Debt Consolidation Calculator

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!

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot 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.

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!

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For more information about these financial calculators please visit: Dinkytown.net Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Your monthly payment changes from $305.07 to $284.67.

*indicates required.

Total credit card debt :

$6,200.00

Installment Loans:

$0.00

Consolidated loan:

Loan amount $6,200.00

Interest rate:*This entry is required.Enter an amount between 0% and 36%

Term in months:*This entry is required.Enter an amount between 12 and 360

Up front costs:*This entry is required.Enter an amount between $0 and $10,000

Savings rate:*This entry is required.Enter an amount between 0% and 20%

Points:*This entry is required.Enter an amount between 0 and 6

Income tax rate:*This entry is required.Enter an amount between 0% and 50%

Loan type:*This entry is required.

Closing costs:

Check here to include closing costs in loan

Consolidated Loan Balance by Payment Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Consolidated Loan Balance by Payment

Definitions

Loan balance

Loan balance 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.

Remaining payments

The number of months you have left to make payments on a loan. This is calculated from the interest rate, monthly payment and current balance of the loan.

Loan interest rate

Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.

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 loan types, home equity and personal, differ in fees and rates. Home equity loans often have higher fees, but usually have lower rates. Personal loans 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.

Debt Consolidation Calculator