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.

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 :
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: