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Home Equity Debt Consolidation Calculator

This calculator is designed to help determine whether using equity in your home to consolidate debt is right for you. Enter your credit cards, installment loans and any other debt you wish to consolidate by clicking on the 'Enter Data' button for each category. Then change the consolidated loan amount, term or rate to create a loan that will work within your budget. Click the "View Report" button for detailed results.

Home Equity Debt Consolidation Calculator Definitions

Home equity loan/line amount
Original or expected balance for your home equity loan or line of credit. The default amount will be the total of all of your debts. You can increase or decrease this amount as needed. Changing the loan/line amount automatically changes the monthly payment, and vice versa.
Monthly payment
Monthly principal and interest payment (PI) for your home equity loan/line. Changing the monthly payment automatically changes the loan/line amount, and vice versa.
Repayment term
The period of time over which you will repay the entire home equity loan/line of credit balance. This calculator offers the option of making interest-only payment - please note that making interest-only payments does not reduce the outstanding principal balance on your loan/line.
Interest rate
Annual interest rate for this home equity loan or line of credit.
Use minimum payment
In the "Credit Card debt" section, if you checked the 'use credit card minimum payments' box, your monthly payment is calculated as 4% of your current outstanding balance and your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is a common method used by credit card companies to calculate minimum payments.)
Credit Card Balance
Your total current balance for this credit card.
Credit Card Interest rate
The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
Credit Card Payment
This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance and your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.

(We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Loan balance
Your total current balance for an installment loan.
Loan interest rates
The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. We use this to calculate the interest you will pay on this loan and the number of payments that are remaining.
Loan payment
Enter the actual monthly payment for your loan. We use this to determine your payment totals and to calculate the remaining payments.
Payments remaining
This is the calculated number of payments remaining for this loan installment. It is based on your current balance, payment and interest rate.