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Debt Consolidation Calculator
This calculator is designed to help determine whether using a mortgage to consolidate your debt is right for you. Enter your credit cards, installment loans and the mortgages you wish to consolidate by clicking on the "Enter Data" button for each category. Then change the consolidated mortgage loan amount, term or rate to create a loan that will work within your budget. Click the "View Report" button for detailed results.

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 $1,000,000 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. Home equity loans are limited to $100,000 or the amount of equity you have in your home (whichever is less). Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage.

Please note that in addition to the $1,000,000 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. For 2013, the standard deductions are $12,200 for married couples filing jointly, $6,100 for married couples filing separately and singles, and $8,950 for heads of household. You should also be aware that the total tax savings may be less for higher incomes that have their allowable itemized deductions phased out. 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. This does not include escrows for items such as homeowner's insurance and real estate taxes.
Tax rate
Combined state and Federal income tax rate. Use the table below to assist you in estimating your Federal 2013 tax rate.
Filing Status and Income Tax Rates 2013*
Tax rate Married Filing Jointly or Qualified Widow(er) Single Head of household Married filing separately
10% $0 - $17,850 $0 - $8,925 $0 - $12,750 $0 - $8,925
15% $17,850 - $72,500 $8,925 - $36,250 $12,750 - $48,600 $8,925 - $36,250
25% $72,500 - $146,400 $36,250 - $87,850 $48,600 - $125,450 $36,250 - $73,200
28% $146,400 - $223,050 $87,850 - $183,250 $125,450 - $203,150 $73,200 - $111,525
33% $223,050 - $398,350 $183,250 - $398,350 $203,150 - $398,350 $111,525 - $199,175
35% $398,350 - $450,000 $398,350 - $400,000 $398,350 - $425,000 $199,175 - $225,000
39.6% over $450,000 over $400,000 over $425,000 over $225,000
*Caution: Do not use these tax rate schedules to figure 2012 taxes. Use only to figure 2013 estimates. Source: 2013 preliminary tax brackets subject to correction http://www.irs.gov

Use minimum payment
If you checked the 'Use credit card minimum for payments' box, your monthly payment is calculated 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. With this 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.
Credit card balance
Your current total 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 monthly payment. If you checked the 'Use credit card minimum for payments' box, your monthly payment is calculated 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. With this 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.
Loan balance
Your current total 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.

This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.
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