Rate Calculator

Amortization Calculator

Credit Cards vs. Home Equity Lines of Credit (HELOC's)

Amortization Calculator

It is important to note that the average loan for residential properties is amortized over a fixed period of time. For example, a 30 year fixed loan is amortized over a 30 year period. This means that your monthly payments are the same every month, but the portion that goes to interest decreases and the portion that goes to principle increases as you pay back your mortgage. The first mortgage payment you make is almost entirely interest, where as your last mortgage payment is almost entirely principle.

Calculate My Savings   Amortization Calculator

Size of Loan:    Select Size of Loan under $359,650 $359,650 and above Term:    Select Size of Loan Loan Amount: $ Monthly Debt (Credit Cards, Car, etc.): $ Today's Interest Rate (auto-populated):    % Break Down of Calculations / Payments Principle $ Interest $ Principle and Interest $ Monthly Tax $ Monthly Payments $ Required Salary $

Credit Cards vs. Home Equity Lines of Credit (HELOC's)

Interest rates on Credit Cards are almost 3 times as much as the National Average on a HELOC. The following chart shows you the monthly payments of principle and interest you pay on your credit cards vs. what you would be paying if you consolidated your debt to a low interest rate HELOC with JD Consolidated Real Estate.

The following calculation assumes that you place the same monthly payment on your credit card towards your HELOC, showing how quickly you will pay the loan off, and how much interest you will be saving in the long run.

Calculate My Savings   Credit Cards vs. Home Equity line of Credit

Current Balance Owed on Your Credit Cards: $ This calculator should help you determine if consolidating your credit card debt with a HELOC will save you money. We are here to help, please contact one of your loan officers today to learn more. Total Savings over the Term of the Loan: $ Break Down of Calculations / Payments   Credit Card HELOC Monthly Payments are approximately: $ $ Portion applied to Principle: $ $ Portion applied to Interest: $ $ Years to Pay off Debt:     Total Interest Paid over term: $ $ Total Interest Paid each year: $ $ * Principle and interest payments on the credit cards are based on the National Average of 2% of the loan amount or $20, which ever is more. ** The interest paid on a Home Equity Line of Credit (HELOC) is tax deductable, and therefore is not calculated as funds paid. *** National Average interest rates pulled from www.bankrate.com