MyCalx

Scott Rheinhart
Wintrust Mortgage
601 Carlson Parkway
Suite 1550
Minnetonka
MN
55305
612-281-9990
srheinhart@wintrustmortgage.com
scott.rheinhart@gmail.com

Debt Consolidation Analysis and Calculator

Use this calculator to determine if there is benefit to combining your mortgage and other debts into one loan

Enter the loan amounts, rate and terms for your existing mortgage loans and debts:

	Loan Amount	Rate	Term	Payment	Yearly Interest
First Mortgage .............
Second Mortgage ............
Third Mortgage Loan ..........
Auto Loan ...............
Auto Loan ...............
Auto Loan ...............
Student Loan ...............
Student Loan ...............
Student Loan ...............
Student Loan ...............
Installment Loan .............
Installment Loan .............
Credit Card ................
Credit Card ................
Credit Card ................
Credit Card ................
Other ..................
Other ..................
Other ..................
Other ..................

Totals and Weighted Average Rate

Enter the New Loan Terms	Loan Amount	Rate	Term	Payment	Yearly Interest

Your monthly payment savings equals

Your annual interest savings equals

What's important to acknowledge is that some of your existing debts may have repayment terms that are often much shorter than what a new mortgage loan would be. However, as long as the interest rate is lower, the benefit is still there so long as you do the right thing with the savings and avoid incurring the same debt all over again.

The smart thing to do is to invest your savings and if you're unsure where to do that, you can always use it as a pre-payment against the principal of your new loan. Review this next section below to see what happens when you do:

Make the same total payment you are now against the new loan

Your entire loan and current debts would be paid off in

years

Using this plan, your total loan payments over the shortened loan term would be

If you made just the regular payments on the new loan, the total would be

Total payment savings by using your savings as a pre-payment against principal =

Debt Consolidation can make a lot of sense yet it needs to be pursued with proper counseling and guidance. Clearly, it's more rewarding if discipline and the proper strategy are used and I'm always here to assist you with both.

This information does not constitute an application nor a Good Faith Estimate. Every effort has been made to assure the accuracy of the information and mathematical calculations provided by these calculators however, the provider, makes no guarantee and maintains no liability for use of or reliance upon the results. These calculations represent "what if" scenarios, are educational in nature and where projections are illustrated, they are not intended to predict future performance of the markets and/or specific properties.

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