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CALCULATORS RATE MONITORING ORIGINAL ARTICLES AI EXPLANATIONS

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Should I Combine My Debts?

Compare keeping your debts with paying them off through a cash-out refinance or a fixed home-equity loan.

A smaller monthly bill can come from paying for more years. Both new-loan options move the entered debts into debt secured by your home. If you cannot repay, you could lose your home. This calculator compares assumptions; it does not recommend consolidation.

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1. Your current fixed mortgage
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Use what you owe now. We model an ordinary fully repaying fixed mortgage with no future extras. If previous extras changed your payoff schedule, enter the remaining repayment months that match your actual required payment.

Find principal balance on your statement.

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Use the interest rate, not APR. This calculator does not model adjustable rates, interest-only loans, balloons or a HELOC.

For 4%, enter 4.

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Use the time left to finish this mortgage at its normal required payment. The current mortgage keeps this payoff length unless you replace it.

20 years left = 240 months.

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We compare all three choices at the same date. A lower bill can leave more debt, so we show remaining debt and total borrowing costs too.

5 years = 60 months.

2. A second fixed mortgage — if you have one
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Include another closed-end, fixed, fully repaying mortgage. A cash-out refinance replaces both mortgages here; the home-equity option keeps both and adds a new loan. Variable HELOC balances are not supported.

Enter 0 if you do not have one.

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Use the fixed interest rate for this separate loan. You may leave this blank when its balance is $0.

Needed only if its balance is above $0.

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Use the remaining monthly payments on that loan. Leave blank when the balance is $0.

Needed only if its balance is above $0.

3. Debts you want to pay off

Debt 1

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Use the payoff balance you intend to consolidate. Do not include a mortgage already entered above. No account number or creditor name is needed.

What you owe on this card or other debt.

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Use the annual interest rate charged on this debt. We hold it fixed; promotional changes, fees and new purchases are not included.

For 22%, enter 22.

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We assume you keep paying this same amount until a smaller final payment. A falling credit-card minimum would give different results. The payment must cover interest and reduce the balance.

Use the amount you plan to keep paying.

4. Replace the mortgage(s) with a cash-out refinance
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The new loan replaces your mortgage balances and pays off the entered debts. Its entire balance uses this rate, including a first mortgage that may currently have a lower rate.

Use a quote or your own clearly stated guess.

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This new clock applies to the mortgage balances and the debts you fold into it. Extending the clock can increase costs even when the monthly bill falls.

30 years = 360 months.

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Include nonrefundable fees and points paid now, after credits. Exclude taxes, insurance prepaids, escrow deposits and debt payoffs already entered elsewhere.

Use 0 only if no fees are paid in cash.

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These are additional fees you borrow, separate from the cash-fee box. Do not enter the same fee twice. We charge interest on this borrowed amount.

Borrowed fees increase the balance.

5. Keep the mortgage(s) and add a home-equity loan
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The new loan pays off only the entered non-mortgage debts. Your existing mortgage payments and rates stay in the model. Ask for a fixed, fully repaying loan quote.

This is a fixed loan, not a variable HELOC.

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How long would you repay this new loan? It may last much longer than the debts it replaces. We show each option’s final debt-free month.

10 years = 120 months.

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Use net nonrefundable fees after credits. Keep fees added to the loan separate. Cash fees reduce your cash available today.

Enter only fees paid now.

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This amount is borrowed on top of the debts being paid off. We include it in the balance, borrowing costs and interest.

Do not count these again as cash fees.

Calculating stays in this browser. Choose the account button after your results to review and save a watch. No live checks or emails are connected.

Your estimated results

Enter your numbers or try the example. We’ll explain the payment, cost and timing differences.

How this estimate works

Existing non-mortgage debts hold the entered rate and monthly payment fixed, assume no new spending or fees, and reduce the last payment. Credit-card minimum payments that fall with the balance are not modeled. Current and proposed mortgages are fully amortizing monthly fixed loans. All debts entered are paid off in full by either new-loan option. Cash-out refinancing replaces every entered current mortgage; the home-equity loan keeps them. Borrowing cost = payments + remaining debt + cash fees − all original balances. This counts financed fees once and includes interest on them. Comparisons exclude mortgage insurance, taxes, home insurance, HOA, tax deductions, investment returns, prepayment penalties, other cash-to-close items and eligibility checks.

Monthly calculations use full precision; displayed dollars are rounded. The lender or servicer’s figures may differ.

Read the CFPB explanation → · Source checked October 5, 2026.