Debt Consolidation
Lending & MortgagesCombining multiple debts into a single loan, often with a lower interest rate or simpler payment schedule.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding debt consolidation helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how debt consolidation impacts your specific situation.