Calculadora de Refinanciamiento por Consolidación de Deudas
Should I consolidate my debt with a cash-out refinance?
Enter your current mortgage details and the debts you want to consolidate into the calculator above. It compares your current total monthly payments to a single new mortgage payment, showing your potential monthly savings and whether consolidation makes financial sense for your situation.
Debt Consolidation FAQ
A debt consolidation refinance replaces your current mortgage with a larger loan, using the extra cash to pay off high-interest debts like credit cards, car loans, or personal loans. By rolling these debts into your mortgage at a lower interest rate, you can reduce your total monthly payments.
It can be if your mortgage rate is significantly lower than your other debt rates. For example, consolidating a 22% credit card balance into a 7% mortgage saves substantial interest. However, you're extending the repayment period and converting unsecured debt to secured debt backed by your home. Make sure the math works in your favor.
Most lenders require you to maintain at least 20% equity after the cash-out refinance. For example, if your home is worth $500,000, you can borrow up to $400,000 total (80% LTV). If your current mortgage is $300,000, you could take out up to $100,000 in cash.
Focus on consolidating high-interest debt: credit cards (15-25% APR), personal loans (10-20% APR), and potentially car loans (6-12% APR). Avoid consolidating low-rate student loans or debts you'll pay off soon, as extending them to a 30-year mortgage term may cost more in total interest.