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If you have multiple debts, especially if one or more are on credit cards, it's
likely that you'll be able to save money and pay off your debt quicker by
consolidating your debt to one, lower interest loan. This calculator will allow
you to see how much money you can save. Find out how much money you can
save by consolidating your debt into one, lower interest loan. Simply
enter your debt information below, enter the terms of the new loan, and click Calculate
New to see the results.
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Debt Consolidation Calculator
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Balance |
Payment |
Interest
Rate |
Annual
Fees |
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| Additional Cash?
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New Loan Information
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Enter data about your planned new loan
(change any of the proposed numbers below).
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Proposed interest rate (%):
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Loan term:
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Estimated closing costs ($):
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Federal & state tax rate (%):
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| Results |
Current |
New Loan |
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Total debts:
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Affective rate before taxes:
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Affective rate after taxes:
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Total monthly payment:
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Monthly savings:
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Annual savings:
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Five year savings:
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| Ultimate Savings Report |
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Below, you can see the affect of making the same payments you're making now, toward your new lower interest loan. You'll be able to save much more money in the long run and payoff your debt quicker.
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Total years saved if same old payments are made on new loan:
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Total years until free & clear if savings are paid to principal:
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Total interest saved over life of loan if savings are applied to principal:
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