Debt Consolidation
Calculator
This calculator was designed to help you to decide whether or not you should consolidate your debt at a lower, tax deductible interest rate with a home equity loan or second mortgage. It will also give you an indication of how many months it will take to break even on the closing costs. Remember - this will not affect your first mortgage.
Debts to Consolidate
Debt Type
Creditor
Amount Owed
Monthly Payment
Card
Auto
Loan
Mtg
Other
Card
Auto
Loan
Mtg
Other
Card
Auto
Loan
Mtg
Other
Card
Auto
Loan
Mtg
Other
Card
Auto
Loan
Mtg
Other
Debt Consolidation Loan
Enter interest rate for the debt consolidation loan:
Enter the loan term:
Enter the closing costs :
percentage points
dollar amount
(Typically, total closing costs run 2% of the loan amount)
Would you like to finance the closing costs?
Yes
No
This is how much your monthly payment will be if you consolidate your debt:
Monthly Payment Reduction:
# of months for payment savings to offset closing costs:
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