Mortgage home re financing debt consolidating

And we can all agree, quick turnaround is necessary when you're looking to take cash out of your mortgage. When companies advertises that they can "save you money," what they are usually referring to is simply a reduction in your total monthly payments -- not a savings in the cost of paying off your debt in full.By consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of the other monthly payments, but if they stretch out your term for a longer period of time you could actually end up paying more interest.This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.Next, enter the consolidated loan's rate, term and any origination fees that might apply and click the "Figure Consolidating Costs" button.IMPORTANT: In order for the this calculator to work, each obligation must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the APR entry requirement).It's a financial tool that can be used judiciously to give financially strapped borrowers a little breathing room.

It works by replacing your current mortgage with a new one that has a higher balance. And, the difference between the two loans is then distributed as cash.

Starting with the first line of entry fields, enter each of your obligations, along with their corresponding principal balances, APR and monthly payment amounts (the last two columns are automatically filled in by the calculator).

Once you have entered everything you wish to consolidate, click on the "Calculate Current Debts" button.

Obviously, if you keep incurring late fees and penalties as you scurry to make ends meet every month, you need a better plan.

For example, if you're carrying balances on three different credit cards with interest rates of 10% , 15%, and 22% respectively, you may be able to combine those three cards into one payment with an interest rate of about 12%.

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