calculate cost of HELOC

[Anna Catron]

I get it, it's never a stupid question, buuuuuut, it feels like it. 

I'd like to HELOC 160k out of our home-that's easy. We'd need it for 9-12 months only.

We just finished our first new build duplex. Put in 160 and appraised at 390. 

We'd like to finish the next 3 duplexes all at once. We have 270 from the first, but need approx 160 more. 

I can't find a calculator that will tell me how much that money will cost us!  

Y'all rock!  Thanks for your thoughts!

[Jaycee Greene]

Quote from @Anna Catron:

Yep!  I am! Plus, 6mos of sweat equity on our part!

It's one of those stories you hear and think, "yeah, right". My husband knocked on his first door ever - they sold us their duplex and said, "you want the lot next door?". We got the lot for $500!
We BRRRR'd the duplex, doubled our money. 
Last day of construction a local wants a tour. "Mom's house isn't livable"...so we bought that, demo'd the house and doubled our money.
We built a tiny duplex on the $500 lot for $160 and it just appraised @ $390! 
Now time to build 3 duplexes where "Mom's house isn't livable" was!

 @Anna Catron OMG! That's amazing...sounds like the story of my wife's best friend from college that was frustrated by a long day of walking around neighborhoods in Milwaukee looking for a primary residence to buy and then pointed to a house they hadn't looked at and wasn't even on the market said, "There, why can't I buy THAT house?!". She proceeded to walk up to the house, knock on the door, and ask the people if they'd consider selling their house to her. Surprisingly to her, they said, "Yes, our last daughter just moved out of the house and we were talking about the idea of downsizing"!

So, the way I'd "sell" the $18k in terms of the CODB like this:

"Hey honey (or whatever you call him), if you were absolutely certain that if you gave me $1 today and a year from now, I'd give you back $12, would you do that? 

If he says, "Yes Anna, I would do that in a heartbeat and never think twice because I love you and believe in you wholeheartedly!"

Then your response could be, "Great, then how about we borrow that $160k off the HELOC and pay $18k in interest over the next year, because by building another duplex on that property will almost certainly generate $212,000 in profits! ;-)