Check the background of this financial professional on FINRA's BrokerCheck.

Calculators


Got a question that involves number crunching? Use the calculators on this page to find the mathematical answer to the most commonly asked number-crunching questions, and see your inputs displayed next to the graph, chart, and/or table output in a side-by-side display.

Calculator: Print This Page
Debt Consolidation Calculator
Current Debts

For credit cards, select "Enter Payment" to input a monthly payment amount, or select "Minimum Payment" and the monthly amount will be calculated based on the minimum percentage of the balance you choose.

BalanceInterest RateMonthly PaymentMinimum Pct.
Credit Card 1$
%
$
Credit Card 2$
%
$
Credit Card 3$
%
$
Auto$
%
$
Education$
%
$
Other$
%
$
New loan
%

*Applies only to a home equity loan.

Consolidating your debts into a single loan may decrease your monthly payments or shorten the time it takes you to pay off your debts. The consolidation loan is often either a personal loan or a loan secured by the equity in your home, such as a home equity loan or an equity line of credit.


Debt Consolidation Chart
These charts illustrate and compare the cumulative interest and principal payments of your current debts to the new loan.

Your monthly payment under the new loan is $449 compared to current monthly payments of $544.

If your current debt payments continue, you will pay about $9,708 in interest. The cumulative interest you will pay with your new loan is $2,260.

Since your new loan is a home equity loan, your potential tax savings is $565 subject to IRS phaseouts and AMT exclusions.
Based on the payments entered, the last of the current debts is paid off in 284 months. The new loan is paid off in 60 months.



    Assumptions

  • Certain current debts may be paid off before others based upon each debt's respective principal balance, interest rate and monthly payments. The chart reflects changes in the total balance of the current debt as each individual debt is paid off.
  • New consolidated loan payments remain constant over the life of the loan, although each subsequent payment consists of more principal and less interest.
  • Credit Card balances reflect a minimum payment of no less than $15.
  • All examples are hypothetical and are for illustrative purposes only. You should seek advice from a qualified financial professional regarding your personal finances.
©2018 Broadridge Investor Communication Solutions, Inc. All rights reserved.


 
 
 

Securities offered through Kestra Investment Services, LLC, Member FINRA/SIPC and Advisory Services offered through Kestra Advisory Services, LLC.  Executive Financial, LLC is a member of both Fusion Advisor Network and PartnersFinancial. Kestra Investment Services, LLC and Kestra Advisory Services, LLC are not affiliated with Fusion Advisor Network, PartnersFinancial, or Executive Financial, LLC.
Kestra IS and Kestra AS do not offer legal or tax advice and are not Certified Public Accounting Firms.

This site is published for residents of the United States only. Registered representatives of Kestra Investment Services, LLC and investment advisor representatives of Kestra Advisory Services, LLC may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

For additional information, please contact our Compliance Department at (512) 697-6000.

 


Check the background of this financial professional on FINRA's BrokerCheck.