HELOC refinance

Keep your first. Fix your second.

A HELOC rate moves whenever the market does, and an interest-only one never pays anything down. Trading it for a fixed second mortgage settles both — without refinancing the low-rate first mortgage you want to keep. This shows the new payment and how much you could take out up to 90% combined loan-to-value.

Your home & loans

Nothing is saved, sent, or filed. No credit is pulled.

Home value

$200,000$5,000,000

First mortgage balance

0$3,000,000

The one you keep. Nothing here touches it.

Rate on the first

012

Used for the blended rate. Leave at zero to skip it.

The HELOC or second you’d replace

Balance owed

0$1,000,000

Rate you pay now

018

Payment you make now

0$10,000

Is it interest-only?

Interest-only means the payment covers interest and nothing else — the balance is the same next year as it is today. Say yes and the current payment is worked out for you.

The new fixed second

Additional cash out

0$1,000,000

On top of paying the current balance off.

Rate on the new second

512

Term

1030

The new payment is higher, and that’s expected. Your interest-only payment buys you nothing but time — the balance never moves. The fixed payment is larger because part of it is now going to principal at a rate that can’t climb.

No first mortgage entered. With nothing ahead of it, a new loan in second position may not be the right structure. Worth a conversation.

Cash you could take, beyond the payoff

at 90% combined loan-to-value

90% CLTV

First (kept) New second Cash out Equity left

Paying now

→

New fixed payment

New second loan amount$0

Monthly interest on that balance$0

Combined loan-to-value0%

Blended rate across both loans—

Get my personalized options Or call or text →

Estimates only · no credit pull · nothing is sent anywhere

This is an estimate, not a loan offer. It assumes a fixed second mortgage to a maximum 90% combined loan-to-value, fully amortising at the rate and term shown, and excludes closing costs, property taxes, and insurance. An interest-only HELOC payment covers interest only and does not reduce the balance, so a fixed payment may be higher even at a lower rate because it also pays down principal. Rates shown are illustrative and not a quote. Actual terms depend on credit, income, property, occupancy, lien position, and program availability, and not all applicants will qualify. Combined loan-to-value limits vary by program. Franklin Direct does not provide tax or legal advice.