DEBT CONSOLIDATION

Debt consolidation is the process of combining two or more debts into one. It should result in a single debt payment and lower total interest costs.

Below is an example of how consolidating your debt into one monthly mortgage payment can save you thousands every year.

 Credit Card Debt + MortgageConsolidation
Credit Card Debt$47,0000
Average Interest Rate22%0
Credit Monthly Payment (interest only)$861.660
Mortgage$400,000$447,000
Interest Rate2.45 %2.45%
Monthly Mortgage Payment$1,567.531757.72
Total Monthly Payment$2,429.191757.72
Monthly Savings$671.47

Aside from the monthly savings, you are also paying down the principal amount versus only interest month to month. You can use the extra money for a variety of things or put it right back into your mortgage to pay it down faster!

You can request a Free Home Valuation below to see what equity you have available to use in your home.

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