Navigation
Calculate How Much You Spend on Interest Monthly

Average Debt Interest Rate Calculator

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:

  • your total debt balance
  • how much interest you pay on each debt
  • your total monthly interest expense
  • the average interest rate across all debts

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.

Are you paying too much interest each month? Take advantage of current low rates and consolidate your debts with a personal loan, home equity loan, or a Fairfield mortgage refinance.

Debt Name Remaining Balance Interest Rate Monthly Interest
Your Total Debts Amount
Total Principal:
Monthly Interest:
Average Interest Rate:

Current Personal Loan Rates

Are You Paying Too Much Interest? Consider a Low-Rate HELOC

Fairfield Homeowners: Leverage Your Home Equity Today

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.

Current Fairfield Mortgage Rates

The following table shows current Fairfield 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

Figure Out Your Options

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.

Money on a String.

See the Real Cost of Debt

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 -
High-yield Savings $10,000 1.00% $100 $75.00 -
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
Credit Card $10,000 13.76% $1,376 - $1,834.67
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
Payday Loan $10,000 400% $40,000 - $53,333.33

Fairfield Homeowners May Want to Refinance While Rates Are Low

US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners who buy or refinance at today's low rates may benefit from recent rate volatility.

Are you paying too much for your mortgage?

Find Out What You Qualify For

Check your refinance options with a trusted Fairfield lender.

Answer a few questions below and connect with a lender who can help you refinance and save today!