How much of your equity can you use?
See your equity, what a refinance could free up at 80% of your home's value, and the room for a HELOC, which caps the revolving part at 65%. Then see the rough monthly cost of borrowing it.
Rough numbers only. This is a calculator for planning, not an approval or advice. Rates shown are examples you can change. Nothing you type is saved unless you choose to email it to yourself.
- Your equity
- Max total borrowing (80%)
- Available with a refinance
- HELOC room (revolving, 65% cap)
- Payment on your amount, refinanced
- Interest-only on a HELOC
Rough numbers for planning only. This isn't an approval, a quote, an offer or advice. Example rates are for the math and aren't rates we're offering. Your lender's policies, your credit and the property change the real answer.
Three steps.
Enter your home value
A rough number is fine. A lender will use an appraisal later.
Add what you owe
Your mortgage balance and any HELOC or other loan secured on the home.
Pick how much you'd use
Slide to the amount you need and compare the payment as part of a refinance versus interest-only on a HELOC.
Worth knowing.
The 80% and 65% limits
Regulated lenders generally cap total borrowing against your home at 80% of its value. The revolving part of a HELOC is capped at 65%, so any borrowing between 65% and 80% has to be paid down on a schedule.
Refinance vs HELOC
A refinance rolls the money into one mortgage with regular payments. A HELOC lets you draw and repay as you go, and many only require interest payments. That's flexible, and it also makes it easy to never pay it down.
Beyond 80%
Some alternative and private lenders lend past 80%, at higher cost and usually for shorter terms. Programs vary, so it's worth a conversation before you rely on it.
The Debt Consolidation and Refinance Guide
How refinances, HELOCs and second mortgages work, what breaking costs and when it makes sense.
Get the free guideGood questions.
How much equity can I take out of my home in Canada?
With a regulated lender, your total mortgage and other borrowing secured by the home generally can't go past 80% of its value. Subtract what you owe from 80% of the value to get a rough idea of what's available.
What's the maximum HELOC limit in Canada?
The revolving part of a HELOC from a federally regulated lender can't go past 65% of your home's value. Combined with your mortgage, the total can reach 80%, with the portion above 65% set up as an amortizing loan.
Is a HELOC or a refinance better?
A refinance suits a set amount you'll pay off on a schedule, like consolidating debt. A HELOC suits money you'll use and repay over time, like renovations in stages. If you're breaking your mortgage to refinance, factor in the penalty.
Do I need an appraisal?
Usually, yes. The lender bases the limit on its own appraisal of the home, which can come in above or below what you expect.
Want the real number?
These are rough numbers. I can run your actual file against real lender criteria, and checking your options won't touch your credit.
Keep running the numbers
Debt consolidation
Roll cards and loans into your mortgage. See the monthly savings and the honest long-term cost.
Open the tool Mortgage penalty estimatorPenalty estimator
Rough prepayment penalty for breaking a fixed or variable mortgage, and whether breaking pays.
Open the tool Renewal decision toolRenewal decision
Stay, switch or reset your amortization. Compare the real cost over your term, side by side.
Open the tool