Debt Consolidation Calculator

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If you have credit cards, loans or debt that you can’t pay off right away, you may be able to save money and simplify your payments by consolidating your debt into a single loan with lower interest.

If you’re asking yourself how to consolidate debts, here’s the answer: you take out a lower interest loan to pay off your higher interest debt, such as credit cards, auto loans, student loans or other higher interest loans. Then, you make a single monthly payment on your new loan, with a potentially lower interest rate and perhaps lower monthly payments.

We’ve created this Debt Consolidation Calculator to help you calculate how much you can save by combining your debt into one loan. Simply enter the interest rate and loan term for your new loan, along with the balances, monthly payments and interest rates from the debts that you’d like to consolidate.

Then, our calculator will compare your existing debt payments to your hypothetical new loan payments to show you the monthly payments, how much total interest you will pay and how long it will take you to pay off your debt for both options. The calculator also provides an alternate loan option using your current monthly payment amount applied towards a new consolidated loan to show you how much total interest you will pay and how long it will take to pay off the consolidated loan at your current monthly payment.

You can then evaluate all three options to see how much you will save. You should also consider any pre-payment penalties or fees on existing debt that you have.

If you have any questions about debt consolidation in San Diego, please make an appointment with a loan representative at your local Mission Fed branch. We’re happy to help.

Rates and Terms will vary based on collateral and credit. Programs, rates, terms, conditions and services are subject to change without notice. All accounts and loans are subject to approval.

Interactive calculators are made available as self-help tools, and we cannot and do not guarantee their accuracy or applicability to your circumstances. All examples are hypothetical and are for illustrative purposes only. Calculators are not intended to provide investment advice, and we encourage you to seek personalized advice from qualified professionals regarding all your personal financial issues.