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Debt Consolidation Calculator (Home Equity Loan)
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This calculator will show you how consolidating your high interest debt into one lower interest loan can reduce your monthly payments and provide you with income tax savings at the same time.
Enter each one of the debts that you would like to pay off, along with their corresponding principal balances, interest rates, and monthly payment amounts. Once you have all your debts entered, make any desired changes to the “New Loan Information” default entries and then click on the “Calculate New” button.
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Payment
Description |
Principal
Balance |
Interest
Rate |
Payment
Amount |
Payments
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Interest
Left |
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| Totals >>> |
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New Loan Information
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Need Additional
Cash? If So
Enter Amount Here |
Interest
Rate |
Number
of Years |
Estimated
Closing Costs |
Fed & St.
Tax Rate |
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| Results |
Current |
New Loan |
| Total Principal Balance: |
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| Effective Rate Before Taxes: |
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| Effective Rate After Taxes: |
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| Total of Monthly Payments: |
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| Monthly Tax Savings: |
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| Monthly Payment Reduction: |
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| Total Monthly Savings: |
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