Debt Consolidation Calculator

Eliminate credit card debt

The debt consolidation calculator below can be a very valuable tool when applying online. You can easily determine the benefits of refinancing your current loan and eliminating your other debts. You can lower you monthly bills by consolidating your debt into one loan, with one interest rate, and one monthly payment.

Debt Consolidation Calculator
Debt Type	Current Balance	Monthly Payment
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
Totals	$	$
Loan Term = The number of months you will have to pay your loan off.	Please Enter A Loan Term	Months
This box represents your monthly payment for a debt consolidation loan	New Loan Monthly Payment	$
* Calculation based on a 25 year simple interest rate loan, 13.95% interest rate. APR = 15.67%, your loan may vary	Monthly Savings	$
If you would like to add additional money to your payments to shorten your payoff time and save money, please enter that amount in the box to the right.	Additional Payments	$
This box represents the amount of money you will save by making consistent additional payments of the amount you entered in the "additional payment" box.	Additional Payment Savings	$
This box represents that amount of time in months that it will take you to pay off your loan by making consistent additional payments of the amount you entered in the "additional payment" box.	Revised Term	Months

Credit Card interest vs Mortgage interest

Some people may not be aware of the big difference between credit card interest and mortgage interest. With credit cards the interest compounds daily and mortgages compound monthly.

Also, when income taxes are due, you will find that mortgage interest works with you and credit card interest works against you. By having your debt tied to real property, you can use a significant portion of your mortgage interest to help reduce your income tax obligations.

Lower your monthly overhead

By lowering your monthly overhead you are now in control of your extra cash flow. You can pay more on your principal balance, invest in other properties, or any other way you see fit to spend your money.
Now you can estimate how much you can save on your monthly bills.

Input all of your recurring monthly debts, and a new loan term to see an estimate of what you can save each month. You can even take this a step further and input an additional monthly payment you plan to make to see how much faster you can pay off the new loan.

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