Run the numbers on a purchase, refinance, home equity loan, or debt consolidation.
Compare your current debt payments with one consolidated loan payment.
Debts to pay off
Monthly savings
$973
Current payments
$1,480
New payment
$507
Debt consolidated
$50,000
New loan amount
$51,500
A home equity loan or cash-out refinance can lower your monthly payment, but stretching short-term debt over a longer term may increase the total interest you pay, and the new loan is secured by your home.
* This estimate is provided for illustrative and informational purposes only and does not constitute a loan approval or commitment to lend. Actual rate, APR, and payment will depend on your credit profile, loan program, and market conditions at the time of rate lock. 1st 2nd Mortgage Co. of N.J., Inc. — NMLS # 115981.