However, the interest on ahome equity loan or home equity line of credit (HELOC)can only be deducted if you use the proceeds to buy, build, or substantiallyimprove the home. In other words, if you borrowed money from your HELOC to pay off credit card debt or medical expenses, you cannot...
The answer: It depends. Mortgage interest is only deductible when the loan — even if it’s a second mortgage — is used to buy, build or substantially improve your home. So if you used yourHELOC or home equity loanfor a remodel, the interest should be deductible. But if you used it...
Small business loan calculator How small business loans work9 min read How to get a business loan9 min read HELOC A HELOC is a variable-rate line of credit that lets you borrow funds for a set period and repay them later. HELOC Rates ...
Consider a home equity loan or HELOC:While mortgage refinancing has yet to pick up steam, many homeowners are turning to home equity lines of credit (HELOCs) totap into their home equity. The rationale is simple: If you need $50,000 for a kitchen renovation and you have a mortgage for...
My APR on the airline credit card was about 18%, and based on this calculator, I would have paid about $742 in interest if I’d made equal payments of around $319 per month for 18 months. Now, I didn’t make equal monthly payments — sometimes I paid $400 or $500, sometimes ...