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When Does Replacing A Low Interest Rate Mortgage With A Higher Rate Make Sense
Today’s homeowner considering purchasing a new home, consolidating debt through a cash out refinance, or converting home equity to cash for home improvements, paying for college or other requirements are faced with the prospect of giving up their current low interest rate mortgage for a new higher interest rate mortgage. However, comparing the interest rate on a current mortgage loan to a new mortgage loan may not be the only variable to consider.
This blended interest rate calculator assists homeowners to determine the average interest rate of their total mortgage and non-mortgage debt load. By consolidating debts that can be paid off through a cash out refinance or by selling their current house, rolling a portion of the proceeds into the downpayment on the new house, while using the remainder to pay off their other debts; homeowners can determine if an overall lower interest rate and monthly payment on their total credit accounts can be obtained by consolidating their debt load.
Starting with the first line of entry fields, enter the type of your obligations, along with the current corresponding outstanding balance, and interest rate. Once you have entered everything you wish to consolidate, click on the “Calculate” button. If you want to evaluate the impact of not paying off a debt, click on the “Exclude Liability From Calculation” checkbox and click on the “Calculate” button to update the blended rate.
To discuss your debt consolidation options, complete the Information Request Form listed below.
Blended Interest Rate Calculator
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.