articles dating back - Debt consolidating mortgage calculator

by  |  02-Feb-2018 14:04

This should not be relied upon as specific financial or other advice.Actual results and loan or line of credit payment amounts and repayment schedules may vary. Applicants must meet CIBCs lending criteria; all personal lending products are subject to credit approval. Products and their interest rates may change at any time without notice.

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This allows you to pay off those debts more quickly while still paying down your regular mortgage over a longer period of time, without combining the two.

The downside of using a mortgage for debt consolidation is that you're putting your home on the line.

That's particularly helpful if you can combine it with a lower interest rate as well. Basically, you borrow a single, lump sum of cash that's used to pay off all your other debts.

There may be other wrinkles involved - for example, some of your creditors may be willing to write off part of your debt in return for an immediate payoff - but the key thing is that you're simplifying your finances by exchanging many smaller debt obligations for a single bill to be paid every month.

This file contains configuration information, as well as information you enter and the calculator results you are presented.

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