Skip to the content Log In Learn > Calculators & Tools > Personal Finance Calculators > Should I consolidate my loans? Should I consolidate my loans? This calculator determines the advantage or disadvantage of consolidating various loans and credit card debt. Click the "Add" button to enter up to a total of 10 different loans and credit cards. All fields are required. Loans Name Remaining Amount Payment Remaining Term loan 1 term in months or years Months Years Credit Cards Name Remaining Amount Rate Consolidated Loan Loan type Home Equity Loan Home Equity Line of Credit Personal Loan Personal Line of Credit Interest rate Loan term consolidated loan term in months or years Months Years Fees Points Savings rate Tax rate Calculator Results If you were to consolidate your loans it would cost you $1,505.41. Financial Details Details Current Consolidated Difference Total debt $25,000.00 $25,000.00 $0.00 Monthly Payments $548.39 $283.87 $264.52 Equivalent rate 7.626 % 6.500 % 1.126 % Total interest $4,806.80 $9,064.38 ($4,257.58) Total payments $29,806.80 $34,064.38 ($4,257.58) Points and Fees $0.00 $1,750.00 ($1,750.00) Tax savings $0.00 $2,319.95 ($2,319.95) Total cost $27,600.70 $29,106.11 ($1,505.41) Calculator tips This calculator uses "exact days" compounding to approximate how much your credit card payments are. Your credit card company may compute a different payment amount based on their own computational method. The "Equivalent rate" is not necessarily the same as an APR. It does not include the effects of points and fees. The "Equivalent rate" is the combined interest rate of one or more loans (points and fees excluded). Calculator disclaimer The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Presented by TimeValue Software ©2021 Services PERSONAL BUSINESS WEALTH About Us NEWSROOM CAREERS FDIC COVERAGE PRIVACY NOTICE Customer Service SECURITY CENTER LOCATIONS ORDER CHECKS FAQS BANK HOURS & HOLIDAYS CONTACT US Join Our Team Explore Careers Facebook Facebook Twitter Twitter LinkedIn LinkedIn Customer Contact Center: 703-684-1655 info@burkeandherbertbank.com Bank Routing Number: 056001066 © Copyright 2021 Burke & Herbert Bank. All Rights Reserved.