HELOC Calculator

A HELOC is not a loan for a specified amount, but a line of credit with an adjustable rate. The conditions of a HELOC may happen to be more favourable, though. The only thing to always bear in mind and keep an eye upon is the interest rate of your HELOC. Unlike the ARM, it does not have such a developed mechanism of protecting customers from a rate increase.

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Interest Rate : (%)
Length : (Yrs)
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  Amount ($) Payment ($) Interest (%)
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Financial Analysis (Switch to Plain English)
  Debt HELOC
Amount : $9,000.00
Monthly Payment : $910.00 $48.31
Average Interest Rate : 12.93% 5.00%
Payoff Timeline : 0 Yrs 11 Mts 30 Yrs 0 Mts
Total Monthly Payments : $9,567.93 $17,393.02
Total Deductible Interests : $0.00 $8,393.02
Avg Annual Tax Savings : $0.00 $72.74
Plain English Help (Switch to Financial Analysis)

HELOC stands for Home Equity Line Of Credit. HELOC is an option you might want to consider if you have a certain amount in your home equity and your debt payments are more than you can bear every month. In fact, HELOC can even help you lower the interest rate on those debts. To get an idea of how HELOC can affect you and your debts, let's take a look at an example.

If you have $9,000.00 in debt from a variety of loans with different interest rates, it might take you 0 year(s) and 11 month(s) to pay it off if the average interest rate of these loans is 12.93% and you are paying $910.00 per month. With HELOC, you would have a 5.000% interest rate and your monthly payments would drop dramatically to $48.31, but it would take you 30 years to repay the debt.

Without HELOC, your $9,000.00 loan will cost you $9,567.93 in total to repay. HELOC brings it to the total of $17,393.02, and $8,393.02 of that amount is tax deductible interest. Interest payments made without HELOC are not tax deductible.