Should I Consolidate My Debts

This loan calculator will show you how much you will save by paying off your debts with a debt consolidation loan. By consolidating you generally save in two ways:
1) Since mortgage interest is deductible, and most credit cards, auto loans, etc are not, you get a tax savings boost.
2) Also, a mortgage typically has a lower interest rate than most credit cards and other loans, so you're paying less interest, which is a good thing.

Enter all debts you wish to consolidate (Mortgage, Auto, credit cards, student loans, etc.)

NOTE: Enter principal & interest for 1st mortgage payment
    Balance   Monthaly Payment
1st mortgage balance ? ?
(principal & interest only)
2st mortgage balance ? ?
Loans credit/card ? ?
Loans credit/card ? ?
Loans credit/card ? ?
Loans credit/card ? ?
Loans credit/card ? ?
Loans credit/card ? ?
Loans credit/card ? ?
Loans credit/card ? ?
         
New Loan Information        
Do you want any additional cash out with new loan (Getting cash out will reduce your overall savings) ?
Interest rate of your new loan ?
Terms ( usually 30 or 15 years ) ?
Estimated closing cost ?
What is your federal income tax bracket ?
   
 
     
   
    Current Proposed
Monthly Payments ?
$ 1,426.10
$1,040.22
Total debts ( plus any loan costs) ?
$167,000.00
$173,500.00
Tax savings due to debt consolidation ? >>>>>>>>>
$6,768.71
     
         
You immediately save  $385.88   per month by consolidating your debts! Assuming the average credit card or auto loan term is five years you will be saving $23,152.79. But
that's not all. Since mortgage interest can be deductible and credit card interest is
ordinarily not, you will save an additional $6,770.14 in taxes.
So, putting it all together, after consolidating you will save a total amount of $29,922.93