Login Menu About Calculators Mortgage Debt Consolidation This calculator is designed to help determine whether using a mortgage to consolidate your debt is right for you. For more information and a FREE mortgage checkup, contact one of our mortgage professionals today! Financial Calculators from Dinkytown.net Financial Calculators ©1998-2021 KJE Computer Solutions, Inc. 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr 12 yr 15 yr 20 yr 25 yr 30 yr Definitions Home equity loan amount Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $750,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax-deductible. Starting 2018, Home equity loans will no longer qualify for a tax deduction unless they are used to buy, build or substantially improve the taxpayer's home that secures the loan. Our calculator limits your interest deduction to the interest payment that would be paid on a $750,000 mortgage. Please note that in addition to the $750,000 mortgage debt limit, this calculator assumes that your itemized deductions will exceed the standard deduction for your income tax filing status. If your itemized deductions don't exceed your standard deduction, the benefit of deducting the interest on your home will be reduced or eliminated. Standard Deduction for 2021 Federal Income Tax Filing Status Standard Deduction Married Filing Joint $25,100 Qualified Widow(er) $25,100 Single $12,550 Heads of Household $18,800 Married Filing Separately $12,550 We also do not consider any tax savings you might have previously had if you are consolidating an existing mortgage. Interest rate Annual interest rate for this mortgage. Term The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years. Payment Monthly principal and interest payment (PI) for this mortgage. Tax Rate Combined state and Federal income tax rate. The marginal combined state and Federal tax rate you expect to pay. Use the table below to help you determine your Federal tax rate. Use the ‘Filing Status and Federal Income Tax Rates’ table to assist you in estimating your federal tax rate. Filing Status and Federal Income Tax Rates 2021* Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately *Caution: Do not use these tax rate schedules to figure 2020 taxes. Use only to figure 2021 estimates. Source: Rev. Proc. 2020-45 10% $0 - $19,900 $0 - $9,950 $0 - $14,200 $0 - $9,950 12% $19,900 - $81,050 $9,950 - $40,525 $14,200 - $54,200 $9,950 - $40,525 22% $81,050 - $172,750 $40,525 - $86,375 $54,200 - $86,350 $40,525 - $86,375 24% $172,750 - $329,850 $86,375 - $164,925 $86,350 - $164,900 $86,375 - $164,925 32% $329,850 - $418,850 $164,925 - $209,425 $164,900 - $209,400 $164,925 - $209,425 35% $418,850 - $628,300 $209,425 - $523,600 $209,400 - $523,600 $209,425 - $314,150 37% Over $628,300 Over $523,600 Over $523,600 Over $314,150 Use minimum payment If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.) Credit Card Balance Your total current balance for this credit card. Credit Card Interest rate The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. Credit Card Payment This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.) Loan balance Your total current balance for an installment loan. Loan interest rates The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. We use this to calculate the interest you will pay on this loan and the number of payments that are remaining. Loan payment This is your monthly payment. Enter the actual monthly payment for your loan. We use this to determine your payment totals and to calculate the remaining payments. Remaining loan payments This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate. Finding the perfect home takes time. At Washington Trust, getting a mortgage doesn't have to! Explore Mortgages 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. 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