MyCalx

Debt Consolidation Analysis and Calculator

Use this calculator to determine if there is benefit to combining your mortgage and other debts into one loan.

Enter the loan amounts, rate and terms for your existing mortgage loans and debts:

	Loan Amount	Rate	Term	Payment	Yearly Interest
First Mortgage
Second Mortgage
Third Mortgage Loan
Auto Loan
Auto Loan
Auto Loan
Student Loan
Student Loan
Student Loan
Student Loan
Installment Loan
Installment Loan
Credit Card
Credit Card
Credit Card
Credit Card
Other
Other
Other
Other

Totals and Weighted Average Rate

Enter the New Loan Terms	Loan Amount	Rate	Term	Payment	Yearly Interest

Your monthly payment savings equals

Your annual interest savings equals

IT'S IMPORTANT TO ACKNOWLEDGE THAT SOME OF YOUR EXISTING DEBTS MAY HAVE REPAYMENT TERMS THAT ARE MUCH SHORTER THAN WHAT A NEW MORTGAGE LOAN WOULD BE. HOWEVER, AS LONG AS THE INTEREST RATE IS LOWER, YOU DO THE RIGHT THING WITH THE SAVINGS, AND YOU AVOID INCURRING THE SAME DEBT ALL OVER AGAIN, THE BENEFIT IS STILL THERE.

THE SMART THING TO DO IS TO INVEST YOUR SAVINGS. IF YOU'RE UNSURE WHERE TO DO THAT, YOU CAN ALWAYS PRE-PAY AGAINST THE PRINCIPAL OF YOUR NEW LOAN. REVIEW THE SECTION BELOW TO SEE WHAT HAPPENS WHEN YOU DO:

Make the same total payment you are now against the new loan

Your entire loan and current debts would be paid off in

years

Using this plan, your total loan payments over the shortened loan term would be

If you made just the regular payments on the new loan, the total would be

Total payment savings by using your savings as a pre-payment against principal =

DEBT CONSOLIDATION CAN MAKE A LOT OF SENSE, YET IT NEEDS TO BE PURSUED WITH PROPER COUNSELING AND GUIDANCE. CLEARLY, IT'S MORE REWARDING IF DISCIPLINE AND THE PROPER STRATEGY ARE USED. I'M HERE TO ASSIST YOU WITH BOTH.