Mortgage Debt Consolidation
- Click on "Mortgages"
Note: You will need your current balance, payment amount, and number of payments remaining for your primary mortgage, as well as any additional mortgages. Gather this information before you begin.
- Enter the information for your primary mortgage.
- If you have additional mortgages, complete the other mortgage inputs
To see how a change in rate or term could affect your payment or change how much you pay in interest, enter a new rate or term.
View the graphs or report to see:
- How your payments could change with a different interest rate or term
- How much interest you could save
To see your complete report, including a payment schedule, click on 'View Report.'
Mortgage Debt Consolidation Definitions
- Click on the 'Current mortgage debt' line to input any mortgage loans you may have. This section is designed to let you input your current balance, monthly payment and interest rate. It then calculates your outstanding months remaining. You can enter up to six installment loans.
- Your total current balance for an installment loan.
- Interest rate
- The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. We use this to calculate the interest you will pay on this loan and the number of payments that are remaining.
- This is your monthly payment. Enter the actual monthly payment for your loan. We use this to determine your payment totals and to calculate the remaining payments.
- Payments remaining
- This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate.
- Monthly principal and interest payment (PI) for the new mortgage.
- The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase of decrease this amount if you need to change the total amount of the loan.
- Interest rate
- The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.
- The term, in months, for your new consolidation loan.