Sample Refinance Scenario
Creditor Balance Rate Monthly Payment Interest Charges
-------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------------------------------------
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!
Let us help you
boost your monthly cash flow, pay down your debt faster and save potentially thousands of dollars.
*Our service is completely free
