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Financial Education and Tools

Should I consolidate my debts?

Learn how much money you could save by consolidating your debt.

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My Information

Existing debts
Amount owedMonthly paymentMonths left
View Glossary Term: 'Loan 1' in a new browser window.Loan 1
$$
Loan 2
$$
Loan 3
$$
Loan 4
$$
Loan 5
$$

Amount owedInterest rate
Credit card 1
$%
Credit card 2
$%
Credit card 3
$%
View Glossary Term: 'Other account 1' in a new browser window.Other account 1
$%
Other account 2
$%

View Glossary Term: 'Interest rate' in a new browser window.Interest rate
%
Months to pay off
View Glossary Term: 'Upfront costs' in a new browser window.Upfront costs
$
View Glossary Term: 'Discount points' in a new browser window.Discount points
%

Your savings rate
%
View Glossary Term: 'Your state + federal tax rate' in a new browser window.Your state + federal tax rate
%

Note: You may be better off not including loans which will be paid off sooner than your proposed consolidation loan, even if their interest rate is higher than the consolidation loan's rate.
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Important note about this calculator

The calculators are provided by one or more third party service providers. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

On calculators which require you to select an anticipated investment return, consideration should be given to factors affecting your potential return such as investment objectives, risk tolerance, and the time horizon for the investment. Remember, past performance is no guarantee of future results.

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