Interest rates are at a 50 year low, therefore it's an ideal time to exercise your borrowing power. There are more options available than most people are aware of. Don't be afraid to visit a mortgage professional, certified accountant or financial advisor and ask lots of questions.
This calculator can show you how to accelerate your debt payoff. You can shave hundreds or even thousands of dollars off your loan but applying a portion of your consolidated loans monthly payment savings to the consolidated loans balance. The process is simple!
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Glossary
Credit Cards
Enter a total credit card debt and an average interest rate, or press the "enter data" button to enter up to 10 credit card accounts, one on each line.
Auto Loans
Click on the "enter data" button to enter any auto loans you may have. The data 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 "enter data" button to enter any additional installment loans you may have. The data 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 payoff 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. NOTE: This calculator compounds all interest monthly.
Payment
This is your monthly payment. For credit cards your default monthly payment is calculated as 2% of your current outstanding balance. This amount can be adjusted to reflect a realistic monthly payment.
Loan Balance
This is the amount of your new consolidated loan. Your loan balance will default to the total outstanding balances for your existing credit cards, auto loans and installment loans. You can adjust this amount higher or lower. Making changes to the default may result in paying more (or less) interest along with a change in your monthly payment.
*Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.