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Debt Consolidation
Debt consolidation home loans can benefit
homeowners that have high interest loans, lines of credit,
and credit card balances. These programs are designed to
lower your monthly payment and interest rate while
offering one low affordable monthly payment. Often times,
these loans help people avoid bankruptcy, judgments and
collections from happening. They also benefit from tax
deductible interest rates, unlike auto loans, credit card
debt and other types of credit. Debt consolidation loans
usually lower a person's monthly payment by hundreds and
often thousands of dollars. Many homeowners use this
additional savings for investment purposes and/or to ease
the monthly burden on their income. Below is an example of
the math:
Before
Home Value: $210,000.00
Balance owed on home: $165,000.00
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Credit Card #1 payment:
Credit Card #2
payment:
Credit Card #3 payment:
Auto Loan #1 payment:
Mortgage Loan payment:
Home Equity Loan payment:
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$50.00/month
($2500 balance - 11% annual interest rate)
+ $92.00/month ($3500 balance - 12% annual interest rate)
+ $116.00/month ($5700 balance - 13% annual interest rate)
+ $273.00/month ($7000 balance - 9.5% annual interest
rate)
+ $959.00/month ($140,000 balance - 6% annual interest
rate)
+ $146.00/month ($25,000 balance - 7% annual interest
rate)
= $1636/month total payment due |
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After
Home Value: $210,000.00
Balance owed on home: $186,000.00 |
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New Mortgage Loan payment:
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$1176.00/month ($186,000.00 balance - 6.5% annual
interest rate)
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Total Monthly Savings:
Total Annual Savings:
Savings over 5 years: |
$460.00*/month
$5520.00*
$27,600.00* |
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*the above figures do not
account for additional savings possible due to tax
deductibility of interest. Consult your tax advisor for
more informationThe above is VERY
realistic and VERY conservative. For more information on
debt consolidation loans, please call us at 877-347-8175
or apply online today. |
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