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Tip of the Day Find Out About Secondary Costs

Find Out About Secondary Costs - Home ownership comes with many expenses and one that generally is not taken into account when plans are made to purchase a new home...

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Debt Consolidation Mortgage Calculator

What is a debt consolidation mortgage calculator?  How can this calculator help you make the right choice in ending your debt and getting on with life?  The one thing any calculator can do is show you where you sit financially.  The debt consolidation mortgage calculator can also find a solution for you in the abstract.  It cannot do the research, make decisions or give you a loan.  However, the calculator can show you if a loan is worthwhile.  It can tell you if you can afford the solution you are examining right now. 

The debt consolidation mortgage calculator is just one more tool in your box to use.  The calculator has a place for the amount of the mortgage, the APR, and it will tell you the monthly payments you will receive from the loan.  It can also show you what would happen if you did not calculate your loans.  When you use a debt consolidation mortgage calculator there are two things you should do.  Use the calculator to find out how much you can afford in a month for a payment.  The calculator can be used to show you the APR you need, the length of the loan, and how much you can afford that loan to be. 

Secondly the debt consolidation mortgage calculator helps you figure out what you are paying right now.  For example, if you continued to make the minimum payment on your credit card when would you pay that debt off?  If you paid the same amount to the credit card as you would pay to a loan, which one would you pay off first?

The answer to this last question is essential to understanding if the mortgage will be affordable.  In a mortgage you are taking out equity from your home.  There is a potential to lose your home if you cannot afford the payments on the equity loan.  It is imperative that you understand your situation fully regarding the debts you have.  Never make a snap decision even after using the debt consolidation mortgage calculator to figure out where you stand.

 

 

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