Consolidating Debt with Home Equity

Total Debt
Existing Payments
Monthly Payment
Months to Pay Off
Loan or LOC Payments
Interest-only Payment
Monthly Payment
Months to Pay Off
Months to Payoff Existing Debt vs Consolidated Loan
Debt Type Months to Payoff
Credit Card Debt
Installment Debt
Consolidated Debt
Credit Card Debt Worksheet
Card Balance
Interest Rate
Monthly Payment
Card 1
Card 2
Card 3
Card 4
Card 5
Card 6

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

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.