If you’re thinking about consolidating your debt, this debt consolidation calculator can help you determine if that’s the best financial decision for you. Fill out the fields below to determine your current outstanding debt, and then you can then find out what your new monthly payments would be with a consolidated loan.
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See If Debt Consolidation May Be a Good Option for You
Since equity loans typically carry lower interest rates than personal loans, the home equity for debt consolidation loan might be the best option for you. Use our debt consolidation calculator to see what your monthly payments would look like.
Loan balance – The total remaining balance on the loan. Use a realistic estimate if you are unsure of the outstanding balance.
Payment amount – Your current monthly payment.
Remaining payments – The number of months remaining to make payments on a loan.
Loan interest rate – Annual interest rate for the loan.
Credit card balance – The remaining balance on your credit card.
Credit card rate – Annual interest rate you pay on remaining credit card balances.
Credit card payment – Payments on your credit card depend on your remaining balance and the annual interest.
Term in months – Number of months for your new consolidation loan.
Up-front costs – Initial fees you are required to pay to receive this loan. These may include appraisal fees and loan origination fees.
Loan type – Personal loans and home equity loans are the most common types of loans. Take into consideration that home equity loans typically have higher fees, but are usually accompanied by lower rates and potential tax deductions. Personal loans, on the other hand, generally have higher interest rates and no tax deductions for interest paid, but they do have lower fees.