Consolidating moves your debt to a lower rate. Paying it off fast is what turns that into real savings.
Keep your old payment going
Add up what you were paying on the debts before consolidating. Keep paying that amount: the regular mortgage payment plus the difference as a prepayment. See the math.
Use your prepayment privileges
Most mortgages allow extra payments each year without penalty. Know your limits and use them.
Set a target date
Decide when the consolidated amount should be gone, often 3 to 5 years, and work backwards to a monthly amount.
Separate portions
Some lenders let you put the consolidated amount in its own portion with a shorter amortization. Ask.
Windfalls
Tax refunds and bonuses can go straight to the mortgage.
Watch for backsliding
Paying fast only works if new debt doesn’t build up. See what to do with your paid-off cards and emergency funds.
This article is general information, not financial or legal advice. Lender requirements, rates and fees change and depend on your situation.