Enter Your Mortgage
Add your balance, rate, original term, and closing date. Your original loan amount and closing date are what make the payoff projection accurate.
Sample Numbers Are Loaded... So You Can See How Everything Works.
Amortization Schedules
Loans & Credit Cards
| Creditor Name | Debt Type | Current Balance | Interest Rate % | Original Term (Months) | Est. Monthly Payment | |
|---|---|---|---|---|---|---|
| N/A | ||||||
| n/a | ||||||
| n/a | ||||||
| n/a | ||||||
| N/A | ||||||
| N/A | ||||||
| N/A | ||||||
| Total | Total Balance Owed $96,414 | Total Est. Payments $2,444 | ||||
Tip: fill in every row you can. Each blank row is a debt you might be forgetting. Credit card rows estimate the minimum payment for you. Every payment starts as our estimate, so type over it with the exact payment shown on your statement and the calculator will use yours. HELOC rows are always shown as a fully amortizing payment that retires the balance over the term you enter, even when the lender only bills interest. An interest-only bill looks cheaper each month, but it never pays down any principal, so we calculate what you would actually need to pay to be free and clear of it.
The Rate You Are Really Paying
Weighted across every debt you listed above.
| Debt | Balance | Rate | Paying Now | Real Payoff Time | Interest Cost | Pay Off In 3 Yr | Pay Off In 4 Yr | Pay Off In 5 Yr |
|---|---|---|---|---|---|---|---|---|
| Auto Loan | $35,753 | 7.25% | $713 | 5 yr | $6,978 | $1,109 | $861 | $713 |
| Auto Loan #2 | $17,691 | 6.75% | $349 | 5 yr | $3,203 | $545 | $422 | $349 |
| Visa | $16,927 | 23.99% | $508 | 29 yr 8 mo | $32,728 | $665 | $552 | $487 |
| Mastercard | $21,652 | 27.99% | $722 | 32 yr 3 mo | $49,309 | $896 | $755 | $675 |
| Store Card | $4,391 | 29.99% | $154 | 19 yr 4 mo | $9,743 | $187 | $159 | $143 |
| All Debts | $96,414 | 15.79% | $2,444 | 32 yr 3 mo | $101,958 | $3,399 | $2,747 | $2,364 |
What It Really Takes To Be Debt Free On Your Own
Debt Free In 3 Years
$3,399 / mo
That is $955 more every month than you pay today on the debts that need a bigger payment.
Your total payment goes from $2,444 to $3,399 a month, and it never drops until the balances are gone.
Debt Free In 4 Years
$2,747 / mo
That is $303 more every month than you pay today on the debts that need a bigger payment.
Your total payment goes from $2,444 to $2,747 a month, and it never drops until the balances are gone.
Debt Free In 5 Years
$2,364 / mo
Every debt already has a payment at or above this level today.
Your total looks close to today's $2,444 only because card minimums start high and then shrink every month. This payment stays fixed, which is exactly why it finishes in 5 years instead of decades.
Holding a fixed payment for three to five years is where most households come up short: the minimum keeps falling, the temptation is to pay it, and the balance stretches back out. That is the point of the next steps: consolidating pays these balances off on day one, then the money you were already spending goes to work on the mortgage.
How We Calculate These Payoff Times
Credit cards and other revolving accounts are modeled the way issuers actually bill them: the minimum due is roughly 1% of the balance plus that month's interest, with a $25 floor, and it drops every month as the balance drops. Because the payment keeps shrinking, a large balance at a high rate can take 15 to 30 years or more to retire, and the interest cost can exceed the balance itself. Installment loans and HELOCs are amortized to zero over the term you entered. The 3, 4, and 5 year columns show the fixed payment it would take to clear each balance in that time, which is normally far more than the minimum you are paying now.
Type any amount you want to pocket. The rest goes to principal.
Slide anywhere from keeping every dollar to putting every dollar back onto the line. Your payoff date, interest, and the Compare tab update instantly.
Current Mortgage
Today- Your Mortgage Payment (P&I)
- $1,828
- Your Other Debt Payments
- $2,444
- Total You Pay Each Month
- $4,272
- Your Blended Rate
- 5.77%
- Total Interest You Still Pay
- $286,710
HELOC Or HELOAN Consolidation
Consolidated- Your current first mortgage (3.25%, 30 yr)
- $1,828
- HELOC / HELOAN on $96,414 (7.99%, 15 yr)
- $921
- Fully Amortized Payoff At That Payment (15 Yr, No Reinvestment)
- 15 yr
- Interest If You Only Make The Scheduled Payment
- $69,335
- Total You Pay Each Month
- $2,749
- Monthly Savings
- $1,523
- Savings Put Back Onto The Line
- $1,523/mo
- Savings You Keep
- $0/mo
- Line Paid Off (With Savings Put Back)
- 3 yr 10 mo
- Mortgage Paid Off (Line Payment Moves Over After)
- 11 yr 6 mo
- Debt-Free Point
- Mar 2038
- Mortgage Interest If You Change Nothing
- $184,753
- Mortgage Interest (Line Payment Moves Over In Month 47)
- $90,537
- Interest You Actually Pay On The Line (Gone In 3 yr 10 mo)
- $15,813
- Total Interest You Still Pay
- $106,349
Your mortgage rate, balance, and payment never change. Its interest drops from $184,753 to $90,537 only because of timing: once the line is gone in month 46, that whole $2,444 payment moves onto the mortgage as extra principal. Spend that money instead and the interest stays at $184,753.
The line costs $15,813 instead of $69,335 because you are sending $1,523/mo back onto it, so it is gone in 3 yr 10 mo instead of 15 yr.
If you put 100% of your savings back onto the line, changing the rate barely moves your debt-free date, because you still pay $4,272/mo either way. A higher rate changes where the money goes, not what you pay, so watch the total interest line above. Keep part of the savings with the slider and the date moves too.
Amortization Schedules
Type any amount you want to pocket. The rest goes to principal.
Slide it anywhere between keeping every dollar and reinvesting every dollar. This page, the compare tab, and the timeline chart update instantly.
Consolidated Refi (Baseline)
Baseline- New 1st mortgage ($491,421)
- $3,267
- Current Mortgage Balance Paid Off
- $384,000
- Non-Mortgage Debt Paid Off
- $96,414
- Balances Paid Off Subtotal
- $480,414
- Interest Accrued During 2 Skipped Payments (Rolled In)
- $2,080
- Estimated Closing Costs Rolled In (Estimated On The High Side)
- $8,927
- Payments Skipped At Closing
- 2
- Cash Kept From Skipped Payments
- $8,543
- Estimated Escrow Refund (12% Of Closing Costs)
- $1,072
- Net Cost To Refinance After Skipped Payments
- $0
- Other-Debt Payments
- $0
- Total You Pay Each Month
- $3,267
- Cash Freed Up Vs. Today
- $1,005
- 1st Mortgage Payoff (Base)
- 30 yr
- Note Rate On 1st
- 6.99%
+ Reinvest Savings Into Principal
Best- Mortgage Payment (P&I)
- $3,267
- + Reinvested cash flow (extra principal / mo)
- $1,005
- Other-Debt Payments
- $0
- Accelerated 1st-Mortgage Payment
- $4,272
- 1st Mortgage Payoff
- 15 yr 11 mo
- Debt-Free & Mortgage-Free
- Oct 2042
- Total Interest On 1st
- $324,316
- Total Principal Repaid
- $491,421
- Total Of All Payments
- $815,737
This is the average annual interest paid per original dollar borrowed, not a replacement APR. The exact interest above is summed from every monthly row in the amortization schedule, including the smaller final payment.
The new loan of $491,421 equals your current mortgage balance of $384,000 plus $96,414 of non-mortgage debt paid off at closing, plus $2,080 of interest that accrues during the 2 skipped payments, plus $8,927 in estimated closing costs projected at 1.85% of $482,494.
Amortization Schedules
Typical window is 12 to 24 months, once credit and debt-to-income have recovered. Default shown is 18 months.
Step Two is priced off the balance you will actually owe at month 18 of Step One, not off today's balance. Skipping two payments does not erase that interest, it rolls into the new loan, so both the skipped interest and the cash you keep are shown below.
Step One Position At Refinance
Step One- Step One Loan Amount
- $491,421
- Step One Note Rate
- 6.99%
- Step One Required P&I
- $3,267
- Total Payment You Are Already Making
- $4,272
- Months Of Step One Paid
- 18
- Balance At Step Two
- $464,771
- Interest Paid During Step One
- $50,231
- Balance Rolled Into The New Loan
- $464,771
- Estimated Closing Costs Rolled In (Estimated On The High Side)
- $8,699
- Payments Skipped At Closing
- 2
- Cash Kept From Skipped Payments
- $6,533
- Estimated Escrow Refund (12% Of Closing Costs)
- $1,044
- Interest Accrued During Skipped Months
- $5,415
- Net Cost To Refinance After Skipped Payments
- $1,123
Step Two Rate And Term Refinance
Best- New Step Two Loan Amount
- $478,885
- Step Two Note Rate
- 5.50%
- New Required P&I
- $2,720
- Payment Drop Vs. Step One
- $548
- Extra Principal From The Lower Rate
- $1,553
- Total Payment You Keep Making
- $4,272
- Step Two Payoff
- 13 yr 2 mo
- Total Time From Today
- 15 yr
- Debt-Free & Mortgage-Free
- Sep 2041
- Interest Paid In Step One
- $50,231
- Interest Paid In Step Two
- $194,841
- Total Interest Both Steps
- $250,486
- Interest Saved Vs. Step One Alone
- $73,830
Average annual interest paid per original dollar borrowed across Step One and Step Two combined, measured against the $491,421 you started with.
Amortization Schedules
Step One months, the two skipped months, then the Step Two loan, all in one continuous schedule.
| Metric | Today Current Mortgage | Consolidate Debt HELOC / HELOC Consolidation | Credit Score Reset Debt-Free Faster: Step 1 | Best Debt-Free Faster: Step 2 |
|---|---|---|---|---|
| Your Debt Today | ||||
| Original Mortgage Amount | $420,000 | $420,000 | $420,000 | $420,000 |
| Other Debt You Owe Today | $96,414 | $96,414 | $96,414 | $96,414 |
| What You Owe On Your Mortgage Today | $384,000 | $384,000 | $384,000 | $384,000 |
| What The New Loans Look Like | ||||
| New Mortgage Amount | $384,000 (Current Mortgage) | $384,000 (Current Mortgage Kept As-Is) | $491,421 (New Mortgage) | $478,885 (Refinanced In 6 To 18 Months) |
| New HELOC Or HELOAN Amount | $0 (None) | $96,414 (New Line) | N/A (No HELOC In This Option) | N/A (No HELOC In This Option) |
| Other Debt Still Owed | $96,414 (Same As Listed Above) | $0 (Paid Off With New HELOC / HELOAN) | $0 (Paid Off With New Mortgage) | $0 (Debt-Free Faster: Step 1 Paid Off) |
| Total Debt You Owe | $480,414 | $480,414 | $491,421 | $478,885 |
| Rates And Payments | ||||
| Mortgage Rate | 3.25% | 3.25% | 6.99% | 5.50% |
| Mortgage Payment (P&I) | $1,828 | $1,828 | $3,267 | $2,720 |
| HELOC Payment | N/A | $921 | N/A | N/A |
| Other Debt Payments | $2,444 | $0 | $0 | $0 |
| Monthly Savings | N/A | $1,523 | $1,005 | $1,553 |
| Your Monthly Money | ||||
| Required Monthly Payments | $4,272 | $2,749 | $3,267 | $2,720 |
| Savings Put Toward Principal | N/A | $1,523 | $1,005 | $1,553 |
| Savings You Keep | N/A | $0 | $0 | $0 |
| Total You Pay Each Month (With Extra Principal) | $4,272 | $4,272 | $4,272 | $4,272 |
| One-Time Cash From Skipped Payments | N/A | N/A | $8,543 (2 Payments) | $6,533 (2 Payments) |
| When You Are Debt-Free | ||||
| Time Until You Are Debt-Free | 26 yr | 11 yr 6 mo | 16 yr 1 mo | 15 yr |
| Freedom Point | Sep 2052 | Mar 2038 | Oct 2042 | Sep 2041 |
| Blended Rate You End Up Paying | 5.77% | 4.20% | 4.15% | 3.40% |
| Interest Saved | ||||
| Interest On Your Mortgage | $184,753 | $90,537 | $324,316 | $250,486 |
| Interest On Other Debt Or The New Line | $101,958 | $15,813 | N/A | N/A |
| Total Interest You Still Pay | $286,710 | $106,349 | $324,316 | $250,486 |
| Interest Saved Vs. Current | Baseline | $180,362 | $37,606 More | $36,225 |
Your current freedom point is based only on the time left on your mortgage. If your credit cards and other revolving debt take longer than that to pay off, your real debt-free date could be later.
Want These Numbers Reviewed For Your Situation?
Send your scenario to Michael Thayer and his team, or book a call directly below.
Licensed to help nationwide
Michael Thayer, NMLS #173264. Planet Home Lending, NMLS #17022. Licensed in Tennessee and able to originate loans in all 50 states.
Prefer to talk it through? Pick a time that works for you.
Booking unlocks once you send your scenario, so Michael has your numbers before the call.
Your information is used only to respond to your mortgage inquiry and is not sold. This is not a loan application and does not constitute any type of formal loan approval.
Amortization Schedules
Open any scenario to see the black-and-white monthly math.
Remaining mortgage or mortgage-backed balance for each path. The current line uses the remaining first-mortgage term, HELOC uses the longer of the current first mortgage or HELOC term, and the Debt-Free Faster steps use the accelerated payoff calculation.
Current
HELOC Consolidation
Debt-Free Faster: Step 1
Debt-Free Faster: Step 2
The Freedom Point of 26 yr from today is based on your current mortgage debt only. If your credit cards and other revolving debt take longer than that to pay off, your real debt-free date could be later.
Want These Numbers Reviewed For Your Situation?
Send your scenario to Michael Thayer and his team, or book a call directly below.
Licensed to help nationwide
Michael Thayer, NMLS #173264. Planet Home Lending, NMLS #17022. Licensed in Tennessee and able to originate loans in all 50 states.
Prefer to talk it through? Pick a time that works for you.
Booking unlocks once you send your scenario, so Michael has your numbers before the call.
Your information is used only to respond to your mortgage inquiry and is not sold. This is not a loan application and does not constitute any type of formal loan approval.
Refinance & Debt Consolidation Questions
What is a blended (household) interest rate?
It is the single rate you are really paying once every debt is counted: your mortgage, car loans, student loans, personal loans, and credit cards. Most people only look at their mortgage rate, which hides what the rest of the debt costs each month.
Can a higher mortgage rate ever save me money?
It can. The mortgage rate is only one piece. Moving 20% to 25% credit card debt and 8% car loans into one secured payment can lower what you pay each month even if the mortgage rate goes up. The savings only turn into a faster payoff if you put them toward principal instead of spending them.
What is the net effective mortgage rate?
It is the total interest you actually pay on the new loan, divided by the amount you borrowed, spread over how long you take to pay it off. Paying the loan off in 12 to 15 years instead of 30 means far less interest is ever charged, so your true cost per dollar borrowed lands below the rate on the note.
How are credit cards paid off in this calculator?
The same way card companies bill them. The minimum is recalculated each month at about 1% of the balance plus that month's interest, with a $25 floor. Because the payment shrinks as the balance shrinks, one card can take 20 years or more and cost more in interest than you charged.
Am I guaranteed to qualify for a HELOC or HELOAN?
No. Second liens have tighter approval standards than a first mortgage. Lenders look closely at your credit, income, and available equity, and not everyone who applies is approved. On the HELOC / HELOC Consolidation tab this calculator pays the line off over the term you set there (180 months by default) so you can see a real payoff date, instead of the interest-only setup many HELOCs use. A HELOC listed on your debts page is amortized over 30 years for the same reason.