Sample Refinance Scenario

Creditor                                    Balance              Rate               Monthly Payment             Interest Charges

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Bank Mortgage                        $135,000            3.79%             $1075                                $36,827 over 13 years and 4 mos

Car Loan with Bank                  $10,000              10%                $350                                  $1,468

Visa Card                                   $5,000                18%                $150                                  $4,799

Dept Store Credit Card           $3,000                 28%                $120                                  $3,979

Furniture Store                         $2,500                 28%                $95                                    $3,708

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Total                                          $155,500                                    $1,790                                $50,781

The Proposed deal reduces interest charges from $50,781 to $32,594. This presents approximately $18,000 in saved interest due to the large reduction in interest rate

New Mortgage Payment of $1,315 vs a present payment of $1,790 per month. A saving of $475 per month

$20,000 in additional cash to spend as you wish

Keep the new mortgage amortization the same as the current mortgage.

Pay off all the above listed debts. Do a new mortgage at 2.6% and drastically lower your overall interest rate

Ideal Mortgage Solution:

Note: We factor into the mortgage the cost of the prepayment penalty to break the existing mortgage and the cost of a lawyer to close the mortgage transaction.

Even with the penalty you would save $475 per month, obtain $20,000 cash, and reduce your overall interest charges by nearly $18,000

(All approvals and rates are subject to approval)

Act now to restructure your debt!
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boost your monthly cash flow, pay down your debt faster and save potentially thousands of dollars.
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