I would absolutely be paying cash right now if you can. As you mentioned, with the interest rates being as high as they are, it makes no sense to take a loan if you don’t have to. Also consider that HELOC’s are variable interest and could potentially go higher. The fact that you have enough in savings to cover it (assuming you’re not eliminating an emergency fund) shows you’re able to responsibly afford it…so do the responsible thing. I know it’s hard depleting savings, but that’s why you save to begin with.