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Debt Consolidation   Entry Columns Calculated Columns Payment Desc. Balance Interest Payment Int. Cost # Pmts Totals   Consolidation Loan Terms Enter the Consolidating Loan's Annual Interest Rate (APR): Enter the Consolidating Loan's term (number of years): Enter total of any Consolidation Loan Fees:   Results Without Consolidating With Consolidating Difference Total of Monthly Payment(s): Months until debts are paid off: Total Cost (Interest Charges and Loan Fees):   Summary When the typical debt-consolidation company advertises that they can "save you money," what they are most often referring to is simply a reduction in your total monthly debt payments -- not a savings in the cost of paying off your debt (interest charges). Sure, by consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest by consolidating. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts. Instructions: Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button. IMPORTANT: In order for the this calculator to work, each debt must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry). Also, be sure to enter only numbers and decimal points in the numeric entry fields. Dollar signs, percent signs, commas and spaces will cause a JavaScript error.  Mortgage News   Housing bill key to cutting mortgage cost: Pimco (Reuters via Yahoo! News)   Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best way to help the ailing housing market recover, the manager of the world's biggest bond fund said on Thursday. Pimco-Housing bill is key to cutting mortgage cost (Reuters via Yahoo! News)   Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best route to recovery for the beleaguered housing market, the manager of the world's biggest bond fund said on Thursday. Massachusetts: After Fax to Mortgage Firm, a Suicide (New York Times)  A Taunton woman fatally shot herself soon after faxing a letter to her mortgage company saying that by the time they foreclosed on her house that day, she would be dead. Freddie Mac: 30-yr Fixed-rate Mortgage Up On Inflation Woes (Fox News)  Freddie Mac: 30-yr Fixed-rate Mortgage Up On Inflation Woes Four Tips to Help You Qualify for a Mortgage (Fox News)  Four Tips to Help You Qualify for a Mortgage Prepay mortgage if you fear risk (Bankrate.com via Yahoo! Finance)   Your risk tolerance level determines whether prepaying the mortgage is wise, says Dr. Don Taylor. HUD: Defunct mortgage broker broke federal law (The Arizona Republic)  TUCSON- Defunct mortgage lender First Magnus Financial Corp. broke a federal law by providing incentive payments to mortgage brokers, according to a report. House OKs mortgage rescue legislation (Chicago Tribune)  Bush drops threat to veto mortgage bill The House has approved a sweeping plan to ease the most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for struggling mortgage giants Fannie Mae and Freddie Mac. President George W. Bush drops a threat to veto the bill. House approves mortgage rescue (The Philadelphia Inquirer)  WASHINGTON - The House approved a sweeping plan yesterday to ease the most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for the struggling mortgage giants Fannie Mae and Freddie Mac. State regulator defends role in mortgage mess (Miami Herald)  Facing calls for his ouster after allowing thousands of criminals to sell home loans in Florida, the state's embattled chief mortgage regulator proposed changes that would toughen the law to help keep felons out of the industry.
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