Stop Paying 20%+ Interest
Use your home equity to pay off high-interest credit cards. See how much you can save with a TD Bank HELOC.
TD Bank HELOC Calculator
Consolidating debt is one of the most popular uses for a HELOC. This calculator compares the cost of your current high-interest debt (like credit cards or personal loans) against a lower-rate TD Bank HELOC, showing you the potential monthly and annual savings.
Calculate Your Savings
Current Monthly Interest
$458
HELOC Monthly Interest
$177
Monthly Savings
$281
You could save $3,375 in interest per year!
Frequently Asked Questions
Is HELOC interest tax-deductible?
Under current tax laws (Tax Cuts and Jobs Act of 2017), interest on a HELOC is typically only tax-deductible if the funds are used to "buy, build, or substantially improve" the home securing the loan. Using funds for debt consolidation is generally NOT tax-deductible. Consult a tax advisor.
Will consolidating debt hurt my credit score?
Initially, applying for a HELOC causes a small dip due to the hard inquiry. However, paying off maxed-out credit cards can significantly lower your credit utilization ratio, which is a major factor in credit scoring, potentially boosting your score in the long run.
Are there closing costs for a TD Bank HELOC?
TD Bank often offers promotions with no closing costs for lines under a certain amount (e.g., $500,000), provided the account remains open for a minimum period (e.g., 24-36 months). Always check current offer terms.