1SecondMortgage.com

Consolidate Debt into one lower payment

 


Debt Consolidation Calculator for a 2nd Mortgage

Consolidating debt is a significant benefit of a second mortgage. Use our debt consolidation calculator to determine how much money you can save monthly from lower payments. When the typical debt-consolidation company advertises that they can "save you money," what they are most often referring to is simply a reduction in your total monthly debt payments -- not a savings in the cost of paying off your debt (interest charges). Sure, by consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest by consolidating. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts. Evaluate the monthly savings and consider a second mortgage loan.

Using a 2nd Mortgage Calculator

Instructions: Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button.

IMPORTANT: In order for this calculator to work, each debt must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry). Also, be sure to enter only numbers and decimal points in the numeric entry fields. Dollar signs, percent signs, commas and spaces will cause a JavaScript error.


 

Entry Columns

Calculated Columns

#

Payment
Description

Principal
Balance

Interest
Rate

Payment
Amount

Interest
Cost

# of Pmts
Left

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
  Totals

Consolidation Loan Terms

Enter the Consolidating Loan's Annual Interest Rate (APR):

Enter the Consolidating Loan's term (number of years):

Enter total of any Consolidation Loan Fees:

Results

Without
Consol-
idating

With
Consol-
idating

Difference

Total of Monthly Payment(s):

Months until debts are paid off:

Total Cost (Interest Charges and Loan Fees):

Summary

Copyright © 1998-2001 Daniel C. Peterson, All Rights Reserved This script may not be reproduced in any way without express written permission from Daniel C. Peterson

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