When lenders underwrite your loan, they calculate your
 insurance and  property  taxes as if they were paid monthly.
 This calculator does the same thing.
Mortgage Calculator

This calculator will help you to decide whether or not you should consolidate your debt at a lower, tax deductible interest rate with a home equity loan or second mortgage. It will also calculate how many months it will take to break even on the closing costs.  Remember - your first mortgage will not change.

If you include your first mortgage in the consolidation, you can take cash out up to 90% of the value of your home.  If you do - change the mortgage rate to today's rates +.125% for a cash out refinance, instead of prime rate, and change the term to 30 years.

Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error. Also please note that this calculator has been tested to work with Internet Explorer 3.01 and Netscape Navigator 3.01 web browsers. However, both must have the JavaScript option turned on.

Debts to Consolidate
Debt Creditor Amount Owed Monthly Payment

Debt Consolidation Loan
Enter interest rate for the debt consolidation loan:
Enter the loan term:
Enter the closing costs :
(Typically, total closing costs run 2% of the loan amount)
Would you like to finance the closing costs?

This is how much your monthly payment will be if you consolidate your debt:
Monthly Payment Reduction:
# of months for payment savings to offset closing costs: