Using our debt payoff calculator can show you how many potential savings you could have by paying off debt when you refinance your mortgage and combine all your existing debt into a lower interest rate and one easy payment.
Eliminating high-interest debt such as credit cards anywhere from 13%-22% down to 3% can save you a ton of money in interest charges as well as free up cash flow each month by reducing your monthly obligations.
Wouldn’t it be nice to go from making minimum payments of $1800.00 per month down to $1300? That is a $ 500-month saving. You could take the $500 savings and apply it directly to your mortgage balance thus reducing the principal and interest or invest some, and put the remaining on the mortgage.
This calculator will help show you the benefits but it cannot replace completing a full application and having one of our trusted Edmonton mortgage brokers calculate all the numbers to ensure nothing is missed and that you qualify to restructure the debt.