Getting a Home Equity Line of Credit (HELOC) can save you thousands in potential debt interest. HELOCs have been recently used by many homeowners to do debt consolidations or pay off high interest rate debts. By using your HELOC to pay all of your debt, you can have one easy payment each month. Also, your HELOC interest may be tax deductible.

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Should I Use HELOC to Lower Debt Payments?

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Closing Cost ($)
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Financial Analysis
  Debt HELOC
Debt Amount $9,000.00
Monthly Payment $910.00 $56.15
Average Interest Rate 12.933% 6.375%
Payoff Timeline 0 Yrs 11 Mts 30 Yrs 0 Mts
Total Monthly Payment $9,567.93 $20,213.38
Total Deductible Interest $0.00 $11,213.38
Average Annual Tax Savings $0.00 $97.18

 
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1-Year ARM
5.46%
5/1 ARM
5.75%
15-Year Fixed
6.14%
30-Year Fixed
6.29%
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