A HELOC or a home equity loan is the smart decision for some homeowners, but others should avoid them.

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Information About Home Equity Loan / Line of Credit (HELOC)

If you own your own home and have lived in it for a couple of years or more, it's likely that you can borrow a substantial amount of money at a very favorable interest rate using a Home Equity Loan or Home Equity Line of Credit (HELOC).
 
The interest you pay on the money that you borrow may be deductible from your income taxes. Please consult a local tax expert to verify that this is applicable in your particular circumstances.
Mortgage Refinancing Calculator
This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs. The information you enter here will not be transmitted to any computer.
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter the your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs that will be required for refinancing:
This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):
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About the Authors

Like any topic, there are recognized experts in the field of home equity loans and lines of credit. We have collected some of their best, most informative information here to benefit you. Of course, you should seek information from a local financial advisor who can best assess your particular situation. This website does not provide financial advice.