HELOC vs Personal Loan Calculator
Compare a home equity line of credit (HELOC) against a personal loan for debt consolidation. See monthly payments and total interest for each option.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
Interest Cost Difference
$39,952.72
Inputs
Comparison
HELOC Monthly (Draw Period)
$177.08
Interest-only payment during the HELOC draw period.
HELOC Total Interest
$48,319.39
Personal Loan Monthly
$556.11
Personal Loan Total Interest
$8,366.67
HELOC vs Personal Loan: Total Interest Cost
How to Use This Calculator
- Enter the amount you need to borrow.
- Set the HELOC rate and draw period in years, then the personal loan rate and term in years.
- Review HELOC Monthly (Draw Period) and Personal Loan Monthly to compare payment sizes.
- Compare HELOC Total Interest vs Personal Loan Total Interest to see which costs less overall.
- Check Total Cost Difference — if you have significant home equity, a HELOC often wins on rate, but you risk your home as collateral.
How the result changes with HELOC Interest Rate
| HELOC Interest Rate | Interest Cost Difference |
|---|---|
| 2% | $1,986.33 |
| 7% | $30,651.27 |
| 13% | $69,427.87 |
| 18% | $104,232.02 |
What each input means
- Amount Needed
- Total amount you need to borrow for consolidation.
- HELOC Interest Rate
- Variable rate on the HELOC (typically lower, but your home is collateral).
- HELOC Draw Period
- Interest-only draw period before repayment begins.
- Personal Loan Rate
- Fixed rate on the personal loan (no collateral required).
- Personal Loan Term
- Repayment term for the personal loan.
What each result means
- HELOC Monthly (Draw Period)
- Interest-only payment during the HELOC draw period.
- Interest Cost Difference
- Positive = HELOC costs more; Negative = HELOC costs less.
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