Debt Consolidation 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!

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Debt Consolidation

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	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
	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
	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

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Please enter your information above and then press Calculate to see your "Year Number" graph, in the light yellow area above.

For more detailed information, select the View Report button.

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 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 to 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 4% to 5% annually.
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.