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Debt Consolidation Results
 Total Payments
 Total Balance
 New Payment
 Monthly Savings
 

Debt Consolidation

Debt Consolidation Calculator

There is no need to enter the symbols such as dollar signs, commas, and percent signs. The numbers will be automatically formatted.

Debt Type Balance Monthly
Payment
1st Mortgage P&I Only $ $
2nd Mortgage $ $
Credit Card 1 $ $
Credit Card 2 $ $
Credit Card 3 $ $
Credit Card 4 $ $
Auto 1 $ $
Auto 2 $ $
Other $ $
Other $ $

 


Assumptions: Calculator Assumes a 30 year mortgage at a fixed rate of 6.5% (APR 6.883%). A loan-to-value ratio of 90% or less is required to qualify for a loan. New Payment does not include property taxes, mortgage insurance and/or hazard insurance.

Your monthly mortgage payment may vary with an adjustable rate mortgage loan, which may increase the number of years until the loan is paid in full. Rates are subject to change without notice. All loans are subject to credit review, home appraisal and underwriting approval. Calculation assumes no additional debt is incurred.

Debt Consolidation Information

Use our debt consolidation wizard to find out how much you can save by consolidating your bills into a tax deductible mortgage.

Consolidating your credit card bills and other debt into your mortgage has a many great benefits.

  1. Tax advantage: The interest paid on your credit card and personal loan debts are not tax deductible at years end. By consolidating your bills with a mortgage refinance you're moving your debt from a non-deductible debt to a tax deductible mortgage where you can write off the yearly interest paid. By consolidating your debt, you can potentially save thousands in tax liability each year.
  2. Fixed Term: Most credit cards are a revolving form of debt and have no fixed term to be paid off. The average consumer only pays the minimum payment on the credit potentially extending this debt forever with no fixed term to be paid off. This can cost you tens of thousands of dollars in lost interest payments over the life of the credit card debt. When consolidating this debt into a mortgage you will not only have a tax deductible debt but you will know that it will be paid off in a fixed term.
  3. Low interest rates: The rates on mortgages are typically the lowest rates to be found. Many times the rate you pay on a mortgage is one half to one third of the rates found one most credit cards.