This calculator will show you how consolidating all of your debts into one
lower interest loan can reduce your monthly payments.
Enter each one of the debts that you would like to pay off, along with their corresponding
principal balances, interest rates, and monthly payment amounts. Once you have all your debts
entered, make any desired changes to the "New Loan Information" default entries and then click
on the "Calculate New" button.
if you were to pay the same OLD payments instead of your
NEW LOWER PAYMENTS... (which is your choice every month)...
your monthly SAVINGS will reduce the loan principal each
month, SHORTENING the loan itself... without ANY more
costs than you used to pay.
Use this calculator to determine your debt to income
ratio. Generally speaking, a debt ratio greater than or equal to 40%
indicates you are not a good risk for lending money to.
Debt-To-Income (DTI) ratios are used to determine how much of a burden a borrower
may be taking on including the existing minimum credit account payments, the new
payments of the home loan, plus the monthly portion of taxes and homeowners’ insurance
Generally speaking, the higher the DTI ratios, the more burden the borrower is
applying for, and the riskier it is to the lender that the borrower may at some point
fail to consistently make all of their payments. Higher DTI ratios frequently result
either in restrictions upon the loan amounts offered by the lenders, or a higher interest
rate priced to compensate the lender for the risks, or even both.
In some cases, unverifiable income may be considered with alternative-documentation
loan programs in order to reflect a truer, lower DTI ratio than a borrower may otherwise
be presenting to the lender in their application file.