Home equity loans can be used to consolidate debt from multiple credit cards or installment loans into a single loan while offering the added benefit of consolidating multiple payments into a single monthly payment. Using home equity for debt consolidation can be beneficial if the repayment period for paying off the home equity loan is shorter than it would be for your existing debts or if the interest paid over the repayment period is less than what you would pay without consolidating your debt.
Home equity optionsUse this calculator to find out if you should use a home equity loan for debt consolidation.
Change the numbers in each input field by entering a new number or adjusting the sliders. After entering your data into each input field, the calculator results will automatically update the summary statement and chart.
