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The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/
 

Dominion Lending Centres TLC Mortgage Group

SampleConsolidation

Refinance Report

April 22, 2025

 

Tom Williams

Mortgage Agent Level 2 - M18002831 905-464-4389 tom@mymortgagewithtom.com

 
Current Mortgage $350,000
5 Years Fixed 4.44%
Average Monthly $3,355.74
Amortization
20 yrs
Remaining Term
60 Months
Balance end of Term
$288,910
Debts (2)
$70,000
Total Interest
$103,738
Available Equity for Take Out
$210,000
 
New Mortgage $422,800
5 Years Fixed 4.44%
Average Monthly $2,326.00
New Amortization
25 yrs
Effective Amortization
25 yrs
Balance end of Remaining Term
$370,833
Consolidated Debts (2)
$70,000
Cash Equity Takeout
$0
Accessed Equity
$70,000
The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/
 
 
Total Savings in 60 Months $13,344
 
Current Interest $103,737.99
Refinancing Cost $2,800.00
New Interest $87,593.53
 
Payments Lowered $1,029.73/month $12,356.82 / Year
 
Current Payment $3,355.74
New Payment $2,326.00
The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/
 
 
Mortgage Interest
$70,629.35
$87,593.53
Debt Interest
$33,108.64
$0.00
Interest in 60 Months
$103,738
$87,594
Penalty
-
$0.00
Other fees
-
$2,800.00
Interest On Rolled In Fees
-
$0.00
Refinancing Cost
-
$2,800
Total Cost
$103,738
$90,394
Break-Even
-
6 Months

Total Saving by the end of term 60 Months

 

$13,344

 
    Mortgage Interest
    $70,629.35
    Debt Interest
    $33,108.64
 
    Total Cost
    $103,738
 
    Mortgage Interest
    $87,593.53
    Debt Interest
    $0.00
 
    Penalty
    $0.00
    Other fees
    $2,800.00
    Interest On Rolled In Fees
    $0.00
 
    Total Cost
    $90,394
    Break-Even
    6 Months
 
    Total Savings
    $13,344

    by the end of term 60 Months

     
The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/
 
 
Mortgage Payment
$2,195.33
$2,326.00
Extra Payment
-
-
Payment Frequency
Monthly
Monthly
Monthly Debts
$1,166.67
$0.00
Average Monthly Cost
$3,355.74
$2,326.00

Payment Lowered $1,029.73 / month

 

$12,356.82 / Year

 
    Mortgage Payment
    $2,195.33
    Monthly Debts
    $1,166.67
 
    Average Monthly Cost
    $3,355.74
 
    Mortgage Payment
    $2,326.00
    Extra Payment
    -
    Monthly Debts
    $0.00
 
    Average Monthly Cost
    $2,326.00
 
    Payment Lowered
    $12,356.82 / Year
     
    $1,029.73 / month
 
Amortization extended by 5 yrs
 
    •  
    • Current Amortization
    • 20 yrs
    •  
    • Effective Amortization
    • 25 yrs
The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/
 
 
    •  
    • Pre-Payment Penalty
    • $0
    •  
    • Discharge Fee
    • $350
    •  
    • Other fees
    • $0
    •  
    • Legal Fee
    • $2,000
    •  
    • Appraisal Fee
    • $450
    •  
    • Lender Incentive
    • $0
    •  
    • Total Penalty and Fees
    • $2,800
 
    Roll in Penalty and Fees
    Yes
    Roll in Cap
    $0
    Remaining Amount (Paid Cash)
    $0
  •  DebtRateBalancePaymentConsolidated
  • VISACredit Cards 20.00% $25,000 $750.00 / Monthly
  • LOCLine of Credit 10.00% $45,000 $416.67 / Monthly
    • VISA
      $25,000
      Credit Cards
      $750.00 / Monthly
      Consolidated
      20.00%
    • LOC
      $45,000
      Line of Credit
      $416.67 / Monthly
      Consolidated
      10.00%
The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/
 

The calculations and estimated results in this report provide general information and are not intended as financial advice. The results are used for illustrative purposes and are subject to change without notice. This report simply gives you a good idea of your mortgage payments, costs and potential savings. Actual mortgage premiums, payment information and others payable are subject to the full set of underwriting policies and standards by each lender. For the complete TERMS and CONDITIONS visit https://dominionlending.ca/privacy-policy/

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