Home equity comparison worksheet

Compare home-equity offers on the same assumptions

Use one set of borrowing needs to compare a HELOC, a home equity loan, and a cash-out refinance. Record the actual offer terms rather than choosing from the advertised payment alone.

1. Purpose and timing. Write the amount needed, how it will be used, and whether you need a lump sum or staged access.
2. Existing mortgage. Record the current balance, rate, remaining term, and payment. Note whether the new option leaves that loan in place or replaces it.
3. Payment changes. Compare the initial payment, rate type, repayment period, and what could increase the payment later.
4. Total cost. Include upfront charges, ongoing fees, interest, and any early-payoff terms. Ask which costs are financed.
5. Repayment plan. Describe how the debt will be repaid and what happens if income falls, the project changes, or you sell sooner than expected.

Write down what you know, mark what still needs verification and avoid including Social Security numbers, account numbers or other sensitive financial information.

Further reading: CFPB HELOC guide (new tab).