Home Equity Debt Consolidation Calculator

Evaluate whether using home equity to consolidate debt is a smart financial move.

  • Methods explained
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  • Compare saved scenarios

Current Debt

$
%
$

Home Equity Loan

%
120 months
$

Consolidation Analysis

Compared over 120 months. Costs include payments made plus the remaining liability; closing costs are financed. Personal-debt consolidation receives no mortgage-interest deduction (IRS Publication 936).

Current Debt Remaining$0
Consolidated Debt Remaining$0

Keep Current Debt

Payoff Time50
Total Interest$14,155

Home Equity Consolidation

Monthly Payment$378
Total Interest$14,879
Tax Savings$0
Net Cost$45,379
Monthly Savings$522
Cost Difference Over Comparison Horizon-$1,224
Recommendation0

Warning: Using home equity puts your home at risk. If you cannot make payments, you could lose your home. Interest on the personal debts modeled here is not deductible as home-mortgage interest.

How it works›

Model and assumptions. Compares the existing debt payments and interest with the entered consolidation loan and its fees. Extending repayment can lower payments while increasing cost. Student-loan benefit loss, underwriting and tax eligibility are not resolved by this cost comparison; secured borrowing also changes collateral risk.CFPB: money and debt worksheetsOpenStax: annuity formulas