Debt Consolidation Home Equity Loan Calculator

Do you have many debts to pay each month? If you have credit cards or other high interest unsecured loans you may be able to lower your overall interest expense & monthly payments by taking out a home equity loan to repay the other debts. What's more, interest on mortgage debt is tax deductible, which can further enhance your savings & help you pay down your debts even faster.

Enter one debt on each row, the amount of additional cash you would like to withdraw & this tool will calculate your monthly home equity loan payment and total interest savings.

Payment
Description
Principal
Balance
Interest
Rate
Payment
Amount
Payments
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Interest
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New Loan Information
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Interest
Rate
Number
of Years
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Fed & St.
Tax Rate
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Total Principal Balance:
Effective Rate Before Taxes:
Effective Rate After Taxes:
Total of Monthly Payments:
Monthly Tax Savings:
Monthly Payment Reduction:
Total Monthly Savings:

 

Current Home Equity Loan Rates

 

Leveraging Home Equity.

 

Key Tips & Advice

Things to consider when buying a home:

  • While the 30-year mortgage is the most popular term in the United States, a 15-year term builds equity much quicker;
  • Home buyers in the US move on average of once every 5 to 7 years;
  • Early mortgage payments apply primarily to interest rather than the principal;
  • Using a shorter loan term, paying extra & making bi-weekly payments can better help offset any transaction-based expenses.

Do Home Prices Always Go Up?

In the United States real estate prices have went up about 6-fold since 1970.