What would consolidating my debts actually save?

List what you owe, enter the consolidation rate you've been quoted, and see the monthly and annual difference — with APR shown alongside every payment.

Your Current Debts

Balance

APR %

Min Payment

Consolidation Loan Terms

Works for any consolidation product — HELOC, HELOAN, or cash-out refinance.

Interest Rate

APR matches the rate until you add closing costs below.

Loan Term

Loan Payment (P&I)

$0 @ 0.000% / 15 yr — fully amortizing

$0/mo

APR 0.000%

Current Total Payments

$0/mo

Avg rate: 0.0%

Consolidated Loan Payment

$0/mo

$0 @ 0.000% over 15 yr

Total Debt

Monthly Savings

Annual Savings

This is an estimate. Actual loan terms depend on credit score, equity, income, and property. HELOC, HELOAN, and cash-out refinance options available — contact Randy for a personalized analysis.

Ready to see if a HELOC can consolidate these?

Start the 5-day HELOC pre-qualification — the loan amount you modeled carries over.

Check my HELOC options →

No-obligation pre-qualification. Not a loan application or a commitment to lend.

The short answer: it depends on the spread between what your debts cost now and the rate you qualify for on a home-equity-backed loan, and on the term you choose. This calculator adds up your real minimum payments and weighted average rate, then compares them against one fully amortizing loan at the rate you enter.

Why compare total interest, not just the monthly payment?

Stretching balances over a longer term almost always lowers the monthly payment — that alone doesn't mean you saved money. The honest comparison is the payment difference AND what the loan costs over its life. The calculator shows the loan's APR (which includes closing costs) right next to its payment so you see both sides.

Which loan type is best for consolidating?

If your current first mortgage has a low rate, a HELOC or HELOAN leaves it untouched. If your first mortgage rate is already high, a cash-out refinance may make sense. The math works the same either way — the cash-out refi vs. HELOC calculator compares those two paths directly.

Illustrative example — not an offer or a rate/APR quote

A homeowner carries $45,000 across three credit cards and an auto loan, with minimum payments totaling $1,150 per month at a weighted average rate near 22%.

Consolidating the full $45,000 into one fixed, fully amortizing home-equity loan — at whatever rate they are actually quoted — replaces four payments with one and swaps revolving card rates for a single secured rate. Whether that saves money, and how much, depends entirely on the quoted rate, term, and closing costs, which is exactly what the calculator above computes from your own numbers.

Frequently Asked Questions

How does consolidating debt with home equity work?

You borrow against your home — via HELOC, HELOAN, or cash-out refinance — and use the proceeds to pay off higher-rate debts like credit cards. You then make one payment on the new loan instead of several. Because the loan is secured by your home, rates are typically lower than unsecured card rates, but your home becomes collateral.

Will consolidating always lower my monthly payment?

Not always. It depends on the rate you qualify for, the term you choose, and the balances involved. A longer term can lower the monthly payment while increasing total interest paid over time — always compare both numbers, not just the payment.

What rate should I enter in the calculator?

Enter the rate you have actually been quoted for a HELOC, HELOAN, or cash-out refinance. The calculator never assumes a rate for you, because your real rate depends on credit score, equity, income, and property type.

Is it risky to pay off credit cards with home equity?

It converts unsecured debt into debt secured by your home — if you cannot repay, your home is at risk. It also only helps long-term if the spending that built the balances stops. Consolidation is a tool, not a cure; talk through whether it fits your situation.

Does the calculator store my debt information?

Your entries are kept only on your own device for about 30 minutes so a page refresh doesn't wipe your work. Nothing is transmitted or stored on a server.

Calculator results are estimates based only on the numbers you enter and are for educational purposes. Enter the rate you have been quoted — this tool never assumes or suggests a rate. Subject to credit approval. Your home is used as collateral and may be at risk if you do not repay. APR, terms, and repayment structure vary by product.

Rates and program availability may vary based on the state or region in which the financed property is located. This is not a credit decision, an offer, or a commitment to lend. Program restrictions apply.

Randy Mathis | NMLS# 1516760 | Lumin Lending Inc. NMLS# 2716106 | Equal Housing Lender | License information