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Loan Consolidation Calculator

Can I lower my monthly payments by consolidating loans?

This calculator will help you determine if you can lower your monthly payments by consolidating your loans.

Enter information about the loans you would like to consolidate:
Current Balance - Enter the amount of principal due on each loan. You can estimate this amount, but for more accurate results, check your most recent statements for the "total amount due" or "amount for payoff." Current balance loan 1*:
Monthly Payment - Enter your monthly payment for each loan. Monthly payment loan 1*:
Current Balance - Enter the amount of principal due on each loan. You can estimate this amount, but for more accurate results, check your most recent statements for the "total amount due" or "amount for payoff." Current balance loan 2*:
Monthly Payment - Enter your monthly payment for each loan. Monthly payment loan 2*:
Current Balance - Enter the amount of principal due on each loan. You can estimate this amount, but for more accurate results, check your most recent statements for the "total amount due" or "amount for payoff." Current balance loan 3*:
Monthly Payment - Enter your monthly payment for each loan. Monthly payment loan 3*:
Current Balance - Enter the amount of principal due on each loan. You can estimate this amount, but for more accurate results, check your most recent statements for the "total amount due" or "amount for payoff." Current balance loan 4*:
Monthly Payment - Enter your monthly payment for each loan. Monthly payment loan 4*:
Current Balance - Enter the amount of principal due on each loan. You can estimate this amount, but for more accurate results, check your most recent statements for the "total amount due" or "amount for payoff." Current balance loan 5*:
Monthly Payment - Enter your monthly payment for each loan. Monthly payment loan 5*:
Current Balance - Enter the amount of principal due on each loan. You can estimate this amount, but for more accurate results, check your most recent statements for the "total amount due" or "amount for payoff." Current balance loan 6*:
Monthly Payment - Enter your monthly payment for each loan. Monthly payment loan 6*:
Enter information about your consolidation loan
Interest Rate - Enter the interest rate that you will pay on your new consolidation loan. Interest rate*: %
Term - Enter the term you desire for your new consolidation loan. Term (in years):

Asterisk (*) indicates required fields.

This calculator determines how your monthly debt payments would change if you consolidate your debt into one loan. Remember that debt consolidation can lower your monthly payments, but it can also increase the cost of debt over the life of the loan, if you increase the pay-off term significantly. Therefore, it may not make sense to consolidate loans that will be paid off in the near future. Talk to a financial advisor for more information on your particular situation.

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Disclosures>> Updated: 6/25/2009
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