can drop the payment from $400/month to $67/month. By refinancing the $5000 credit card with the bank, we can drop the payment from $150/month to $17/month. Our total New Payment is $862/month and our total Freed Up money is $1602/month We have just freed up $1602/month out of the air . Step 3 is to determine how much debt we owe. We owe $300,000 + $20,000 + $5000 = $325,000 Step 4 is to determine how long it would take $1602/month to grow to $325,000 dollars to be mortgage free Current Payment New Payment Free Up Mortgage $300,000 $1514/month $1000/month $514 RRSP contributions $200/month $0/month $200 $20,000 RRSP -$222/month $222 Universal Life $200/month $0/month $200 Car Loan $20,000 $400/month $67/month $333 Credit Card $5000 $150/month $17/month $133 Total $2464/month $862/month $1602 $1602/month $325,000 By refinancing the $20,000 car loan with the bank, we can drop the payment from $400/month to $67/month. By refinancing the $5000 credit card with the bank, we can drop the payment from $150/month to $17/month. Our total New Payment is $862/month and our total Freed Up money is $1602/month We have just freed up $1602/month out of the air . Step 3 is to determine how much debt we owe. We owe $300,000 + $20,000 + $5000 = $325,000 Step 4 is to determine how long it would take $1602/month to grow to $325,000 dollars to be mortgage free Current Payment New Payment Free Up Mortgage $300,000 $1514/month $1000/month $514 RRSP contributions $200/month $0/month $200 $20,000 RRSP -$222/month $222 Universal Life $200/month $0/month $200 Car Loan $20,000 $400/month $67/month $333 Credit Card $5000 $150/month $17/month $133 Total $2464/month $862/month $1602 $1602/month $325,000