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Banking & Budgeting

Should I Consolidate My Personal Debt Into A New Loan?

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With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this calculator to determine how quickly you could get out of debt and how much interest you might save.

Consolidated Loan InformationInput
(0-30)%
(1-40)
Current Debt InformationBalanceMonthly PaymentYearly Rate
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
(0-9999999)$(0-9999999)$(0-30)%
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Consolidated Loan InformationInput
Current Debt InformationBalanceMonthly PaymentYearly Rate
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{ "fields" : { "udata" : [ "interestRate" , "termYears" , "" , "" , "" , "cc1Balance" , "cc1Payment" , "cc1Rate" , "cc2Balance" , "cc2Payment" , "cc2Rate" , "cc3Balance" , "cc3Payment" , "cc3Rate" , "cc4Balance" , "cc4Payment" , "cc4Rate" , "auto1Balance" , "auto1Payment" , "auto1Rate" , "auto2Balance" , "auto2Payment" , "auto2Rate" , "rvBalance" , "rvPayment" , "rvRate" , "other1Balance" , "other1Payment" , "other1Rate" , "other2Balance" , "other2Payment" , "other2Rate" , "other3Balance" , "other3Payment" , "other3Rate" ] } }
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This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

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