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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.Click the "View Report" button for detailed results.
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.
In Canada, this is determined by taking 80% of your home’s value and subtracting any existing mortgage balance.
As a refinance for debt consolidation requires you to terminate your existing contract with your lender and enter into a new mortgage, you will have to pay a mortgage break penalty.
Enter credit card balances, installment loans and the mortgages to consolidate by clicking on the "Enter Data" button for each category.