1. List what you owe
Enter your home value and current loan details. Add the balance, APR and payment for each other debt. APR is the yearly cost rate shown on your statement. Check which debts you want to move into the new loan.
Mortgage tools
Florida Debt Consolidation Refinance Calculator
Could one new home loan help with your debt? Compare monthly payments and total costs. A smaller payment may cost more over time.
Consolidating unsecured debt into a mortgage secures it against your home.
Your property and mortgage
The refinance you are considering
Enter a rate a lender has actually quoted you, or check today's real Florida pricing first.
Your assumption, not a quote and not an APR.
Change in combined monthly outflow
$844 a month lower
Monthly outflow falls but over 10 years this structure costs about $886 MORE in total. That is a cash-flow decision, not a saving.
Current combined monthly outflow$3,362
Proposed combined monthly outflow$2,519
New loan amount$398,500
Discount points $0; estimated total refinance cost $6,500.
Estimated loan-to-value71.2%
An estimate from the value you entered. It does not by itself decide whether a loan is available.
Total extra cost of consolidating$886
Payments made during the period, plus any cost paid at closing, plus every balance still owed at the end.
How that total is built
Current mortgage principal and interest$2,392
New mortgage principal and interest$2,519
Total outflow over 10 years - today$351,807
Balances still owed at the end - today$287,395
Total economic cost - today$639,202
Total outflow over 10 years - consolidated$302,255
Balances still owed at the end - consolidated$337,833
Total economic cost - consolidated$640,088
The new 30-year term is longer than the 27 years left on the current mortgage, which lowers the payment on its own.
Monthly outflow falls, but over the holding period you selected this structure costs more in total. A lower payment is not automatically a saving.
Before you do this
- Consolidating unsecured debt into a mortgage converts it into debt secured by your home.
- Failure to repay a loan secured by your home can put the home at risk.
- A lower monthly payment can still increase total interest or extend how long you are repaying.
- The strategy only works as intended if the paid-off revolving balances are not rebuilt.
See today's real Florida rates
Planning estimate only, not a loan offer, rate quote, approval, or commitment to lend. Rates you enter are assumptions, not APRs.
Compare your debts in three steps
2. Add the new loan
Use a rate you have been quoted. Enter the new term, fees and points. Points are an upfront loan charge. Choose whether to pay costs in cash or add them to the loan. You pay interest on those added costs too.
3. Pick a time frame
Enter how long you expect to keep the loan. Compare the payment change and total cost for that same period. Check the balances still owed, not just the money paid each month.
Three things a lower payment cannot tell you
The full cost
A longer term can lower the payment and add years of interest. This tool counts payments, cash-paid fees and the debt left at the end of your time frame. Read that result before calling the change a saving.
The risk to your home
Moving card debt into a mortgage ties it to your home. If you cannot pay the new loan, you could lose your home. A smaller monthly bill does not remove that risk.
What happens next
Paying off a card does not fix a budget gap. If you build the balance back up, you could have both card payments and a larger home loan. Make a spending and payoff plan first.
Keep Florida home costs in your budget
This comparison does not model changes in property taxes, home insurance or HOA dues. Flood insurance and home repairs still need room in your budget too. Get the full closing-cost details for your Florida loan. Use your Loan Estimate to review the fees and cash needed.
Debt consolidation refinance questions
What does debt consolidation mean?
It means combining debts. Here, a new mortgage pays off your current home loan and the other debts you select. You still owe the money. You repay it through the new loan.
Why does each debt need an APR?
The tool needs the rate to estimate interest and payoff time. A blank rate is not the same as 0%. Without an APR, the tool cannot model that debt’s interest or payoff. Its balance and payment still affect parts of the comparison. Add the APR before relying on the total-cost figures.
Does a lower payment mean I save money?
No. You may pay less each month but pay for more years. Fees and a higher rate on your existing mortgage can add cost too. Compare the total cost and the amount still owed.
Does this show how much I can borrow?
No. Loan-to-value compares the proposed loan with the home value you entered. It is an estimate, not approval. A lender must review your credit, income, debts, home value and loan rules.
What else should I compare?
Look at paying debts down without changing your home loan. Ask creditors about payment help or speak with a nonprofit credit counselor. Compare fees, time and risk before choosing a new loan.
Choose your next step.
- Review cash-out refinance tradeoffs
- Test paying extra on your current mortgage
- Compare a refinance without adding other debts
An estimate is a starting point. Loan terms and approval need a full review.
Other calculators
Florida Rate FinderWhat are today's Florida rates for my loan, and what do they cost in points and payment?Mortgage Payment CalculatorWhat would my full monthly payment be - principal, interest, taxes, insurance, HOA and mortgage insurance?Home Affordability CalculatorWhat home price fits the monthly payment I want to stay near?Mortgage Points Calculator (Rate Horizon)Is it worth paying discount points to buy today's rate down, and how long until the lower payment recovers that cost?Refinance Break-Even CalculatorWould replacing the mortgage I already have actually leave me better off, once costs and the term reset are counted?Extra Mortgage Payment CalculatorHow much sooner would I be done, and how much interest would I avoid, paying extra each month?
Assumptions, method and disclosures
What this calculator assumed
- A fixed rate on the current and the proposed mortgage, at the rates you entered.
- Each existing consumer debt amortizing at the APR and monthly payment you entered.
- Debts you mark for consolidation paid off in full at closing and added to the new loan.
- Debts you do not mark left in place, continuing at their own payment.
- Discount points charged as a percentage of the new loan amount.
- No change to property taxes, homeowners insurance or HOA dues is modelled.
How the numbers are calculated
Principal and interest only. Property taxes, homeowners insurance, HOA or CDD dues, and any applicable mortgage insurance or funding fee are not included and will increase the actual monthly payment.
Total economic cost over the period is the outflow actually made during it, plus any cost paid at closing rather than financed, plus every balance still owed at the end - mortgage and remaining consumer debt together. Comparing monthly payments alone would reward the longer term for being longer.
Where a debt’s payment does not cover its first month of interest, the balance grows and no payoff date is produced. Where a debt has no APR, it is excluded from every lifetime figure and the result says the comparison is incomplete.
Estimated loan-to-value is the proposed loan divided by the property value you entered. It is not an eligibility determination: property type, occupancy, credit, income, reserves and program rules all apply, and a scenario at a high loan-to-value needs a direct review rather than a yes or a no from a calculator.
This is a planning estimate, not a loan offer, rate quote, approval, pre-approval, or commitment to lend.
Interest rates you enter here are assumptions, not APRs.
Results depend entirely on the inputs and assumptions above.
Your official Loan Estimate and Closing Disclosure control the actual terms of any loan.
Mortgage Expert, Inc. originates loans on Florida property only. Minimum loan amount $100,000.