Consolidating debt into mortgage calculator
**STANDARDDEDUCTION_CURRENT_DEFINITION** We also do not consider any tax savings you might have previously had if you are consolidating an existing mortgage. The marginal combined state and Federal tax rate you expect to pay.Use the table below to help you determine your Federal tax rate.(Current mortgage amount) / (approximate home value) = loan-to-value ratio If you want to cash out some home equity to pay off high-interest credit card debt, add the amount of debt you’re paying off to the loan amount, like this: (Current mortgage amount) (credit card balance to pay off) / (approximate home value) = loan-to-value ratio Here’s an example: Let’s assume your current mortgage balance is 0,000 on a home worth approximately 0,000, and you’d like to pay off ,000 in credit card debt.Your calculation would look like this: (0,000 ,000) / 0,000 = 0.7 or 70% Since your loan-to-value ratio is less than 80%, you can cash out enough equity to pay off your credit card debt without having to pay for mortgage insurance.This calculator is designed to help determine whether using a mortgage debt consolidation is right for you.Enter your credit cards, installment loans and the mortgages you wish to consolidate by clicking on the 'Enter Data' button for each category.You should also consider the length of your mortgage.
Many people like to consolidate credit card debt using a cash-out refinance because they can make fixed payments on it over a set period of time, rather than paying a revolving balance every month.Instead, consider lowering the term to 25 or 20 years.The shorter term would lower your mortgage rate even further and save you a lot of money in interest.One way to do this is to perform a cash-out refinance.This type of refinance allows you to turn the equity you’ve built up in your home into cash that you can use for whatever you like.