Based off the information provided (based on a loan with an interest rate of 5 over 30 with $1,200.00 closing costs, a state tax rate of 5, and federal tax rate of 22), your monthly payment will be $48.31 under a HELOC. The payoff timeline for your debt of $9,000.00 would be 11 Months, with total monthly payments of $9,677.81. Since interest paid under a HELOC is tax-deductible, you can expect average annual tax savings of $75.54. When choosing to take out a HELOC, compare the average interest rate for the HELOC - in this case, $75.54 - with the average interest rate for your purchases (12.93%). This can help you determine the tax advantage of using a HELOC for making these purchases.