If you’re looking for a fast, effective strategy for paying off debt, then don’t underestimate the benefits of debt consolidation. This Home Equity Debt Consolidation Calculator compares your current payment timeline with the potential scenarios of rolling those balances into a home equity line of credit. Start by entering the information for all your current loans, including credit cards, auto loans, installment debt, and others. This information is used to calculate the full picture of your current monthly debt payments. If you have multiple credit cards and other loans, the payments can add up fast, making it a challenge to keep up with cash flow each month, even when you’re only paying the minimums. Adjustments can be made to these calculations based upon how much you’re able to pay each month, either the minimums or more if you’re financially able.

Next, compare the numbers to if these balances were rolled into a new home equity loan. This calculator allows you to evaluate your debt payoff possibilities based upon the loan amount, repayment term, interest rate, and monthly payment. Reducing the interest burden and consolidating your balances into one payment can have a significant impact on your payoff timeline. In addition, it gives you more flexibility by reducing your minimum payment each month. Use this calculator to help determine if home equity debt consolidation can help eliminate your multiple monthly payments and improve your ability to pay off your debt.