Extra Credit (HELOC) Savings Calculator

Using your home's equity to pay off higher-rate debts can lower your monthly payments. List your debts to see how much you'd need, whether you have enough equity, and what you could save, along with the full picture over time.

These numbers are estimates only and may not be accurate. They depend on your real interest rate, credit, income and the home's actual taxes and insurance. Contact us for accurate figures; it's free and there's no obligation. The starting interest rate (6.5%) is an example only, not a quote: your rate depends on your credit, loan type, down payment and the market, and can be higher or lower. Change it to see the difference.

Your home

Estimated home value ($)

Current mortgage balance ($)

Lender limit (% of value) typical 80–90

Debts to pay off

Debt

Balance ($)

Rate (%)

Payment ($/mo)

Debt

Balance ($)

Rate (%)

Payment ($/mo)

Debt

Balance ($)

Rate (%)

Payment ($/mo)

The Extra Credit line

Extra cushion (optional, $)

Estimated HELOC rate (%) usually variable

Pay it back over

Worked example

A homeowner with $40,000 of credit card, car and personal loan debt paying $1,120 a month, plus a $3,000 cushion, would need about $43,000 of Extra Credit. At an example 8.5% over 15 years, the payment would be about $423 a month, roughly $700 a month less. The calculator also shows total interest, so you can see the full picture.

What's next?

Check my Extra Credit optionsApply online in minutes.Go →Compare with a refinanceNew payment and break-even.Go →Mortgage payoff planFinish your mortgage years sooner.Go →

Common questions

What is Extra Credit?

"Extra Credit" is our friendly name for a home equity line of credit (HELOC): a credit line secured by your home that you can draw on as needed, often at a lower rate than credit cards or personal loans.

How much can I borrow with a HELOC?

Lenders usually allow your mortgage plus the HELOC to reach about 80% to 90% of your home's value (the "combined loan-to-value"). On a $400,000 home with a $250,000 mortgage, an 85% limit leaves about $90,000 available.

Will consolidating debts save me money?

Often it lowers the monthly payment because the rate is lower and the term longer. But paying over a longer time can mean more interest in total, so the calculator shows both. Paying more than the minimum on the HELOC gets the best of both.

What are the risks?

A HELOC is secured by your home, so missed payments put the home at risk. HELOC rates are usually variable and can rise. There may be closing costs or annual fees. Avoid running credit card balances back up after consolidating.

For education and planning only. Approximate estimates; not legal, tax or financial advice. Not a loan offer, approval or commitment to lend. Example rates are for illustration only; rates can change and may not be available at commitment or closing. Rates, terms, taxes, insurance and program rules vary and change; your actual numbers may differ. Mortgage services by Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

Extra Credit (HELOC) Savings Calculator

Your home

Debts to pay off

The Extra Credit line

Worked example

What's next?

Common questions

Your next step: Lower your costs

Talk through your Extra Credit options