Should I consolidate my debts?

This calculator shows the difference in the monthly payments, total interest, and total tax savings of your existing loans and credit cards with a new loan into which all your debts are consolidated. The total cost difference is discounted back to the present using your after-tax savings rate.

Note: You may be better off not including loans which will be paid off sooner than your proposed consolidation loan, even if their interest rate is higher than the consolidation loan's rate.

The preferred types of consolidation loans are home equity loans and home equity lines of credit because the interest portions of such loans generally are tax-deductible. In comparison, personal loans and personal lines of credit usually do not offer any tax benefits.


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