Financial Calculators

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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 $1,502.31.

Financial Details

	Current	Consolidated	Difference
Total debt	$25,000.00	$25,000.00	$0.00
Monthly Payments	$548.42	$283.87	$264.55
Equivalent rate	7.629 %	6.500 %	1.129 %
Total interest	$4,810.40	$9,064.38	($4,253.98)

Total payments	$29,810.40	$34,064.38	($4,253.98)
Points and Fees	$0.00	$1,750.00	($1,750.00)
Tax savings	$0.00	$2,319.95	($2,319.95)

Total cost	$27,603.81	$29,106.12	($1,502.31)

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.

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