Consolidating Debt with Home Equity

Debt

Total
Debt

Existing Payments

Monthly
Payment
Months to
Pay Off

Loan or LOC Payments

Interest-only
Payment
Monthly
Payment
Months to
Pay Off
Itemized Credit Card Debt
Card Balance
Interest Rate
Monthly Payment
Card 1
Card 2
Card 3
Card 4
Card 5
Card 6
Total

Itemized Installment Loan Debt
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.