When making a major purchase, using a home equity loan or line of credit is an alternative to financing offers often provided by a seller or manufacturer. In such cases, buyers often have the option of taking the seller-provided financing offer or a rebate on their purchase. Taking the rebate and using the equity in your home may provide a better alternative to the seller financing.
Using Home Equity for a Major Purchase
Use Home Equity for a Major Purchase
Loan Amount |
Monthly Payment |
|---|---|
Loan Amount |
Monthly Payment |
|---|---|
| Home Equity Loan | Seller Financing | |
|---|---|---|
| Total Interest | ||
| Total Principal | ||
| Total Cost of Loan |
This calculator is intended for informational purposes only and is considered an estimate. The accuracy of this calculator is not guaranteed by General Electric Credit Union (GECU). The calculator and its results do not constitute the advice of, or reflect actual products, services, rates, and/or terms available. Nothing contained in the calculator shall constitute an offer or solicitation of a product or service by GECU. This calculator is not intended to offer any tax, legal, financial, or investment advice. Please consult with qualified advisors to discuss your specific needs.