Use this Calculator When Considering to Consolidate First and Seconded Mortgage Loans

Consolidating First & Seconded Mortgage Loans
First Lien Mortgage Loan
Principal Balance of First Mortgage Loan ($): (Currant Pay Off)
Existing monthly mortgage payment ($): (principal and interest only, exclude any impounds)
Interest Rate of you existing mortgage(%):
Second Lien Mortgage Loan
Principal Balance of Seconded Lien ($): (Current Pay Off)
Existing monthly seconded lien payments($):
Enter your second mortgage's current interest rate (%):
New Proposed Refinance Mortgage
New Proposed Interest Rate(%):
Number of years you will be refinancing for (#):
Closing costs : (Total cost expressed in points or Dollars)
Will you be financing the closing costs?

Monthly payments of the new refinance loan:
Monthly payment decrease or increase:
Period in months needed to pay off closing costs:
Total interest under the existing combined loans you will pay:	Total interest you will pay under the new refinance loan:
Interest savings realized if you refinance:
Net Savings; based on total interest savings less cost to close.

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Mortgage Loan Consolidation

The Mortgage Loan Consolidation Calculator will help you decide whether you should consolidate your first and seconded mortgage into one refinance mortgage loan or not.

Calculating potential savings when Consolidating the first and seconded mortgages is very difficult without using a calculator as in most cases not only do the two loans have different interest rates but also different amortization periods which makes it impossible to do a quick mental calculation.

When planning to refinance the first and seconded mortgages and consolidate into into a single mortgage, this calculator will not only calculate the new payment under the proposed re finance but will also calculate the savings in total interest paid over the life of the new loan as compared to the total interest paid over the life of the first and seconded loans, taking the closing costs into consideration.

IMPORTANT; if your current payments include real estate taxes and homeowner’s insurance then be sure to enter the principal and interest portion of the payment only. Also check your statements to include the current balance of your mortgage loans, not the original balance. However if your current mortgages are very new (less than three years old) then using the original balances will hardly have an effect as a very little portion of the principal would be paid off.

Like the old proverb stresses; knowledge is power. Armed with the information obtained from the calculator to consolidate your mortgage loans will help you make the right decision.