This calculator is designed to help determine whether using a mortgage debt consolidation 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.
Financial Calculators from
Dinkytown.net
Credit card debt:Press spacebar to show inputs | $0 |
Installment loan debt:Press spacebar to show inputs | $0 |
Mortgage loan debt:Press spacebar to show inputs | $0 |
New consolidated mortgage loan:Press spacebar to hide inputs | $0 |
Monthly Payment Comparisonpress spacebar to hide graph |
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.
| 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 |
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.
| 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.
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