Calculate your debt and more
Debt consolidation? This debt consolidation calculator is designed to help determine if debt consolidation is right for you. Fill out the loan amount, credit card balances and other outstandingdebt. Then see what the monthly payments will be with a consolidation loan. Try to adjust the terms,the types of loans or speed until a plan suited to your needs-and most importantly your budget!
Define
Loan balance
Loan balance is the balance remaining up to all. If you are not sure of your exact balance, enter anestimate is as close as possible.
Loan payment
Recharge is the current monthly payment.
Rest payment
The number of months you have left to make up to payment. This is calculated from interest rates,monthly payments and current balances of the loans.
Loan interest rate
The annual interest rate for this loan. The monthly interest is calculated on the outstanding balance ofyour loan at 1/12 of the annual rate.
Credit card balance
Outstanding balance on your credit card. You do not need to include financial costs; they will be calculated based on your interest rate.
Credit card rate
The annual interest rate you pay on outstanding credit card balances. This calculator assumes simpleinterest is charged every month at 1/12 of your annual rate.
Credit card payment
Credit card payments are based on the outstanding balance and the annual interest rate. To compare this loan, the monthly payment amount is to pay off your credit card in the same number of monthsas loan consolidation. The actual credit card payment may be lower, but will often require many morepayments.
Interest rates
The annual interest rate to reinforce your new loan.
The term in months
Number of months for your new loan consolidation.
Up front costs
Any fees you are required to pay up front to get this loan. This may include appraisal fees loanorigination fees, etc. DEBT CONSOLIDATION CALCULATOR
The point
Number of points paid this loan. The point is usually only paid for the loans to investors.
The rate of savings is obtained
This is the level you would get if you had put your closing costs into savings. Enter the short termsavings rate. For most people this is currently 2% to 5% annually. Savings accounts at a bank or Credit Union to pay as little as 2% or less.
Income tax rates
This is the rate of combined federal and state income taxes. It is used to determine the income taxsavings when you use a loan to consolidate your debt.
Type of loan
The two most common types of lenders, investors and individuals, differ in fees, rates and taxdeductibility of interest. Investor loans often have higher fees, but often have lower prices and a taxdeduction for interest paid. Personal loans do not have a tax deduction for interest payments, andhave a higher interest rate but often have lower costs. These are important considerations when choosing a loan.
Include closing costs in lending
If you include closing costs in your loan, your loan balance, monthly payment and total interest paidwill increase. You will, however, pay less money up front. Including the costs of closing in your loan can be a good option if you do not have the funds available, or you can achieve a relatively high rateof return on your savings.
Information and interactive calculators are made available to you as self-help tools for yourindependent use and are not intended to provide investment advice. We cannot and do notguarantee the accuracy or the application's relevance to your individual circumstances. All examples are hypothetical and for illustrative purposes. We encourage you to seek personalized advice fromqualified professionals regarding all personal finance issues.
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