A LITTLE MATH. A CLEARER PLAN.

Debt Consolidation Calculator

Your mortgage rate is only part of the picture. Compare your current mortgage and debt payments with a new mortgage that brings them together.

Your current mortgage

Current mortgage balance ($)Current mortgage interest rate (%)Current monthly principal and interest ($)Estimated home value ($)Assumed maximum loan to value (%)

Enter principal and interest only above. Add escrow, mortgage insurance and HOA costs separately below. The loan to value limit is an adjustable assumption, not a qualification or program limit.

Debts you want to pay off

Include only debts being paid off with the new mortgage. Leave other debts out of both sides of this comparison.

Your proposed mortgage

Proposed new mortgage balance ($)Illustrative new interest rate (%)New loan term (years)Closing costs financed into the loan ($)Current monthly taxes, insurance, MI and HOA ($)Proposed monthly taxes, insurance, MI and HOA ($)

The proposed balance must cover your current mortgage, all listed debts, and financed closing costs. Enter costs as part of that balance, not on top of it. Other housing costs default to zero; enter both amounts for a fuller payment comparison. Rates and figures are examples, not offers.

What does this calculator compare?

Start with what you pay today: mortgage principal and interest, the monthly payments on the debts you entered, and any other housing costs. Then compare that with the estimated new mortgage payment and proposed housing costs. A positive difference means less going out each month at the start.

Lower payments deserve a closer look

A little breathing room can make a big difference. But a smaller payment does not automatically mean a less expensive loan. Refinancing replaces your existing mortgage, including its rate and remaining term. Stretching debts over a new mortgage term can increase total interest even when the monthly payment drops.

You are moving debt, not making it disappear. Debts previously unsecured become secured by your home, which could be lost if you cannot repay the mortgage. Consider closing costs, your repayment plan, and whether you could pay down the existing debts without refinancing.

How much equity could be available?

The estimate multiplies your home value by your chosen loan to value percentage, then subtracts your current mortgage balance. This is borrowing room before other debt payoffs and closing costs. Actual eligibility depends on the loan program, appraisal, credit, income, occupancy, and any other liens. Include any additional property liens among debts to be paid off; this model assumes none remain.

Common questions

What is the weighted interest rate?

It is each current balance multiplied by its rate, added together and divided by total balances. It provides a snapshot of your current mix of debt. It is not an APR, a payoff forecast, or proof that refinancing saves money.

Does the monthly difference show lifetime savings?

No. Current debt payments and balances can change, and some debts may be paid off much sooner than a new mortgage. This tool compares starting monthly cash flow, not lifetime costs or a break even date.

What if the proposed mortgage is too small?

The tool shows the funding shortfall and withholds the payment reduction comparison until your proposed loan covers the listed payoffs and financed costs. A larger proposed loan may exceed your assumed equity limit.

Estimates use a fixed rate, fully amortizing mortgage with monthly payments. They exclude cash paid closing costs, prepaid interest and escrow funding unless included in your figures. Payoff statements may differ from balances. Not a rate quote, Loan Estimate, preapproval, or commitment to lend. No loan eligibility is determined here.

Read the CFPB’s explanation of debt consolidation

Explore a full mortgage payment breakdown or browse all resources.