Financial Calculators

Personal Debt Consolidation

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Enter your credit cards, auto loans and other installment loans balances. Change the loan amount, term or rate to create a loan that will work within your budget.

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Debt Consolidation

Your consolidated payment is NEW_LOAN_PAYMENT which is MONTHLY_PAYMENT_SAVINGS per month.

With a new consolidated loan of NEW_LOAN_BALANCE your monthly payment is NEW_LOAN_PAYMENT. This is MONTHLY_PAYMENT_SAVINGS than your currently monthly payment of MONTHLY_PAYMENT. The total interest for the new consolidated loan would be INTEREST_NEW. With the new consolidated loan you pay MSG_NEW_INTEREST_SAVINGS in interest.

Consolidation Loan
Loan amount	NEW_LOAN_BALANCE
Monthly payment	NEW_LOAN_PAYMENT
Interest rate	NEW_LOAN_RATE
Term	NEW_PAYOFF
Total interest	INTEREST_NEW

Current Loans and Credit Cards

The total of all current loan payments is MONTHLY_PAYMENT. This is based on the loans and payment information shown below.

Current Loans
	Amount Owed	Monthly Payment	Interest Rate
Credit cards	CC_OUTSTANDING_BALANCE	CC_MONTHLY_PAYMENT	CC_AVERAGE_RATE
Auto loans	AUTO_OUTSTANDING_BALANCE	AUTO_MONTHLY_PAYMENT	AUTO_AVERAGE_RATE
Other loans	OTHER_OUTSTANDING_BALANCE	OTHER_MONTHLY_PAYMENT	OTHER_AVERAGE_RATE
Totals	OUTSTANDING_BALANCE	MONTHLY_PAYMENT	AVERAGE_RATE

New Loan Payment Schedule

**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Definitions

Credit cards	Enter a total credit card debt and an average interest rate, or press the details button to enter up to 10 credit card accounts, one on each line.
Auto loans	Click on the details button to enter any auto loans you may have. The details page is designed to let you enter your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to three installment loans.
Other loans	Click on the details button to enter any additional installment loans you may have. The details page is designed to let you enter your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans.
Balances	Your total current balances for your credit cards, auto loans and other loans.
Interest rates	The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, auto loans and other installment loans. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
Payment	This is your initial monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 2% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. ( We calculate your minimum monthly payment as 2% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.