The calculator that is on this page can be found in the Personal Finance Calculators section, under the title, "Mortgage Consolidation & Refinancing Calculator V1" (Product ID #65).Would you benefit from consolidating your debts through a home equity loan or a cash-out refinance of your mortgage? It takes all of your current monthly debt payments and compares them to what you'd pay if you rolled them into a mortgage consolidation loan.It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing.

Regulations aside, it’s very important to make sure that refinancing helps you meet your financial goals.

Deciding if it makes sense to refinance your home depends on a number of factors: Does your current lender have a prepayment penalty? Are interest rates lower now than they were when you first got your home loan? Use our refinance calculator to see if refinancing your home can help you meet your goal.

Second, mortgages can be repaid over a long period of time, which helps reduce your monthly payments.

Third, interest paid on mortgage debt, even from a debt consolidation, is tax-deductible up to certain limits – so that can save you money as well.

A Mortgage Debt Consolidation Loan can be one of two types: a home equity loan/line of credit, or a cash-out refinance.

Some people may be surprised to learn that a home equity loan is considered a mortgage – they usually consider that to be a loan used to pay for the home itself – but any loan that is secured by residential real estate is considered a mortgage. A cash-out refinance allows you to consolidate all your debt into a single loan and usually offers the best mortgage rates and the longest repayment periods, up to 30 years.Quicken Loans received the highest numerical score in the proprietary J. Power 2010 – 2016 Primary Mortgage Origination studies and the 2014 – 2017 Primary Mortgage Servicer studies.2016 Origination (or Sales) based on 5,182 total responses and measures the opinions of customers who originated a new mortgage or refinanced within the past 12 months, surveyed in July – August 2016. Many homeowners take cash out to pay off high-interest debt or make home improvements.Use our refinance calculator to see if you have enough equity to reach your financial goal.You do not have to agree to receive such calls or messages as a condition of getting any services from Quicken Loans or its affiliates.