Should I use a home equity loan or an auto loan?

Debt consolidation allows a borrower to combine several debts into one loan, hopefully at a favorable interest rate.

The preferred types of consolidation loans are home equity loans and home equity lines of credit because the interest portions of such loans generally are tax-deductible. In comparison, a personal loan usually does not offer any tax benefits.

Based on the desired number of months for repayment, the calculator shows monthly payment, interest expense, any tax-related savings, and total cost savings.



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