Home Equity Line of Credit Calculator
Considering a Home Equity Line of Credit (HELOC) to pay off your debt? Use this calculator to do a cost/benefit analysis and determine if taking out a HELOC is the right decision for you.
How to use the calculator
First - enter the terms for the proposed HELOC mortgage loan, including interest rate, term (length), and closing costs. Also indicate what your tax rate is.
After filling in the mortgage loan information, the next three screens are where you will enter information pertaining to the specific loans and/or credit cards you plan on paying off. Plug in the current amounts, the monthly payments, the finally the interst rates for each of the bills.
The results screen shows the before and after scenario for the following; monthly payments, expected timeline to payoff the debt, total payback owed, and tax savings.