Bank of America vs. Competitors
Don't just look at one bank. Compare Bank of America's rates with another lender to find the best deal.
Bank of America HELOC Comparison Calculator
Shopping around is the best way to save money on your HELOC. Use this calculator to compare a Bank of America offer side-by-side with a quote from another lender (like Wells Fargo, Chase, or a local credit union) to see which one saves you more.
Note: Comparison is based on user-inputted rates. We do not pull live rates from lenders. Please check official bank websites for current offers.
Compare Two Offers
| Cost Breakdown | Bank of America | Competitor |
|---|---|---|
| Monthly Payment (Interest Only) | $354 | $344 |
| Annual Interest Cost | $4,250 | $4,125 |
| Annual Fees | $0 | $50 |
| Total 1-Year Cost | $4,250 | $4,175 |
Winner
The Competitor option saves you $75 in the first year.
Comparison FAQ
Is Bank of America's rate competitive?
Bank of America's rates are generally competitive with other large national banks. However, local credit unions often offer lower rates. BoA shines with its introductory rate offers and discounts for existing customers with large deposits.
Should I choose a bank based on rate alone?
Not necessarily. Consider fees (annual fees, early closure fees), convenience (mobile app, branch access), and customer service. Bank of America offers a very robust digital experience that smaller lenders might lack.
Does BoA match competitor rates?
It's always worth asking! If you have a written quote from another lender with a lower rate, bring it to a Bank of America loan officer. They may be able to match it or offer other incentives to win your business.