Calculator

Should I consolidate my loans?

This calculator determines the advantage or disadvantage of consolidating various loans and credit card debt. Click the "Add" button to enter up to a total of 10 different loans and credit cards.

All fields are required.

Loans

Name

	Remaining Amount
	Payment
	Remaining Term	loan 1 term in months or years Months Years

Credit Cards

Name

	Remaining Amount
	Rate

Consolidated Loan

Loan type

Interest rate

Loan term

consolidated loan term in months or years Months Years

Fees

Points

Savings rate

Tax rate

Calculator Results

If you were to consolidate your loans it would cost you $1,506.45.

Financial Details

Details	Current	Consolidated	Difference
Total debt	$25,000.00	$25,000.00	$0.00
Monthly Payments	$548.38	$283.87	$264.51
Equivalent rate	7.625 %	6.500 %	1.125 %
Total interest	$4,805.60	$9,064.38	($4,258.78)

Total payments	$29,805.60	$34,064.38	($4,258.78)
Points and Fees	$0.00	$1,750.00	($1,750.00)
Tax savings	$0.00	$2,319.95	($2,319.95)

Total cost	$27,599.66	$29,106.11	($1,506.45)

Calculator tips

This calculator uses "exact days" compounding to approximate how much your credit card payments are. Your credit card company may compute a different payment amount based on their own computational method.

The "Equivalent rate" is not necessarily the same as an APR. It does not include the effects of points and fees. The "Equivalent rate" is the combined interest rate of one or more loans (points and fees excluded).