Pay off debts with your equity?
List up to three debts and compare paying them as they are, a second loan or line, and a cash-out refinance.
How this tool works
A lower payment is not the same as a lower cost. Moving a debt into a loan with a longer term can lower the payment and still cost more in total, so this tool compares every way at the same pace: each pays what you pay today, your mortgage’s principal and interest plus every minimum payment, until all of it is paid, and a paid-off debt’s payment goes to the mortgage. It shows how fast the debts are gone, what each way pays a month piece by piece, and the total interest and costs from here, with each loan’s closing costs counted. A lower payment shows only as a side fact, with what it would cost.
It moves debt onto your home. Credit cards and car loans are not tied to your home. A second loan, a line or a cash-out refinance is: if payments are missed, your home is at risk. See every equity tool together in the Equity Lab.
Loans it explains
See it with your own numbers
It starts with a short conversation. Daniel builds your Mortgage Plan from it, then sends it right before a second call, where you go through it together.