Debt Consolidation Calculator

This calculator will help you to decide whether or not you should consolidate your debt at a lower, tax deductible interest rate with a home equity loan or second mortgage. It will also calculate how many months it will take to break even on the closing costs.  Remember - your first mortgage will not change.

If you include your first mortgage in the consolidation, you can take cash out up to 90% of the value of your home.  If you do - change the mortgage rate to today's rates +.125% for a cash out refinance, instead of prime rate, and change the term to 30 years.


Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.

Debts to Consolidate
Debt Creditor Amount Owed Monthly Payment

Debt Consolidation Loan
Enter interest rate for the debt consolidation loan:
Enter the loan term:
Enter the closing costs :
(Typically, total closing costs run 2% of the loan amount)
Would you like to finance the closing costs?

This is how much your monthly payment will be if you consolidate your debt:
Monthly Payment Reduction:
# of months for payment savings to offset closing costs: