This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.
Would you benefit from consolidating your debts through a home equity loan or a cash-out refinance of your mortgage? It takes all of your current monthly debt payments and compares them to what you'd pay if you rolled them into a mortgage consolidation loan.
In addition to showing your monthly payment savings, this calculator can also show you how much faster you'd pay off your debts with a mortgage consolidation loan, as well as your total savings over time.
You can't lose your home if you fail to pay your credit card bills or auto loan, but you could be foreclosed on if you fail to keep up your mortgage payments.
So keep that in mind before boosting your mortgage debt.
Fill in the loan amounts, credit card balances and other outstanding debt.
Then see what the monthly payment would be with a consolidated loan.
As noted above, you can use the calculator to look at either rolling all your debts through a cash-out refinance, or to use a home equity loan/line of credit to pay off your debts and keep them separate from your primary mortgage used to pay for your home.
To do the latter, simply enter zeros for "Real Estate Loan" under other loans and installment debt and enter the information for your other debts in the places indicated.
It can also calculate how much faster you'd pay off your debts by boosting your monthly payments and how much that would save you over the long run.
Consolidation loans are a popular way to get a handle on debt.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.