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Debt payoff calculator

Compare keeping a credit-card balance with paying it off through a fixed-rate home equity loan. See the starting payments, how long each path takes, and what each one costs in total, including upfront loan costs.

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Your scenario

Enter the debt and the loan

Starting values are illustrative examples, not current offers or rates. Replace them with your own statement and quote numbers.

Credit card

Credit-card balance to compare Total card balance you would pay off, $100 to $500,000.

Credit-card APR Purchase APR from your statement, 0% to 60%. Example: 24.99.

Card payment to compare

Minimum payment Fixed monthly amount

Minimum = that month's interest plus 1% of the balance, at least $25. It shrinks as the balance falls.

Fixed-rate home equity loan

Loan interest rate Use a quoted or illustrative fixed rate, 0% to 30%. Example: 8.25.

Loan term Whole years, 1 to 30. A longer term lowers the payment but usually adds interest.

Extra principal per month optional Added to the loan payment each month, $0 to $10,000. Enter 0 for none.

Closing costs paid upfront Fees paid in cash at closing, $0 to $100,000. Added to the loan's total cost, not to the balance.

Side by side

Comparison

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This calculator needs JavaScript. No results are shown without it. The assumptions and caveats below still explain how the comparison works, or you can call Fred at (949) 345-0201.

Balance over time

How each balance comes down

Credit card
Home equity loan

Year-by-year balancesRemaining balance at the end of each year

Remaining balance at the end of each year for the credit card and the home equity loan
Year	Credit card balance	Home equity loan balance

Read before you compare

What this comparison does and doesn't include.

This models a fixed-rate home equity loan with a set term, not a HELOC with a variable rate or interest-only draw period. It doesn't say whether you'd qualify, what rate you'd get, or that you'd save money.

Your home secures the loanCard debt is unsecured. A home equity loan is secured by your home, so missed payments can lead to foreclosure.

Card behaviorAssumes no new purchases, no APR changes, no late fees or penalty rates, and the same payment method every month. Minimum payments are recalculated monthly and decline as the balance falls.

Loan behaviorA fully amortizing fixed-rate loan for the full balance, with any extra principal paid every month. The final payment is capped at the remaining payoff. Closing costs you enter are paid upfront and counted in total cost.

Not modeledYour existing first mortgage, property taxes, homeowners insurance, prepayment penalties, credit-score effects, and taxes. No tax deduction is assumed or promised.

Payment vs. total costA lower monthly payment spread over more years can cost more in total. Compare both numbers, and plan to avoid running the card balance back up.

Learn moreIndependent guides from the Consumer Financial Protection Bureau: consolidating credit-card debt and what a home equity loan is.

Optional

Want a second set of eyes?

Fred can talk through whether a fixed-rate home equity loan fits your situation, or whether another approach makes more sense. There's no obligation, and the calculator stays free either way.

The next step opens a separate form for your property details and contact preference. Your calculator entries stay on this page.

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