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Debt Consolidation Calculator

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Fill in your loan amounts, credit card balances and other outstanding debt. You can then see what your monthly payment would be with a consolidated loan. Try adjusting your terms, loan types or rate until you find a consolidation plan that fits your needs - and most importantly your budget!

Debt Consolidation

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&NBSP; Current loans Consolidated Loan

Balance CURRENT_LOANS_BALANCE NEW_LOAN_AMOUNT

Total interest CURRENT_LOANS_TOTAL_INTEREST NEW_LOAN_TOTAL_INTEREST

Tax savings $0 NEW_LOAN_TAX_SAVINGS

Closing costs + lost interest
(This amount is $0 if closing costs are included in the loan amount) $0 INTEREST_FROM_SAVINGS_ACCOUNT

Total payments CURRENT_LOANS_TOTAL_PAYMENTS NEW_LOAN_NET_PAYMENTS

New Consolidation Loan

Loan amount NEW_LOAN_AMOUNT

Monthly payment NEW_LOAN_INITIAL_PAYMENT

Interest rate INTEREST_RATE

Term in months TERM_IN_MONTHS

Total closing costs TOTAL_CLOSING_COSTS INCLUDE_CLOSING_COSTS_IN_LOAN

Loan type LOAN_TYPE

Current Loans and Credit Cards
The total of all current loan payments is CURRENT_LOANS_INITIAL_PAYMENT. This is based on the loans and payment information shown below.

Current Loans

&NBSP; Amount Owed Monthly Payment Payments Left

Auto loan AUTO_LOAN_AMOUNT_OWED AUTO_LOAN_PAYMENT AUTO_LOAN_MONTHS_LEFT

Second Auto loan AUTO_LOAN_2_AMOUNT_OWED AUTO_LOAN_2_PAYMENT AUTO_LOAN_2_MONTHS_LEFT

Education loans EDUCATION_LOANS_AMOUNT_OWED EDUCATION_LOANS_PAYMENT EDUCATION_LOANS_MONTHS_LEFT

Boat/RV loans BOAT_RV_LOANS_AMOUNT_OWED BOAT_RV_LOANS_PAYMENT BOAT_RV_LOANS_MONTHS_LEFT

Other loans OTHER_LOANS_AMOUNT_OWED OTHER_LOANS_PAYMENT OTHER_LOANS_MONTHS_LEFT

Credit Card Summary

&NBSP; Amount Owed Monthly Payment Interest Rate

Credit card 1 CREDIT_CARD_1_AMOUNT CREDIT_CARD_1_PAYMENT CREDIT_CARD_1_RATE

Credit card 2 CREDIT_CARD_2_AMOUNT CREDIT_CARD_2_PAYMENT CREDIT_CARD_2_RATE

Credit card 3 CREDIT_CARD_3_AMOUNT CREDIT_CARD_3_PAYMENT CREDIT_CARD_3_RATE

Other account OTHER_ACCOUNT_AMOUNT OTHER_ACCOUNT_PAYMENT OTHER_ACCOUNT_RATE

New Loan Payment Schedule

**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Loan amount owed
Loan amount owed is the total remaining balance on a loan. If you are uncertain of your exact balance, enter an estimate that is as close as possible.

Loan payment
The payment amount is your current monthly payment.

Loan months Left
The number of months you have left to make payments on a loan.

Credit card balance
The outstanding balance on your credit card. You do not need to include finance charges, they will be calculated based on your interest rate.

Credit card rate
Annual interest rate you pay on outstanding credit card balances. This calculator assumes simple interest is charged every month at 1/12th of your annual rate.

Credit card payment
Credit card payments are based on your outstanding balance and annual interest rate. For this loan comparison, the monthly payment is the amount required to pay off your credit card in the same number of months as your consolidation loan. Your actual credit card payment may be lower, but will often require many more payments.

Interest rate
Annual interest rate for your new consolidation loan.

Term in months
Number of months for your new consolidation loan.

Up front costs
Any fees you are required to pay up front to receive this loan. This could include appraisal fees, loan origination fees, etc.

Points
Number of points paid for this loan. Points are usually only paid for home equity loans.

Rate earned on savings
This is the rate you would have received if you had put your closing costs into savings. Enter your short term savings rate. For most people this is currently 2% to 5% annually. Savings accounts at a bank or credit union pay as little as 2% or less.

Income tax rate
This is your combined federal and state income tax rates. It is used to determine income tax savings when you use a home equity loan to consolidate your debt.

Loan type
The two most common loans types, home equity and personal, differ in fees, rates and tax deductibility of interest. Home equity loans often have higher fees, but usually have lower rates and a tax deduction for interest paid. Personal loans do not have a tax deduction for interest paid, and have a higher interest rate but often have lower fees. These are important considerations when choosing a loan.

Include closing costs in loan
If you include your closing costs in your loan, your loan balance, monthly payment and total interest paid will increase. You will, however, be required to pay less money up front. Including your closing costs in your loan may be a good option if you do not have funds available, or you can achieve a relatively high rate of return on your savings.