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.

Loans

Account

Remaining Amount

Payment

Remaining Term

MonthsYears

Credit Cards

Account

Remaining Amount

Rate


Consolidated Loan

Loan type

Interest rate

Loan term

MonthsYears

Fees

%$

Points

Savings rate

Tax rate


If you were to consolidate your loans it would cost you $1,504.38.

Financial Details

Current

Consolidated

Difference

Total debt

$25,000.00

$25,000.00

$0.00

Monthly Payments

$548.40

$283.87

$264.53

Equivalent rate

7.627 %

6.500 %

1.127 %

Total interest

$4,808.00

$9,064.38

($4,256.38)


Total payments

$29,808.00

$34,064.38

($4,256.38)

Points and Fees

$0.00

$1,750.00

($1,750.00)

Tax savings

$0.00

$2,319.95

($2,319.95)


Total cost

$27,601.74

$29,106.11

($1,504.38)


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).

Calculator disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.

Presented by TimeValue Software ©2014