Are you uncertain how much you spend on interest each month, or what your blended interest rate is? Use this calculator to quickly figure out:
You can then use this information to determine if it might be advantageous to shift some or all of your debts onto a credit card with a zero interest introductory period, or perhaps roll the debts into a single monthly payment via a debt consolidation loan.
For each debt, enter its name, remaining balance & interest rate. The monthly interest column will be calculated when you click on the calculator's submit button.
Our rate table lists current home equity offers in your area, which you can use to find a local lender or compare against other loan options. From the [loan type] select box you can choose between HELOCs and home equity loans of a 5, 10, 15, 20 or 30 year duration.
The following table shows current San Diego 30-year mortgage rates. You can use the menus to select other loan durations, alter the loan amount, change your down payment, or change your location. More features are available in the advanced drop down
Should you consolidate your debts or take advantage of a low-interest introductory period on a credit card? Use the above calculator to figure out your blended interest rate. If you have a large debt with a rather low interest rate, exclude it from the above calculation so you can isolate the higher interest debts. Doing this will enable you to see the cost of the higher interest debt, which will enable you to seek options to reduce the monthly interest expense.
The above calculator also has a second tab which shows the current interest rates on savings accounts. This further shows how expensive debt is because most forms of consumer debt charge a far higher rate of interest than banks pay savers AND savers get taxed on interest income they earn at their ordinary tax rates. The table below shows the full cost of $10,000 of debt at various rates of interest. While different consumer debt types typically have different amounts, we kept the amount column constant to show the absolute difference in cost per Dollar earned or borrowed. We also presumed interest-only payments on the debt & a 25% tax rate on income.
|Account Type||Amount||Rate||Annual Interest||After Tax Income||Required Income to Cover Interest Expense|
|Big Bank Savings||$10,000||0.01%||$1||$0.75||-|
|Certificate of Deposit||$10,000||1.40%||$140||$105.00||-|
|New Car, Good Credit||$10,000||3.65%||$365||-||$486.67|
|Used Car, Bad Credit||$10,000||8.90%||$890||-||$1,186.67|
|Personal Loan, Good Credit||$10,000||14.5%||$1,450||-||$1,933.33|
|Personal Loan, Bad Credit||$10,000||30.0%||$3,000||-||$4,000|
The Federal Reserve has started to taper their bond buying program. Lock in today's low rates and save on your loan.
Are you paying too much for your mortgage?
Check your refinance options with a trusted San Diego lender.
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