Mortgage Consolidation Calculator

Compare Paying Only the Minimum Payments on Your Current Mortgage With a Debt Consolidation Loan to See Which Option May Save You More.

Visual Comparison

Amortization Schedule Comparison

How This Mortgage Consolidation Calculator Works

This calculator compares two repayment paths: continuing to make the minimum or scheduled payments on your current mortgage balances, or replacing them with a new consolidation mortgage. It factors in the loan amount, interest rate, term, and lender fees or points to estimate the true borrowing cost and repayment timeline.

What to Consider Before Consolidating Your Mortgage

A lower monthly payment does not always mean a lower total cost. Extending your loan term or paying fees upfront can increase the total interest you pay over time. When reviewing your results, pay close attention to APR, total payments, payoff time, and whether the net loan proceeds fully cover your current mortgage balances.

FAQ

Does a Lower Payment Mean the Consolidation Loan Is Better?

Not necessarily. A lower monthly payment may come from extending the loan term, which can increase the total interest paid. Always compare both the monthly payment and the total repayment cost.

Why Is the Consolidation APR Different From the Note Rate?

The calculator estimates an effective APR by including loan fees or points. This gives you a better view of the real borrowing cost than the stated interest rate alone.

What if the Loan Amount Does Not Fully Cover My Current Mortgage Balances?

If the net loan proceeds are less than your total outstanding balance, you may need to bring additional cash to complete the payoff. If the net proceeds are higher, you may have surplus funds after payoff.

References

For additional mortgage and refinancing guidance, visit these official resources:

• Consumer Financial Protection Bureau (CFPB)
• CFPB: Owning a Home
• U.S. Department of Housing and Urban Development (HUD)