This calculator helps you to determine whether or not you should consolidate your debt.

By consolidating your payments into a single loan, you may be able to pay one monthly payment that is smaller than the sum of your current monthly payments.

However, if you must make that payment for a longer period of time, then you could end up paying more interest by consolidating.

This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.

Starting with the first line of entry fields, enter each of your debts, along with the 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.