Use Mortgage Calculators as a Debt-Management ToolBy Richard Barrington
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You have probably seen a number of different mortgage calculators, and possibly even used them once or twice. They are popularly used by people to figure out how much house they can afford, but they can also be a valuable debt-management tool.
Tracking Mortgage VariablesTo compare your current situation with where you would stand if you consolidated debt into a home equity loan, take the following steps:
Plan RealisticallyThe result will give you a side-by-side comparison of what your debt is costing you at your current rate of interest, and what it would cost in a home equity mortgage. If you can save a significant amount of money with a home equity mortgage, then it may well be worth it to consolidate your debt. Remember though, plan realistically before putting your house up as collateral. Make sure you take out a loan with payments you know you can make, not with payments you hope you can make.
About the Author
Richard Barrington is a freelance writer and novelist who previously spent over twenty years as an investment industry executive.
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