Login Menu About Calculators Debt Consolidation Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Financial Calculators from Dinkytown.net Financial Calculators ©1998-2021 KJE Computer Solutions, Inc. Personal Home equity Definitions Loan balance Loan balance is the total remaining balance on a loan. If you are uncertain of your exact balance, enter an estimate that is as close as possible. Loan payment The payment amount is your current monthly payment. Remaining payments The number of months you have left to make payments on a loan. This is calculated from the interest rate, monthly payment and current balance of the loan. Loan interest rate Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate. Credit card balance The outstanding balance on your credit card. You do not need to include finance charges; they will be calculated based on your interest rate. Credit card rate Annual interest rate you pay on outstanding credit card balances. This calculator assumes simple interest is charged every month at 1/12th of your annual rate. Credit card payment Credit card payments are based on your outstanding balance and annual interest rate. For this loan comparison, the monthly payment is the amount required to pay off your credit card in the same number of months as your consolidation loan. Your actual credit card payment may be lower, but will often require many more payments. Interest rate Annual interest rate for your new consolidation loan. Term in months Number of months for your new consolidation loan. Up front costs Any fees you are required to pay up front to receive this loan. This could include appraisal fees, loan origination fees, etc. Points Number of points paid for this loan. Points are usually only paid for home equity loans. Rate earned on savings This is the rate you would have received if you had put your closing costs into savings. Enter your short term savings rate. For most people this is currently 2% to 5% annually. Savings accounts at a bank or credit union pay as little as 2% or less. Income tax rate This is your combined federal and state income tax rates. It is used to determine income tax savings when you use a home equity loan to consolidate your debt. Loan type The two most common loan types, home equity and personal, differ in fees and rates. Home equity loans often have higher fees, but usually have lower rates. Personal loans have a higher interest rate but often have lower fees. These are important considerations when choosing a loan. Include closing costs in loan If you include your closing costs in your loan, your loan balance, monthly payment and total interest paid will increase. You will, however, be required to pay less money up front. Including your closing costs in your loan may be a good option if you do not have funds available, or you can achieve a relatively high rate of return on your savings. Did you know you can consolidate debt with a home equity line of credit? Find out more Get Started with a Trusted Advisor For more information about our products and services, contact our Customer Solutions Center. Contact Us ‹ Back to all calculators 800-226-5877 24/7 Banking 800-475-2265 Customer Solutions Center Tambien disponible en Español Ver detalles Subscribe Stay up-to-date with our latest insights. Enter your email Submit Popular Links Meet Our Team Checking Accounts Mortgages Loan Rates Commercial Banking Investor Relations Tools & Resources Branches & Locations Customer Solutions Center Security Center Lost Debit Card Español Contact Us Routing Number: 011500858 Download Our Apps Follow Us LinkedIn Twitter Facebook Instagram YouTube Blog Equal Housing Lender Member FDIC NMLS#414726 Important Information about FDIC Insurance Coverage NMLS Registered Lenders Accessibility Disclosures Español Sitemap © Washington Trust Routing Number: 011500858