Simplify Your Debt with the HELOC Debt Consolidation Calculator
Explore how consolidating your debt with a home equity line of credit can save you money and simplify payments.
Discover the Savings Potential of HELOC Debt Consolidation
Managing multiple debts can be overwhelming, especially with high-interest rates. The HELOC Debt Consolidation Calculator helps you evaluate whether consolidating your debts into a single, lower-interest home equity line of credit (HELOC) is the right solution. See how much you can save on interest, reduce monthly payments, and simplify your financial life with this easy-to-use tool.
How to Use the HELOC Debt Consolidation Calculator
- Enter Your Debts: Enter your current debts’ balances and interest rates of your current debts (credit cards, personal loans, etc.).
- Include HELOC Details: Add the HELOC interest rate and any associated fees.
- Set Your Repayment Terms: Choose the repayment period for the HELOC.
- Compare Results: The calculator will show your potential savings in interest and monthly payment reductions.
- Make a Plan: Use the results to decide if HELOC consolidation is your best option.
You have questions? We have answers.
After you crunch your numbers on the calculator, the next step is to give us a call! We can help answer questions you may have or direct you to the next step to opening up your homes assets through a HELOC
(801) 223-8188 | Branch Locations
Available M–F 8am–6pm, and Sat. 9am–2pm*.
*Saturday hours vary per Branch Location
What is debt consolidation with a HELOC?
Debt consolidation with a HELOC involves using the equity in your home to pay off multiple high-interest debts. This creates a single, lower-interest payment, simplifying your finances.
How does the calculator determine my savings?
Using a HELOC, the calculator uses a HELOC to compare your current debt payments and interest with the projected costs and interest. It shows the total interest saved and potential monthly payment reductions.
What types of debt can I consolidate with a HELOC?
Typical debts include credit cards, personal loans, medical bills, and other high-interest obligations.
Are there risks to using a HELOC for debt consolidation?
Yes. Since a HELOC uses your home as collateral, you risk foreclosure if you fail to make payments. It’s essential to budget carefully and ensure you can meet the repayment terms.
What are the benefits of debt consolidation?
Consolidation can simplify your payments, lower your interest rate, reduce monthly payments, and help you pay off debt faster.