Consolidating Debt with Home Equity

Debt
Total Debt
$ 35,000
Existing Payments
Monthly Payment
Months to Pay Off
$ 700 87
Loan or LOC Payments
Interest-only Payment
Monthly Payment
Months to Pay Off
N/A $ 369 120
The consolidation loan will result in a payoff period of 33 more month(s) than the estimated payoff period for your current debts. Over the repayment term, you will pay $4,398 less in total interest with the consolidation loan.
Months to Payoff Existing Debt vs Consolidated Loan
Debt Type Months to Payoff
Credit Card Debt 87 months
Installment Debt 47 months
Consolidated Debt 120 months
Credit Card Debt Worksheet
Card Balance
Interest Rate
Monthly Payment
Card 1
Card 2
Card 3
Card 4
Card 5
Card 6
Total

Installment Debt Worksheet
Loan Balance
Interest Rate
Monthly Payment
Loan 1
Loan 2
Loan 3
Loan 4
Loan 5
Loan 6
Total

Home equity loans can be used to consolidate account balances 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.