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Small Business Calculators

Debt Consolidation

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Fill in your loan amounts, credit card or credit line balances and other outstanding debt. You can then see what your monthly payment would be with a consolidated loan.

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Definitions

Interest rate
Annual interest rate for your new consolidation loan.
Term in months
Number of months for your new consolidation loan.
Up front costs
Any fees you are required to pay up front to receive this loan.
Savings rate
This is the rate of return you would expect to make on your closing costs, if you were to invest them. This could include appraisal fees, loan origination fees, etc. The actual rate of return is largely dependant on the type of investments you select. From January 1970 to December 2005, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.4% per year. During this period, the highest 12-month return was 61%, and the lowest was -39%. Savings accounts at a bank pay as little as 1% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Include closing costs in loan
If you include your closing costs in your loan, your loan balance, monthly payment and total interest paid will increase. You will, however, be required to pay less money up front. Including your closing costs in your loan may be a good option if you do not have funds available, or you can achieve a relatively high rate of return on your savings.
Loan balance
Loan amount owed is the total remaining balance on a loan. If you are uncertain of your exact balance, enter an estimate.
Monthly payment
Your current monthly payment.
Months Left
The number of months you have left to make payments on an installment loan.
Credit card / Credit line balance
The outstanding balance on your credit card or credit line. You do not need to include finance charges, they will be calculated based on your interest rate.
Credit card / Credit line rate
Annual interest rate you pay on outstanding credit card or credit line balances. This calculator assumes simple interest is charged every month at 1/12th of your annual rate.