This debt consolidation calculator will help you to determine whether or not consolidating will actually reduce the cost of your debts. Remember that by consolidating your payments into a single loan, you can be paying one monthly payment that is smaller than the sum of your current monthly payments, but if you stretch your loan out for a longer period of time you could actually end up paying more interest. Be careful.

Instructions
Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment 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 a JavaScript error.

Entry Columns				Calculated Columns
Description	Balance	Interest	Payment	Int. Cost	# Pmts
Totals
Consolidated Loan Terms
Enter the Consolidating Loan's Annual Interest Rate (APR):
Enter the Consolidating Loan's term (number of years):
Enter total of any Consolidation Loan Fees:
Results			Without Consolidating	With Consolidating	Difference
Total of Monthly Payment(s):
Months until debts are paid off:
Total Cost (Interest Charges and Loan Fees):
Summary

IMPORTANT: This debt consolidation calculator is for your independent use and is not intended to provide investment advice. All examples are hypothetical and are for illustrative purposes. I encourage you to contact a licensed, financial advisor to arrange a personal review of your finances.