Financial Calculators from Dinkytown.net

Dinkytown AutoSaveThe best financial calculators anywhere! Now even better with Dinkytown AutoSave. Work, save and email your results!

Debt Consolidation Calculator

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Fill in your loan amounts, credit card balances and other outstanding debt. You can then see what your monthly payment would be with a consolidated loan. Try adjusting your terms, loan types or rate until you find a consolidation plan that fits your needs - and most importantly your budget!

RESULTS_MESSAGE

SAVINGS_MESSAGE The total of all current loan payments is CURRENT_LOANS_INITIAL_PAYMENT. Your new consolidated loan payment is NEW_LOAN_INITIAL_PAYMENT. **GRAPH**
 Current loansConsolidated Loan
Balance CURRENT_LOANS_BALANCENEW_LOAN_AMOUNT
Total interest CURRENT_LOANS_TOTAL_INTEREST NEW_LOAN_TOTAL_INTEREST
Tax savings $0NEW_LOAN_TAX_SAVINGS
Closing costs + lost interest*$0INTEREST_FROM_SAVINGS_ACCOUNT
Total payments CURRENT_LOANS_TOTAL_PAYMENTSNEW_LOAN_NET_PAYMENTS
*This amount is $0 if closing costs are included in the loan amount.
New Consolidation Loan
Loan amount NEW_LOAN_AMOUNT
Monthly payment NEW_LOAN_INITIAL_PAYMENT
Interest rate INTEREST_RATE
Term in months TERM_IN_MONTHS
Total closing costs TOTAL_CLOSING_COSTS INCLUDE_CLOSING_COSTS_IN_LOAN
Loan type LOAN_TYPE

Current Loans and Credit Cards

Current Loans
 Loan BalanceMonthly PaymentPayments Left
Auto loanAUTO_LOAN_AMOUNT_OWED AUTO_LOAN_PAYMENTAUTO_LOAN_MONTHS_LEFT
Second Auto loanAUTO_LOAN_2_AMOUNT_OWED AUTO_LOAN_2_PAYMENTAUTO_LOAN_2_MONTHS_LEFT
Education loansEDUCATION_LOANS_AMOUNT_OWED EDUCATION_LOANS_PAYMENTEDUCATION_LOANS_MONTHS_LEFT
Boat/RV loansBOAT_RV_LOANS_AMOUNT_OWED BOAT_RV_LOANS_PAYMENTBOAT_RV_LOANS_MONTHS_LEFT
Other loansOTHER_LOANS_AMOUNT_OWEDOTHER_LOANS_PAYMENTOTHER_LOANS_MONTHS_LEFT
Credit Card Summary
 Credit Card BalanceMonthly PaymentInterest Rate
Credit card 1CREDIT_CARD_1_AMOUNTCREDIT_CARD_1_PAYMENTCREDIT_CARD_1_RATE
Credit card 2CREDIT_CARD_2_AMOUNTCREDIT_CARD_2_PAYMENTCREDIT_CARD_2_RATE
Credit card 3CREDIT_CARD_3_AMOUNTCREDIT_CARD_3_PAYMENTCREDIT_CARD_3_RATE
Other accountOTHER_ACCOUNT_AMOUNT OTHER_ACCOUNT_PAYMENTOTHER_ACCOUNT_RATE

New Loan Payment Schedule

**REPEATING GROUP**

Debt Consolidation Calculator Definitions

Loan balance
Loan balance is the total remaining balance on a loan. If you are uncertain of your exact balance, enter an estimate that is as close as possible.
Loan payment
The payment amount is your current monthly payment.
Remaining payments
The number of months you have left to make payments on a loan. This is calculated from the interest rate, monthly payment and current balance of the loan.
Loan interest rate
Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.
Credit card balance
The outstanding balance on your credit card. You do not need to include finance charges; they will be calculated based on your interest rate.
Credit card rate
Annual interest rate you pay on outstanding credit card balances. This calculator assumes simple interest is charged every month at 1/12th of your annual rate.
Credit card payment
Credit card payments are based on your outstanding balance and annual interest rate. For this loan comparison, the monthly payment is the amount required to pay off your credit card in the same number of months as your consolidation loan. Your actual credit card payment may be lower, but will often require many more payments.
Interest rate
Annual interest rate for your new consolidation loan.
Term in months
Number of months for your new consolidation loan.
Up front costs
Any fees you are required to pay up front to receive this loan. This could include appraisal fees, loan origination fees, etc.
Points
Number of points paid for this loan. Points are usually only paid for home equity loans.
Rate earned on savings
This is the rate you would have received if you had put your closing costs into savings. Enter your short term savings rate. For most people this is currently 2% to 5% annually. Savings accounts at a bank or credit union pay as little as 2% or less.
Income tax rate
This is your combined federal and state income tax rates. It is used to determine income tax savings when you use a home equity loan to consolidate your debt.
Loan type
The two most common loan types, home equity and personal, differ in fees, rates and tax deductibility of interest. Home equity loans often have higher fees, but usually have lower rates and a tax deduction for interest paid. Personal loans do not have a tax deduction for interest paid, and have a higher interest rate but often have lower fees. These are important considerations when choosing a loan.
Include closing costs in loan
If you include your closing costs in your loan, your loan balance, monthly payment and total interest paid will increase. You will, however, be required to pay less money up front. Including your closing costs in your loan may be a good option if you do not have funds available, or you can achieve a relatively high rate of return on your savings.


The Best Financial Calculators Anywhere!

Put them on your website!

© 1998-2016 KJE Computer Solutions, LLC
Financial Calculators at http://www.dinkytown.net
(612) 331-2291
1730 New Brighton Blvd. PMB #111
Minneapolis, MN 55413