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: Homepage >> Debt Consolidation
Are you a home owner who is tired of playing catch-up month to month between
your mortgage, personal loans and credit cards? Are you getting further into
debt every month with no apparent way out?
Debt Consolidation may just prove to be your answer. Webdeal Home Loans have
helped hundreds of home owners like yourself consolidate their high interest
unsecured debts in with their mortgage and enjoy tremendous savings in the
process.
Consolidating all your debts into a single package (debt consolidation) has
several advantages:
Firstly, it will free you up from needing to keep track of a multitude of
payments to different lenders at different times of the month. This really is as
simple as it sounds - you put all of your loans together in one place, so you
have one regular repayment to make, one low interest rate to keep track of and
one financial package to manage.
Secondly, by paying the Webdeal Home Loan rate on your other unsecured debts you
can save hundreds or even thousands of dollars monthly.
How To Save Through
Debt Consolidation
?
Assume the following scenario:
Monthly payment
Mortgage (interest only)
$ 300,000 at
7.32 %
$ 1,830.00
Car Loans
$ 50,000 at
7.95 %
$ 375.00
Visa Cards
$ 30,000 at
15.00 %
$ 1,012.62
Personal Loan
$ 25,000 at
8.00 %
$ 506.91
Total monthly payment
$ 3,724.53
Now Assume your home is worth $500,000 and you decide to consolidate all of the
above debts into your Webdeal Mortgage. Overall Mortgage is now $405,000
and no other loans.
Mortgage (interest only)
Car Loans
Visa Cards
Personal Loan
________________________
$405,000 (
overall mortgage )
Given the Home Loan interest rate of 7.32% your monthly interest payments will be $2,470.50
Monthly payment Mortgage (interest only) $ 300,000 at
7.32 % $
1,830.00 Car Loans $ 50,000 at
7.32 % $
305.00 Visa Cards $ 30,000 at
7.32 % $
183.00 Personal Loan $ 25,000 at
7.32 % $
152.50
Total monthly payment
$ 2,470.50
Monthly payment
Before
Debt Consolidation - $ 3,724.53
Monthly payment
After
Debt Consolidation - $
2,470.50
While this is an interest only payment and does not repay any of your loans – your monthly obligations have been reduced as a result of the consolidation by $1,254.03
$ 3,724.53 - $2,470.50 =
$1,254.03.
Debt Consolidation Loan Options:
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