Debt Consolidation Calculator

This calculator will show how much you'd save by consolidating all of your high-interest debts into a single low-rate mortgage loan.  It's an extremely effective means of managing your debt and finances.      However be advised that simply reducing your monthly payments isn't necessarily a savings in the cost of paying off your debt including interest.  You can consolidate your debt into a single lower monthly payment, but if the loan is then stretched out over a longer time period, you may pay more interest by consolidating.  This calculator will show whether consolidating will actually reduce the cost of retiring your debts.

INSTRUCTIONS:  Starting with the first line of entry fields, enter all your debts, along with their corresponding principal balances, interest rates, and monthly payment amounts (the last two columns will be filled in by the calculator). Once you've entered all of the debts you wish to consolidate, click the "Compute Current Debt Costs" button.  Next, enter the consolidation loan's interest rate, the length of the consolidation loan in years, and any origination fees that may apply.  Then click the "Compute Consolidation Loan Costs" button.

NOTE:  In order for the this calculator to work, each debt must have the four left-hand 'Entry Column' fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry). Also, enter ONLY numbers and decimal points in each field, as $, %, commas, spaces, and other character will cause an error.