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.
Today's Best Home Equity Rates
Our rate table lists the best current HELOC and home equity loan rates available from our lender network. Set your search criteria by entering your loan data and selecting the relevant products from the dropdown, click search and we'll help you compare the market by showing you the most relevant offers for homeowners. You can choose between HELOCs, and 5, 10, 15, 20 and 30 year home equity loans.
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.
Our monetary policy is biased toward inflation. If you back out general inflation, outside of during market bubbles, real estate typically performs roughly inline with general inflation. Rather than looking at raw prices, better metrics to use for analyzing real estate prices are:
- Home price vs median income.
- Purchase price vs rent.