Savings Calculator

Ready to pay off your home in 5-7 years on existing income?

Enter your current mortgage information, income, and expenses into the calculator below. Click the tooltip next to each item for more detail. The graph will update to compare your mortgage to a HELOC.

Click the "View Report" button for a detailed breakdown of the results.

Ready to get started?

Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Compare your current mortgage to the HELOC strategy!

Mortgage to HELOC information:

Press spacebar to hide inputs

Mortgage Months:*This entry is required.Enter an amount between 1 and 360

Principal Balance:*This entry is required.Enter an amount between $0 and $100,000,000

Mortgage Payment:*This entry is required.Enter an amount between $0 and $10,000

Monthly Income:*This entry is required.Enter an amount between $0 and $100,000

Monthly Expenses:*This entry is required.Enter an amount between $0 and $100,000

HELOC APR:*This entry is required.Enter an amount between 0% and 30%

Annual Rate Change:*This entry is required.Enter an amount between -2% and 5%

Annual Fee:*This entry is required.Enter an amount between $0.00 and $200.00

Future Draws:

Press spacebar to show inputs

**FIG_GRAPHTITLE** Line Graph: Please view the report to see detailed calculation results in tabular form.

HELOC Payoff by Month

press spacebar to hide graph

**FIG_GRAPHTITLE** Column Graph: Please view the report to see detailed calculation results in tabular form.

Alternate Payoff Scenarios

press spacebar to show graph

Definitions

Principal Balance

Current outstanding principal balance on your mortgage that you will be converting to a HELOC.

Mortgage Payment

Current monthly mortgage payment (principal and interest only, exclude any escrow amount for taxes, insurance, etc.)

Mortgage Months

The number of months remaining on your existing mortgage (if you were to continue making payments on your existing mortgage, this is the point when you would pay it off).

Monthly Income

This is your total monthly income (after taxes, i.e. the amount you currently deposit into your checking account each month). Using the HELOC strategy will allow you to leverage 100% of your income to reduce your principal balanve and the daily interest calculated on your HELOC.

New charges per month

Your total monthly expneses. Note: do NOT include your mortgage payment (that you'll be replacing) or the minimum monthly HELOC payment (which will automatically be covered using this strategy).

Annual Rate Change

If you expect the interest to change in the next year, use this to indicate how much. For decreasing rates, enter negative numbers.

HELOC APR

The annual percentage rate for the HELOC.

Annual Fee

Your Annual Fee for the HELOC.

Draw

Amount to draw from this line of credit.

Months from now

Number of months from now before your draws will occur.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.