 Understanding HELOC Calculations
Available Equity
Your equity is home value minus what you owe. Banks typically lend up to 80-85% of combined loan-to-value.
Interest-Only Payment
During the draw period (typically 10 years), you pay only interest on what you've borrowed.
P&I Payment
During repayment period, you pay principal plus interest to pay off the balance.
📊 Bank of America HELOC Features
| Feature | Details |
|---|---|
| Credit Line Range | $25,000 - $1,000,000+ |
| Draw Period | 10 years (interest-only payments) |
| Repayment Period | 20 years (principal + interest) |
| Rate Type | Variable (based on Prime Rate + margin) |
| Max Combined LTV | Up to 85% (varies by credit score) |
| Annual Fee | Typically $0 - $75 |
| Closing Costs | Often waived or reduced |
💰 Estimated HELOC Rates by Credit Score
| Credit Score | Typical APR Range | Prime + Margin | Max LTV |
|---|---|---|---|
| Excellent (740+) | 7.5% - 8.5% | Prime + 0% - 1% | Up to 85% |
| Good (700-739) | 8.5% - 9.5% | Prime + 1% - 2% | Up to 80% |
| Fair (660-699) | 9.5% - 11% | Prime + 2% - 3.5% | Up to 75% |
| Below 660 | 11%+ or declined | Prime + 3.5%+ | Up to 70% |
❓ Frequently Asked Questions
Q: How much can I borrow with a Bank of America HELOC?
Bank of America typically allows you to borrow up to 85% of your home's value
minus your current mortgage balance. For example, on a $450,000 home with $250,000 owed, you could
potentially access up to $132,500 ($450K × 85% - $250K = $132.5K).
Q: What are current Bank of America HELOC rates?
Bank of America HELOC rates are variable and based on the Prime Rate plus a
margin. Current rates typically range from 7.5% to 11%+ depending on credit score, LTV ratio, and
relationship discounts. Check bankofamerica.com for current rates.
Q: What is the difference between draw period and repayment period?
The draw period (typically 10 years) is when you can borrow against your credit
line and make interest-only payments. The repayment period (typically 20 years) follows, during
which you can no longer draw funds and must pay principal plus interest to repay the balance.
Q: Does Bank of America charge closing costs for HELOCs?
Bank of America often waives or reduces closing costs on HELOCs as a promotional
offer. However, standard costs may include appraisal fees ($300-500), title search, and recording
fees. Bank of America Preferred Rewards members may receive additional fee waivers.
Q: Can I get a fixed-rate option with a Bank of America HELOC?
Yes, Bank of America offers a Fixed-Rate Lock Option that lets you lock in a fixed
rate on all or part of your HELOC balance. This provides payment predictability while maintaining
the flexibility of a HELOC for the remaining variable-rate portion.