Increased HELOC Interest Cost Calculator

Here's a new calculator suggested by someone who e-mailed me. Some folks think that paying home equity based interest is wonderful since they "save so much" on their taxes. So they use a HELOC like a credit card and let their balance grow and they pay more and more interest as they drown in debt. Here's a calculator to see what happens. Included are buttons to set your monthly payment to be either an interest-only value or enough to pay off the loan in 10 or 30 years.

Have fun!

Current HELOC Balance: $
Interest Rate of HELOC %
Monthly Payment Paid to HELOC: $
Monthly Withdrawal Borrowed from HELOC: $
Federal + State Income Tax bracket: %
Number of Months to Watch:

MoStart BalanceInterestPaid WithdrawnNew Balance
1$ 5000.00$ 33.33$ 33.33$ 150.00$ 5150.00
2$ 5150.00$ 34.33$ 33.33$ 150.00$ 5301.01
3$ 5301.01$ 35.34$ 33.33$ 150.00$ 5453.02
4$ 5453.02$ 36.35$ 33.33$ 150.00$ 5606.04
5$ 5606.04$ 37.37$ 33.33$ 150.00$ 5760.08
6$ 5760.08$ 38.40$ 33.33$ 150.00$ 5915.15
7$ 5915.15$ 39.43$ 33.33$ 150.00$ 6071.26
8$ 6071.26$ 40.48$ 33.33$ 150.00$ 6228.40
9$ 6228.40$ 41.52$ 33.33$ 150.00$ 6386.60
10$ 6386.60$ 42.58$ 33.33$ 150.00$ 6545.84
11$ 6545.84$ 43.64$ 33.33$ 150.00$ 6706.15
12$ 6706.15$ 44.71$ 33.33$ 150.00$ 6867.53
13$ 6867.53$ 45.78$ 33.33$ 150.00$ 7029.98
14$ 7029.98$ 46.87$ 33.33$ 150.00$ 7193.52
15$ 7193.52$ 47.96$ 33.33$ 150.00$ 7358.15
16$ 7358.15$ 49.05$ 33.33$ 150.00$ 7523.87
17$ 7523.87$ 50.16$ 33.33$ 150.00$ 7690.70
18$ 7690.70$ 51.27$ 33.33$ 150.00$ 7858.64
19$ 7858.64$ 52.39$ 33.33$ 150.00$ 8027.70
20$ 8027.70$ 53.52$ 33.33$ 150.00$ 8197.89
21$ 8197.89$ 54.65$ 33.33$ 150.00$ 8369.21
22$ 8369.21$ 55.79$ 33.33$ 150.00$ 8541.68
23$ 8541.68$ 56.94$ 33.33$ 150.00$ 8715.29
24$ 8715.29$ 58.10$ 33.33$ 150.00$ 8890.06

So after 24 months ( 2.00 years) you still have a balance of $ 8890.06
And have 'saved' $ 327.00 in taxes by paying $ 1089.98 in total interest*
Which means $ 762.99 in non-deducted interest payments* (Average: $ 31.79/month)

* = Assumes you itemize and that you already have enough other itemized deductions
to push these interest payments over your standard deduction for your filing status.
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