Debt Consolidation worksheet

1. Total savings from consolidating: $2,530.24

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$6,000.00}+\mathrm{\$2,400.00}+\mathrm{\$5,200.00}$$=\mathrm{\$13,600.00}$

2. At its $240.00 payment, debt 1 is paid off in 38 months. Interest is charged at 27.5% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$3,012.33}$

3. At its $74.00 payment, debt 2 is paid off in 45 months. Interest is charged at 18% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$912.66}$

4. At its $180.00 payment, debt 3 is paid off in 37 months. Interest is charged at 15% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$1,291.86}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$3,012.33}+\mathrm{\$912.66}+\mathrm{\$1,291.86}$$=\mathrm{\$5,216.85}$

6. The 3% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$13,600.00}}{1-\mathrm{3\%}}$$=\mathrm{\$14,020.62}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 36 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$14,020.62}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-36}}}$$=\mathrm{\$452.41}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$452.41}\times 36-\mathrm{\$14,020.62}+\mathrm{\$420.62}$$=\mathrm{\$2,686.61}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$5,216.85}-\mathrm{\$2,686.61}$$=\mathrm{\$2,530.24}$

2. Total savings from consolidating: $1,128.78

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$4,000.00}+\mathrm{\$4,500.00}+\mathrm{\$5,000.00}$$=\mathrm{\$13,500.00}$

2. At its $200.00 payment, debt 1 is paid off in 29 months. Interest is charged at 30% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$1,614.37}$

3. At its $120.00 payment, debt 2 is paid off in 56 months. Interest is charged at 18% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$2,163.13}$

4. At its $120.00 payment, debt 3 is paid off in 54 months. Interest is charged at 11.5% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$1,412.61}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$1,614.37}+\mathrm{\$2,163.13}+\mathrm{\$1,412.61}$$=\mathrm{\$5,190.11}$

6. The 2% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$13,500.00}}{1-\mathrm{2\%}}$$=\mathrm{\$13,775.51}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 60 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$13,775.51}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-60}}}$$=\mathrm{\$292.69}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$292.69}\times 60-\mathrm{\$13,775.51}+\mathrm{\$275.51}$$=\mathrm{\$4,061.33}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$5,190.11}-\mathrm{\$4,061.33}$$=\mathrm{\$1,128.78}$

3. Total savings from consolidating: $4,582.64

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$5,250.00}+\mathrm{\$2,800.00}+\mathrm{\$4,000.00}$$=\mathrm{\$12,050.00}$

2. At its $160.00 payment, debt 1 is paid off in 70 months. Interest is charged at 30% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$5,873.08}$

3. At its $100.00 payment, debt 2 is paid off in 43 months. Interest is charged at 25% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$1,446.13}$

4. At its $180.00 payment, debt 3 is paid off in 25 months. Interest is charged at 10.5% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$467.57}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$5,873.08}+\mathrm{\$1,446.13}+\mathrm{\$467.57}$$=\mathrm{\$7,786.78}$

6. The 2% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$12,050.00}}{1-\mathrm{2\%}}$$=\mathrm{\$12,295.92}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 48 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$12,295.92}\times 0.00916667}{1-{\left(1+0.00916667\right)}^{\mathrm{-48}}}$$=\mathrm{\$317.79}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$317.79}\times 48-\mathrm{\$12,295.92}+\mathrm{\$245.92}$$=\mathrm{\$3,204.13}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$7,786.78}-\mathrm{\$3,204.13}$$=\mathrm{\$4,582.64}$

4. Total savings from consolidating: $7,383.09

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$5,500.00}+\mathrm{\$3,400.00}+\mathrm{\$5,000.00}$$=\mathrm{\$13,900.00}$

2. At its $165.00 payment, debt 1 is paid off in 66 months. Interest is charged at 28% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$5,259.90}$

3. At its $110.00 payment, debt 2 is paid off in 54 months. Interest is charged at 27% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$2,478.02}$

4. At its $125.00 payment, debt 3 is paid off in 55 months. Interest is charged at 14% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$1,774.42}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$5,259.90}+\mathrm{\$2,478.02}+\mathrm{\$1,774.42}$$=\mathrm{\$9,512.34}$

6. The 3% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$13,900.00}}{1-\mathrm{3\%}}$$=\mathrm{\$14,329.90}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 24 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$14,329.90}\times 0.00916667}{1-{\left(1+0.00916667\right)}^{\mathrm{-24}}}$$=\mathrm{\$667.89}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$667.89}\times 24-\mathrm{\$14,329.90}+\mathrm{\$429.90}$$=\mathrm{\$2,129.25}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$9,512.34}-\mathrm{\$2,129.25}$$=\mathrm{\$7,383.09}$

5. Total savings from consolidating: $3,280.69

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$8,000.00}+\mathrm{\$2,600.00}+\mathrm{\$4,500.00}$$=\mathrm{\$15,100.00}$

2. At its $240.00 payment, debt 1 is paid off in 66 months. Interest is charged at 28% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$7,650.77}$

3. At its $138.00 payment, debt 2 is paid off in 23 months. Interest is charged at 18% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$478.71}$

4. At its $180.00 payment, debt 3 is paid off in 29 months. Interest is charged at 11% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$634.61}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$7,650.77}+\mathrm{\$478.71}+\mathrm{\$634.61}$$=\mathrm{\$8,764.08}$

6. The 2% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$15,100.00}}{1-\mathrm{2\%}}$$=\mathrm{\$15,408.16}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 48 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$15,408.16}\times 0.0125}{1-{\left(1+0.0125\right)}^{\mathrm{-48}}}$$=\mathrm{\$428.82}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$428.82}\times 48-\mathrm{\$15,408.16}+\mathrm{\$308.16}$$=\mathrm{\$5,483.39}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$8,764.08}-\mathrm{\$5,483.39}$$=\mathrm{\$3,280.69}$

6. Total savings from consolidating: $3,776.00

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$6,000.00}+\mathrm{\$2,750.00}+\mathrm{\$5,000.00}$$=\mathrm{\$13,750.00}$

2. At its $160.00 payment, debt 1 is paid off in 65 months. Interest is charged at 22% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$4,243.94}$

3. At its $140.00 payment, debt 2 is paid off in 26 months. Interest is charged at 24% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$777.97}$

4. At its $150.00 payment, debt 3 is paid off in 44 months. Interest is charged at 15% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$1,508.52}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$4,243.94}+\mathrm{\$777.97}+\mathrm{\$1,508.52}$$=\mathrm{\$6,530.43}$

6. The 4% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$13,750.00}}{1-\mathrm{4\%}}$$=\mathrm{\$14,322.92}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 24 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$14,322.92}\times 0.01166667}{1-{\left(1+0.01166667\right)}^{\mathrm{-24}}}$$=\mathrm{\$687.68}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$687.68}\times 24-\mathrm{\$14,322.92}+\mathrm{\$572.92}$$=\mathrm{\$2,754.43}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$6,530.43}-\mathrm{\$2,754.43}$$=\mathrm{\$3,776.00}$

7. Total savings from consolidating: $4,359.84

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$6,600.00}+\mathrm{\$3,000.00}+\mathrm{\$5,500.00}$$=\mathrm{\$15,100.00}$

2. At its $190.00 payment, debt 1 is paid off in 56 months. Interest is charged at 22% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$3,993.76}$

3. At its $120.00 payment, debt 2 is paid off in 37 months. Interest is charged at 26% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$1,367.83}$

4. At its $155.00 payment, debt 3 is paid off in 48 months. Interest is charged at 15.5% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$1,904.84}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$3,993.76}+\mathrm{\$1,367.83}+\mathrm{\$1,904.84}$$=\mathrm{\$7,266.43}$

6. The 4% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$15,100.00}}{1-\mathrm{4\%}}$$=\mathrm{\$15,729.17}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 36 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$15,729.17}\times 0.0075}{1-{\left(1+0.0075\right)}^{\mathrm{-36}}}$$=\mathrm{\$500.18}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$500.18}\times 36-\mathrm{\$15,729.17}+\mathrm{\$629.17}$$=\mathrm{\$2,906.60}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$7,266.43}-\mathrm{\$2,906.60}$$=\mathrm{\$4,359.84}$

8. Total savings from consolidating: $5,126.73

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$6,500.00}+\mathrm{\$3,200.00}+\mathrm{\$4,800.00}$$=\mathrm{\$14,500.00}$

2. At its $175.00 payment, debt 1 is paid off in 79 months. Interest is charged at 26.5% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$7,249.54}$

3. At its $100.00 payment, debt 2 is paid off in 42 months. Interest is charged at 16% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$999.91}$

4. At its $180.00 payment, debt 3 is paid off in 30 months. Interest is charged at 9% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$575.58}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$7,249.54}+\mathrm{\$999.91}+\mathrm{\$575.58}$$=\mathrm{\$8,825.04}$

6. The 3% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$14,500.00}}{1-\mathrm{3\%}}$$=\mathrm{\$14,948.45}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 48 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$14,948.45}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-48}}}$$=\mathrm{\$379.13}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$379.13}\times 48-\mathrm{\$14,948.45}+\mathrm{\$448.45}$$=\mathrm{\$3,698.31}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$8,825.04}-\mathrm{\$3,698.31}$$=\mathrm{\$5,126.73}$

9. Total savings from consolidating: $12,398.79

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$7,000.00}+\mathrm{\$4,000.00}+\mathrm{\$4,500.00}$$=\mathrm{\$15,500.00}$

2. At its $180.00 payment, debt 1 is paid off in 98 months. Interest is charged at 27.5% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$10,622.64}$

3. At its $100.00 payment, debt 2 is paid off in 77 months. Interest is charged at 23% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$3,665.55}$

4. At its $180.00 payment, debt 3 is paid off in 30 months. Interest is charged at 14% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$851.58}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$10,622.64}+\mathrm{\$3,665.55}+\mathrm{\$851.58}$$=\mathrm{\$15,139.76}$

6. The 4% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$15,500.00}}{1-\mathrm{4\%}}$$=\mathrm{\$16,145.83}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 24 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$16,145.83}\times 0.01}{1-{\left(1+0.01\right)}^{\mathrm{-24}}}$$=\mathrm{\$760.04}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$760.04}\times 24-\mathrm{\$16,145.83}+\mathrm{\$645.83}$$=\mathrm{\$2,740.97}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$15,139.76}-\mathrm{\$2,740.97}$$=\mathrm{\$12,398.79}$

10. Total savings from consolidating: $13.24

1. Add up the balances to see the total you need to pay off

   $\mathrm{\$6,000.00}+\mathrm{\$2,500.00}+\mathrm{\$4,000.00}$$=\mathrm{\$12,500.00}$

2. At its $225.00 payment, debt 1 is paid off in 38 months. Interest is charged at 22.5% ÷ 12 each month, and it adds up to

   $\text{Debt 1 interest}$$=\mathrm{\$2,395.95}$

3. At its $120.00 payment, debt 2 is paid off in 26 months. Interest is charged at 20% ÷ 12 each month, and it adds up to

   $\text{Debt 2 interest}$$=\mathrm{\$596.61}$

4. At its $130.00 payment, debt 3 is paid off in 36 months. Interest is charged at 9.5% ÷ 12 each month, and it adds up to

   $\text{Debt 3 interest}$$=\mathrm{\$602.53}$

5. Add each debt's interest to see what keeping your current debts would cost

   $\mathrm{\$2,395.95}+\mathrm{\$596.61}+\mathrm{\$602.53}$$=\mathrm{\$3,595.10}$

6. The 3% fee comes out of the loan. So borrow a bit more, the balances ÷ (1 − fee), to still cover every balance

   $\frac{\mathrm{\$12,500.00}}{1-\mathrm{3\%}}$$=\mathrm{\$12,886.60}$

7. Find the new monthly payment. L is the loan and i is the yearly rate ÷ 12. A standard formula finds the equal payment that clears it in 36 months: L × i ÷ (1 − (1 + i)^−n)

   $\frac{\mathrm{\$12,886.60}\times 0.0125}{1-{\left(1+0.0125\right)}^{\mathrm{-36}}}$$=\mathrm{\$446.72}$

8. Find the new loan's cost: its interest (all payments minus the loan) plus the fee

   $\mathrm{\$446.72}\times 36-\mathrm{\$12,886.60}+\mathrm{\$386.60}$$=\mathrm{\$3,581.85}$

9. Subtract the new loan's cost from the current interest to get your savings

   $\mathrm{\$3,595.10}-\mathrm{\$3,581.85}$$=\mathrm{\$13.24}$