This loan calculator will show you how much you will save by paying off your debts with a debt consolidation loan. By consolidating you generally save in two ways:  1) Since mortgage interest is deductible, and most credit cards, auto loans, etc are not, you get a tax savings boost.  2) Also, a mortgage typically has a lower interest rate than most credit cards and other loans, so you're paying less interest, which is a good thing.

Enter all debts you wish to consolidate (Mortgage, Auto, credit cards, student loans, etc.)

NOTE: Enter principal & interest for 1st mortgage payment

		Current		Proposed
Monthly Payments	?	$ 1,426.10		$1,040.22
Total debts ( plus    any loan costs)	?	$167,000.00		$173,500.00
Tax savings due to    debt consolidation		>>>>>>>>>		$6,768.71

You immediately save  $385.88   per month by consolidating your debts! Assuming the average credit card or auto loan term is five years you will be saving $23,152.79. But that's not all. Since mortgage interest can be deductible and credit card interest is ordinarily not, you will save an additional $6,770.14   in taxes. So, putting it all together, after consolidating you will save a total amount of $29,922.93

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