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!
Definitions
- Loan amount owed
- Loan amount owed 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.
- Loan months Left
- The number of months you have left to make payments on a loan.
- 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 loans 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 National Bank does not endorse or guarantee the
products, information or recommendations provided by
linked sites and is not liable for any failure of
products or services advertised on those sites.
Third party sites may have a privacy policy
different than that of THE National Bank and may
provide less security than that which is
provided by THE National Bank. |
| |
| Set As Homepage | Add To Favorites | Print This Page |
| |
|
|
| |
 |
Make Federal tax payments with EFTPS. Note that your browser will need 128 bit encryption.
Visit www.eftps.gov
|
|
| |
 |
Get an instant credit report from several national agencies to learn about your credit.
Check credit report
|
|
|
