This Calculator will tell you the benefits
of consolidating all your high interest rate credit card debt
into 1 single low interest loan using your home
equity line of credit. You can enter 4 types of debts
including Credit Card Debt, Auto Loans, Student Loans or Other.
You enter the current principal balances owing, what interest
rate you are paying as well as the monthly payment amount,
and how many more months of payments are left. Then, enter
the home equity
loan information in the "New Loan Information"
section. Enter the interest rate you will be paying on your
home equity loan, estimate
of mortgage closing costs and expected Federal & State
tax rates. After, click on the "Calculate New" button
and you will see your savings and reductions in your monthly
payments as well as any tax savings.