Home equity loans can be used to consolidate account balances from multiple credit cards or installment loans into a single loan while offering the added benefit of consolidating multiple payments into a single monthly payment. Using home equity for debt consolidation can be beneficial if the repayment period for paying off the home equity loan is shorter than it would be for your existing debts, or if the interest paid over the repayment period is less than what you would pay without consolidating your debt.
Consolidating Debt with Home Equity
Consolidating Debt with Home Equity
Total Debt |
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Monthly Payment |
Months to Pay Off |
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Interest-only Payment |
Monthly Payment |
Months to Pay Off |
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| Debt Type | Months to Payoff |
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| Credit Card Debt | |
| Installment Debt | |
| Consolidated Debt |
Flagstar Bank partnered with Fintactix, a financial education company, to make this calculator available. This is for informational purposes only. The results are hypothetical to illustrate general scenarios. The calculator cannot determine that a specific Flagstar product is available to you or that it is the right solution for your circumstances. All Flagstar Bank products require an application and an approval process. Please contact us directly so we can assist you. Use of this calculator is not a substitute for and results cannot be relied on as investment, legal, tax or accounting advice. Please consult a tax advisor, attorney or other financial professional for personalized advice appropriate to your goals and circumstances. Flagstar Bank and our affiliates are not responsible for any content provided by unaffiliated third parties.