Should I use HELOC to Lower My Debt Payments?

Use this calculator to see how you can slash your current monthly debt payments by using money from your HELOC (Home Equity Line Of Credit). You'll likely pay more using a HELOC rather than simply paying your debts outright, but if you can’t afford to pay off your debts quickly then you can at least take advantage of its tax advantages and improved monthly cash flow.

To use the calculator, enter the following information:

Loan Information: Interest Rate, Length (in years), Closing Costs and Your Tax Rate.
Debt Amount, Payment and Interest for the following fields: Auto Loan, Boat / RV, Credit Card 1, Credit Card 2 and Other Accounts.

The calculator will display the debt and HELOC information for the following fields:

Amount of debt
Monthly Payment
Average Interest Rate
Payoff Timeline
Total Monthly Payments (accumulated)
Total Deductible Interest
Average Annual Tax Savings

The calculator can also produce a PDF output file for download to your computer.

Input Information
Loan Information
Interest Rate : (%)
Length : (Yrs)
Closing Costs : ($)
Your Tax Rate : (%)
  Amount ($) Payment ($) Interest (%)
Auto Loan :
Boat/RV :
Credit Card 1 :
Credit Card 2 :
Other Accounts :
 Let Me Print That Form in PDF!
Financial Analysis
  Debt HELOC
Amount : $9,000.00
Monthly Payment : $910.00 $46.95
Average Interest Rate : 12.93% 4.75%
Payoff Timeline : 0 Yrs 11 Mts 30 Yrs 0 Mts
Total Monthly Payments : $9,567.93 $16,901.37
Total Deductible Interests : $0.00 $7,901.37
Avg Annual Tax Savings : $0.00 $68.48

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