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Banking & Budgeting

Should I Consolidate My Personal Debt Into A New Loan?

Very Good (124 Ratings)

3.84678/5

Depending on interest rate levels, consolidation loans can reduce required monthly payments for credit card and other personal debt because they are generally amortized over 10 or 15 years. Consolidation loans are typically home-equity loans, and an inability to meet loan payments puts the home at risk. Use this calculator to determine how a consolidation loan might affect your debt situation.

Consolidated Loan Information	Input
Annual percentage rate: (%)	(0-30)%
Number of years	(1-40)

Current Debt Information	Balance	Monthly Payment	Yearly Rate
Credit card 1	$	$	(0-30)%
Credit card 2	$	$	(0-30)%
Credit card 3	$	$	(0-30)%
Credit card 4	$	$	(0-30)%
Auto loan 1	$	$	(0-30)%
Auto loan 2	$	$	(0-30)%
Boat/RV loan	$	$	(0-30)%
Other loan 1	$	$	(0-30)%
Other loan 2	$	$	(0-30)%
Other loan 3	$	$	(0-30)%

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Current Debt Analysis
Total debt balance
Total monthly payments
Total remaining interest to be paid
Total number of payments remaining: (longest loan)

Consolidated Loan Analysis
Proposed loan amount
Required monthly payment
Total remaining interest to be paid
Total number of payments remaining: (full term)

If You Apply Your Monthly Savings To The New Loan
Monthly savings amount
Total remaining interest to be paid
Total number of payments remaining

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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.

Rate This calculator

Very Good (124 Ratings)

4/5

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Rates

See today's average rates across the country.

• Mortgage

  Loan Type	Today	Last Week
  30 Year Fixed	5.69%	5.77%
  15 Year Fixed	5.28%	5.35%
  1 Year ARM	5.85%	5.90%
  30 Year Fixed Jumbo	6.97%	7.07%
  5/1 ARM	5.09%	5.39%
  3/1 ARM	5.02%	5.35%

  Source: Bankrate
• Home Equity

  Loan Type	Today	Last Week
  $30K Home Equity Loan	7.42%	7.41%
  $50K Home Equity Loan	7.26%	7.26%
  $75K Home Equity Loan	7.50%	7.50%
  $30K HELOC	5.02%	5.06%
  $50K HELOC	4.17%	4.18%
  $75K HELOC	4.16%	4.17%

  Source: Bankrate
• Savings

  Savings Type	Today	Last Week
  6 month CD	2.76%	2.75%
  1 year CD	3.03%	3.01%
  3 year CD	3.18%	3.15%
  MMA	2.35%	2.37%
  $10K MMA	2.54%	2.56%
  $25K MMA	2.93%	2.93%

  Source: Bankrate
• Auto

  Loan Type	Today	Last Week
  36 Month New Car Loan	6.66%	6.64%
  48 Month New Car Loan	6.58%	6.77%
  60 Month New Car Loan	6.57%	6.54%
  72 Month New Car Loan	7.10%	7.11%
  36 Month Used Car Loan	7.17%	7.20%
  48 Month Used Car Loan	6.89%	7.11%

  Source: Bankrate
• Credit Cards

  Card Type	Today	Last Week
  Balance Transfer	10.31%	10.03%
  Low Interest	11.01%	10.97%
  For Bad Credit	13.02%	13.12%
  Cash Back	11.47%	11.46%
  Business	11.10%	10.91%
  Airline	12.75%	12.69%

  Source: CreditCards.com

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