Should I pay to get a higher HELOC balance

[Ryan Duphorn]

My current HELOC balance to spend is $60k. I asked my lender if he can increase my balance given my equity but ultimately can't unless I pay the closing cost fee of $734. Here is his response:

"We can definitely take a look at that for you, however we would have to do a new HELOC. I wish we could simply just increase the current one but unfortunately we can't. We go up to 80% LTV so if the house appraised at $300,000 and you owe $148,000 we could potentially get you up to $92,000 as long as you qualify with credit and debt to income is <40%. Let me know if you want to get started. Because we are in the first three years, you would have to pay the closing costs back however. They were $734.00."

If they offer 80% LTV I still don't understand how my amount would be $92k. 300,00 - 148,000 = 152,000. 80% of 152,000 = $121,600. I'm probably misunderstanding how these work but why would my increased amount be $92,000 instead of $121,600?