A home equity loan could help you consolidate and possibly reduce interest payments on credit cards, auto loans and other debts. Compare these scenarios to see the potential impact of consolidating debt.
$10K of credit card debt
Interest rate of 14.9%
$5,640 in interest over 5 years
$10K Home Equity Loan
Interest rate of 5.75%
$1,530 in interest over 5 years.
In this example, that’s $4,110 in savings on interest.
On top of significant savings on interest, you may also be able to claim a tax deduction for the interest you pay on a home equity loan. Consult a tax advisor.
Take the next step.
Contact a PNC Mortgage loan officer to explore your home lending options, ask questions, or get started on an application.