1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Mortgage Consolidation & Refinancing Calculator Version 2

This mortgage consolidation & refinancing calculator 2 is a bit different from version 1 in that you can determine if it is economically sensible for you to consolidate your 1st mortgage, or the consolidation of your 1st and 2nd mortgage into 1 single low interest rate mortgage. It will compare your currently monthly mortgage payments with your payments on the new refinanced interest rate, outputting the net savings you will have (Monthly Payment Reduction). The mortgage refinancing calculator is so sophisticated that it will also output the break even point on your closing costs. Here is a sample output generated from this calculator:

"If you refinance your current 9.00% mortgage and your current 8.00% mortgage into a single 7.00% mortgage, your monthly payment will increase by $163.55 and you will save $672,281.41 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 19 months. That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing."

First Mortgage
Enter the principal balance of your first mortgage: (call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment: (principal and interest portion only)
Enter your first mortgage's current interest rate:
Second Mortgage (Optional)
Enter the principal balance of your second mortgage: (call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment: (principal and interest portion only)
Enter your second mortgage's current interest rate:
Refinance
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs : (Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?

This is how much your monthly payment will be if you refinance:
Monthly payment (decrease)/increase:
Number of months for interest savings to offset closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):