Consolidating Debt with Home Equity

Credit Card Debt
Worksheet
$
%
$
Installment Loan Debt
Worksheet
$
%
$
Loan or Line of Credit
%
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Debt
Existing Payments
Loan or Line of Credit Payments
Months to Payoff Existing Debt vs Consolidated Loan
Debt Type Months to Payoff
Credit Card Debt
Installment Debt
Consolidated Debt
Itemized Credit Card Debt Worksheet
Card Balance
Interest Rate
Monthly Payment
Card 1
Card 2
Card 3
Card 4
Card 5
Card 6
Total
Itemized Installment Loan Debt Worksheet
Loan Balance
Interest Rate
Monthly Payment
Loan 1
Loan 2
Loan 3
Loan 4
Loan 5
Loan 6
Total
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.

The information provided by Fintactix's Tools and Content is for illustrative and educational purposes only. The default figures and examples shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results or recommendations made by Fintactix content or calculations. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed. Furthermore, these calculations may not reflect the terms available for any loan, investment or other financial product that may be available at the Licensee website where you use them.