Should I consolidate my personal debt into a new loan?

With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.
Consolidated Loan Information
Annual percentage rate (%) 
Number of years 
Current Debt Information
BalanceMonthly PaymentYearly Rate
Credit card 1 ($)
Credit card 2 ($)
Credit card 3 ($)
Credit card 4 ($)
Auto loan 1 ($)
Auto loan 2 ($)
Boat/RV loan ($)
Other loan 1 ($)
Other loan 2 ($)
Other loan 3 ($)
   
All calculators and tools are supplied as a courtesy only. FHB is not responsible for the accuracy or completeness of information that you provide or information generated by the calculators. Please check your records carefully before inputting your information into the calculators or tools. All projected rates and results are estimates, are examples only, and are necessarily hypothetical in nature. No results are guaranteed. The output of the tools and calculators may vary with each use and over time. The output and results should not be construed as financial, legal or tax advice, and the calculators and tools are not intended to replace the advice of qualified professionals. You should not rely on the calculators and tools as your only source of information. You should consult with a qualified professional of your choice whenever specific advice is necessary or appropriate.

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