Debt Consolidation Calculator

Instructions: Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button.

IMPORTANT: In order for the this calculator to work, each debt must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry). Also, be sure to enter only numbers and decimal points in the numeric entry fields. Dollar signs, percent signs, commas and spaces will cause an error.

Entry Columns
Calculated Columns
#
Payment
Description
Principal
Balance
Interest
Rate
Payment
Amount
Interest
Cost
# of Pmts
Left
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
 
Totals
 


Consolidation Loan Terms
Enter the Consolidating Loan's Annual Interest Rate (APR) (Do not use a percentage sign)
Enter the Consolidating Loan's term (number of years):
Enter total of any Consolidation Loan Fees:
Results
Without
Consol-
idating
With
Consol-
idating
Difference
Total of monthly payments:
Months until debts are paid off:
Total Cost (Interest Charges and Loan Fees):

Summary
When using the calculators, please keep in mind that the results of any loan calculator computations are not intended to be and should not be considered a decision of, or a commitment to, the loan type or amount for which you may qualify. When using the calculators that figure monthly payments, the calculators figure your Principle and Interest payments only. The calculators do not calculate such items as; property taxes, hazard insurance, homeowners association fees or mortgage insurance. These calculators are provided for information purposes only and First American Equity is not responsible for errors in calculations.