These educational calculators set out to illustrate various mortgage-related scenarios or comparisons and should not be construed as an offer to lend.

Please refer to our formal disclaimer for more information.

Click the link above to acknowledge this note and close the window.

Benjamin Hulshof

Windmill Mortgage Services LLC

President/Mortgage Consultant

NMLS 216697 | LO.02757.000

(614) 362-6828

ben@windmillmortgage.com

www.windmillmortgage.com

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.


The information contained in these calculators and reports is for informational purposes only. The use, presentation or receipt of this information does not constitute an offer to lend, an application, a Good Faith Estimate, or estimate of fees. Where included, interest rates are subject to change at any time and are not intended to be viewed as the current market rate. Annual Percentage Rates (APRs) can also vary at any time and are presented as approximations. APRs shown here are generally calculated conservatively and may be higher than the actual current market APR, which will be determined and disclosed upon request of a formal Good Faith Estimate or upon application for financing. Every effort has been made to assure the accuracy of the information and mathematical calculations; however, the provider makes no guarantee and maintains no liability for use of or reliance upon the results. Formulation of a scenario using these tools does not mean that the results are guaranteed. All loan products have guidelines, and those rules or tolerances will vary based upon many factors, including but not limited to loan to value ratios, income, employment history, debts, assets, creditworthiness, and underwriter's review and approval.

Hide Buttons